Congregational Financial Review Team (CFRT)
Contact: Diocesan Office firstname.lastname@example.org
An important part of good stewardship is reviewing congregational financial records. This can improve confidence of those who give, reduce risk of loss, and help protect our church and clergy. This is why the Episcopal Church Canons require an annual audit or financial review. Fulfill this canonical requirement in one of three ways.
- Independent Audit: performed by a CPA, it is the most rigorous and most expensive option.
- Financial Review (CFRT): performed by the diocesan Congregational Financial Review Team (CFRT), the scope may not be as rigorous as an audit, but is more than adequate to assure confidence in the management, accountability and reporting of financial assets. A typical review takes approximately 60 days to complete.
- Financial Review (Approved): performed by an independent person or committee following CFRT standards, the scope is not as rigorous as an audit or as thorough as a CFRT review in assuring confidence in the management, accountability and reporting of financial assets, but it is acceptable. This type of review must be approved by the Diocesan Finance Committee prior to taking place.
Each congregation must provide a report to the Diocesan Office of any audit or review made, no later than September 1st. Failure to do so may result in greater risk of loss, less protection of the church and clergy, and may jeopardize delegate participation at the Diocesan Convention. A typical review takes about 60 days.
Learn more details about engaging the services of the diocesan Congregational Financial Review Team (CFRT), including fees for service, by clicking here. If you have any questions, please contact the Diocesan Office at (920) 830-8866.