Diocese of Fond du Lac Finance Committee (FC)
Diocese of Fond du Lac

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Finance Committee (FC)

Contact: Anne Peterson, Chair eannep524@sbcglobal.net

The role and duties of the Finance Committee are generally to provide recommendations regarding matters of financial consequence to the bodies of the Diocese consistent with furthering the mission and ministry of the Church.

According to the Constitution and Canons

CANON 3.4 Of the Finance Committee

(1) The Treasurer of the Diocese shall be the Chair of the Finance Committee.
(2) The Finance Committee shall maintain an office of record and shall make an annual report to the Convention of such acts as it has performed under the specific direction of the Convention.

CANON 4.1 Of General Finance Regulations

(2) Audits and Reviews (A) All accounts of the Diocese, parishes, missions, and associated organizations, having receipts, expenditures, or investments of at least $10,000 at the close of each year shall be audited by a certified public accountant or reviewed by some competent person approved by the Finance Committee…

CANON 4.3 Of Budgets (1) The budget of the Diocese shall be proposed by the Finance Committee, approved by the Annual Convention, and adopted by the Executive Council within thirty (30) days following the Convention. The proposed budget shall be distributed to each congregation and deanery at least forty-five (45) days prior to the Annual Convention.

CANON 4.4 Of Pledges from Congregations

(1) Each congregation shall annually make a pledge to the Diocese.

(2) The Finance Committee shall set an Asking level for pledges. The Asking shall be a percentage of the congregation’s immediate prior year’s operating income.

-Operating income shall include plate offerings, pledge payments received, Diocesan aid, contributions from organizations used for general budget purposes, and interest from investments or endowments used for general budget purposes or budget relief.

-Operating income shall exclude funds designated for building or other capital purposes, gifts to endowment principal and trusts, special offerings not used for general operating purposes (e.g. UTO Ingathering), and borrowed money or endowment principal used for budget relief…

… (4) The Finance Committee shall notify each congregation, prior to October 30th, of the percentage to be used in calculating the Asking level pledge for the next calendar year.

CANON 1.8 Of Delinquent Congregations

(1) Lay Delegates from any congregation shall not be entitled to vote in the Convention if the congregation (A) shall have failed to pay its pledge to the Diocese for the preceding fiscal year; or (B) shall have failed to file its annual parochial report required by the canons of THE EPISCOPAL CHURCH with the Bishop of the Diocese on or before the opening of the Convention; or (C) shall be in arrears to the Church Pension Fund for any portion of the pension assessments for the preceding year or (D) shall have failed to file its annual financial review or audit report required by the canons of the Diocese with the Bishop prior to September 1st...

(3) The Convention shall be competent to excuse such delinquencies by a majority vote, after consideration by the Finance Committee.

 Past practices consistent with the Canons

  • Considers and recommends a Minimum Clergy Compensation Schedule to the Executive Council that it considers appropriate for the Diocese. Such consideration may include compensation standards across the church, changes in cost-of-living, inflation, and impact on tax liabilities for both the cleric and the congregation. The schedule sets the floor for clergy compensation.
  • Oversees the work of the Congregational Financial Review Team of the Diocese.
  • Approves the use of non-CPA outside reviewers for congregational reviews.
  • Proposes a Budget to the Diocesan Convention and Executive Council after consideration of
    • Aid requests from congregations;
    • Support requests from committees, commissions and other entities of the diocese;
    • Appropriate level of the Asking amount for the upcoming year;
    • Financial impact of economics (investments and anticipated fluctuations in giving);
    • Financial impact of personnel matters.
  • Recommends Finance Policies for Parishes and Missions of the Diocese of Fond du Lac for approval by the Executive Council.
  • Considers other items of financial consequence that may be requested of it by a committee, commission or entity of the diocese.
  • Has a member sit on the ad-hoc Investment Committee of the Diocese.
  • Receives monthly reports from the diocesan office on the financial accounts of the diocese for the purpose of awareness, accountability, transparency and working knowledge when considering other financial matters.

 In almost all matters, the Finance Committee does not make decisions setting diocesan policy or direction (except for establishing the Asking), but makes the recommendations about such policies based on due consideration of the financial implications.

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