Bylaws: Finance (Resource Focused Leadership Team)

“Well done, good and faithful servant!” (Matthew 25: 21)

Purpose

The Finance Leadership Team oversees the financial management of the Church including budgeting, investment and disbursement of funds, monthly financial statements, loans, mortgages and lines of credit, audits, Memorial Gifts and Special Gifts, insurance, leases, and other items relating to the financial health and wellbeing of the Church except as delegated to the Missions Leadership Team and Endowment Committee.

Membership & Structure

  1. The Finance Team shall begin and close every meeting with prayer, devotion and study as determined by the Team at the onset of each new year.
  2. The Financial Team shall number from five (5) to seven (7) persons. The Pastor(s), the Treasurer as Council representative and Moderators shall be ex-officio members of the Team.  Friends of the Team, the Council representative and Moderators shall be welcome to participate, but shall have no voting privileges.
  3. The Team shall work closely with the Treasurer and Financial Secretary on all Church finance matters.
  4. The Team shall meet at least six (6) times a year.  Times and location of the meeting will be determined.
  5. Select a team leader who shall serve for a minimum one (1) year term.
  6. Select a recorder who will keep minutes to be filed with the Church office.
  7. A quorum of more than 50% of the Team members shall be required to make binding decisions.  An emergency vote at the call of the Team Leader can be conducted via phone or email with the same quorum.  The emergency vote will then be ratified at the next Team meeting.
  8. Any member who will be absent must contact the Team leader as soon as possible prior to meetings and events.
  9. The Team shall elect one or two members responsible for communication of all minutes, activities, events, ministry opportunities and special needs to all Purpose and Resource Teams, the Congregational Council, and the Church membership every month. Such communication may be in multiple formats: Medina UCC website, emails, Messenger, bulletin boards and posters, special brochures, and worship announcements.
  10. All meetings are open to all members of the congregation unless decided by unanimous vote of the Team.

Responsibilities & Duties

  1. Prayerfully oversee the financial management of the Church, including budgeting, investment and disbursement of funds, monthly financial statements, loans, lines of credit, audits, Memorial Gifts, Special Gifts including inheritances and bequests (both designated and undesignated), insurance leases and other items related to the financial activities of the Church, except as now and hereinafter delegated to internal Church organizations whose contributors designate or otherwise request or specify limits on the use of their financial contributions, including but not limited to:
    1. The Mission Leadership Team and successors
    2. The Endowment Committee and successors
    3. Hobby Horse Preschool Team and successors
    4. Any internal Church organization whose funding is deemed to be similarly or substantially reserved or otherwise pre-determined or designated by contributors.
  2. Except for the organizations recognized in this section paragraph one (a) – (c), “Delegation” of financial authority, limited or unlimited, of any internal Church organization shall be voted upon by the Team and published in the minutes of its proceedings.
  3. For the purposes of financial oversight and communication, such delegation of fiscal authority shall not preclude any internal Church organization delegated in this manner or for these reasons from submission of budgets and all other reporting duties as herein proposed, described, or requested.
  4. Recognition of additional organizations beyond those listed above shall be voted upon by the Team with the results published in the minutes of the proceedings.
  5. Budgeting:  Develops and monitors the Church’s annual operating budget.  Develops processes / goals to consider issues including but not limited to:
    1. The expectation that a balanced budget is presented each year;
    2. Consideration of the growth and adequacy of unrestricted reserve funds;
    3. Situations in which the monitoring of actual results require expense
      reductions or other budget actions;
    4. Setting aside funds in advance for major maintenance  or capital
      improvements;
    5. Guidelines for the distribution of undesignated pledge cards, loose offerings, undesignated bequests or other special gifts;
  6. Each Leadership Team shall submit their proposed operating budget to the Finance Team for review no later than October 31 for the upcoming fiscal year.  The Financial Secretary or designee shall prepare and the Treasurer shall review and then forward the proposed budget for office expenses.  The Team shall formally approve the operating budget for the next fiscal year and forward it to the Congregational Council for  consideration by December 31.
  7. Capital Improvement Fund:  The Team will review proposed Capital budget submitted by Property & Grounds Team prior to approval by Congregational Council and Congregation.
  8. Investment and Disbursement of Funds:  For internal Church organizations not otherwise under delegation from the Team in accordance with this section, paragraphs 1-4, the Team:
    1. Shall monitor all fund disbursements and investments, including inheritances bequests, Memorial and Special Gifts (designated and undesignated) and the Capital Improvement fund.
    2. Shall have the authority to assign, allocate or reallocate funds among various line items of the budget or borrow monies internally should circumstances warrant.  Borrowing money form an external source shall also require approval by the Church Council and the Congregation.
  9. Memorial Gifts:  Previews, accepts, or rejects Memorial Gifts.  Gifts may be rejected if they seem incompatible with the purposes or plans of the Church. Non-designated funds will be dispersed at the discretion of the Team with advisement from the Memorial Gifts Team.
  10. Insurance and Bonding:  Procures all appropriate insurances (such as building and grounds, office, liability, etc.) including bonding of financial officers. Obtains and evaluates bids from multiple sources and selects the best value for the Church.  In the event of an insurance claim, the Team will work with other Church organizations and committees, as appropriate on resolution.
  11. Leases:  Procures and monitors all leases and leased equipment or property.
  12. Audit:  Conducts an annual review of the financial records of the Church to be performed by a subcommittee of the Team or by other individuals not directly responsible for Treasurer or Financial Secretary duties.  Considers the advisability of an outside audit on a periodic basis, such as triennially.
  13. Property:  Makes a recommendation to the Congregational Council for the selling, buying, renting or transferring of any real property.
  14. Sub-Committees:  Creates sub-committees, from the larger Church, as deemed necessary, to carry out its assigned purpose and responsibilities
  15. The Team may also be responsible for other items related to the financial well-being of the Church, except specifically delegated to other internal Church organizations, teams and committees in accordance with paragraphs 1-4.
  16. Hobby Horse Preschool:  In so delegating financial authority to the Preschool, and in recognition that the Finance Leadership Team, Preschool Team and all respective successors desire to preserve a stable and consistent policy, it is acknowledged that:
    1. The Preschool shall operate only from revenues generated by student tuition, donations, and/or grants provided directly to the Preschool;
    2. The Preschool may reserve a fund necessary to safeguard the operations of the Preschool subject to the approval of the Finance Leadership Team, Congregational Council, and the Preschool Team.
    3. Any excess revenues generated by the Preschool will be transferred to the Church on an annual basis to be used as determined by the Congregational Council, the Finance Team and the Preschool Team.
    4. Bookkeeping and financial accounting shall be the responsibility of the Director of the Preschool and the Preschool Bookkeeper/Accountant; and
    5. A report of the financial status of the Preschool shall be provided to the Church Financial Secretary on a monthly basis.
  17. Investment and Disbursement of Funds:  Review all Church investments and expenses at each meeting, as prepared by the Financial Secretary.