FINANCE COMMITTEE

CHARTER: 

Purpose

The purpose of the Finance Committee of Good Shepherd Lutheran Church is to assist the Board of Directors in overseeing the financial well-being of the congregation including financial reporting, internal controls and annual and long-term budgeting.

Responsibilities – performed as Christian brothers and sisters brought together to glorify God.

1. Review and analyze financial reports prepared by church staff and approve for presentation to the Board and/or the congregation. Make recommendations that improve accuracy, transparency and relevancy to users of the financial information, including showing how the financial giving of the congregation contributes to church ministries.
2. Work with church staff, ministry groups, committees and Board of Directors, to prepare an annual budget(s) ensuring that key planning or strategic elements are addressed and previously made decisions are properly interpreted in the budget. Review the budget and forward comments to the Board prior to their approval.
3. Monitor ongoing budget performance and make recommendations to the Board related to adjustments or necessary changes.
4. Annually, make a recommendation to the Executive Committee of members to serve on an Audit Committee and their scope of work. Three one-year terms are permitted by an individual Audit Committee member. Oversee the work of the Audit Committee per the approved scope.
5. Provide fiduciary oversight for the protection of church assets by monitoring or inquiring about the appropriate investment of reserves or endowments and insurance of property and equipment.
6. In conjunction with ministry groups and other church committees, recommend long-term financial goals and funding strategies to achieve them.
7. Monitor financial policies, procedures and controls. Suggest changes as needed.
8. Monitor church funds to determine adequacy to meet financial management needs of the church and its ministries. Establish links between the external fiscal environment and their influence on the church’s ability to meet its obligations.
9. Make recommendations to the Board on financial matters as deemed appropriate by the Committee or requested by the Board.

Committee Membership

• Chair – Set agenda with Board Liaison, distribute materials prior to meetings and chair meetings
• Vice Chair – Assist the Chair to prepare committee materials, take minutes during meetings and distribute
• Members (4-6) – participate in majority of committee meetings, come prepared by reading materials distributed ahead of meetings
• Board Liaison – set Committee agendas with Chair, ensure effective bi-lateral communication between the Committee and the Board
• Terms – 1 year commitment from members; 2 years from Chair and Vice Chair; No term limits