Finance Committees in Congregations
The email list UU-Money is for information sharing among society finance leaders.
Committee Job Description
Typically, the finance function includes responsibility for fundraising, budgeting, pledge record keeping, bookkeeping, and finance. It is advisable to assign different people to these areas. The type of person who enjoys record keeping is often not the same person who enjoys fund-raising, and vice versa.
In most congregations the finance committee is responsible for the management of financial resources. Occasionally this committee is also responsible for raising funds from the members each year to finance the operating budget. It is recommended that congregations separate these functions into two committees.
An effective finance committee works with all standing committees of the congregation to develop a budget, which is referred to the governing board and voted on by the membership. Ideally, the budget will be based on thecongregation’s chosen vision and mission (The Vision and Goals of a Committee (PDF, 36 pages: see page 7)). In addition to developing a budget, the finance committee monitors the congregation's income, expenses, and pledge payments, and it makes regular reports to the board and the congregation.
The finance committee should arrange for an annual audit or review of the financial records by an independent accountant or financial agency. The finance committee may also take responsibility for securing property and liability insurance for congregational facilities. It is often responsible for outside rental of the congregation’s facilities.