BUDGET PROCESS
OBJECTIVE: Establish a time-table and procedure to complete the annual budget process.
RESPONSIBILITY OF THE FINANCE & BUDGET TEAM:
Provide the Session & Congregation a summary of the Church financial situation quarterly.
Approve a Line-Item (blank) budget form to be submitted to the Session Teams and Committees responsible for their financial activity for their input for the following year’s budget.
Oversee the distribution and return of this blank budget. Begin after the results for the first quarter are known. Repeat this after each quarter results are known.
Provide an assessment of how each financial entity is performing compared to budget and provide suggestions.
After the anticipated collections for the next year is established, compare planned expenditures by each financial entity.
A summary of collections vs anticipated expenditures will be presented to Session with recommendations.
Representatives of the Finance & Budget Committee will be available to meet with each Session Team & Committee.
The Session will make the final decision on the distribution of funds to each financial entity.
The Finance & Budget Committee will work closely with Communication and Resources Team and the Treasurer.
Approved by Session - March 18 2007
RESPONSIBILITY OF THE FINANCE & BUDGET TEAM:
Provide the Session & Congregation a summary of the Church financial situation quarterly.
Approve a Line-Item (blank) budget form to be submitted to the Session Teams and Committees responsible for their financial activity for their input for the following year’s budget.
Oversee the distribution and return of this blank budget. Begin after the results for the first quarter are known. Repeat this after each quarter results are known.
Provide an assessment of how each financial entity is performing compared to budget and provide suggestions.
After the anticipated collections for the next year is established, compare planned expenditures by each financial entity.
A summary of collections vs anticipated expenditures will be presented to Session with recommendations.
Representatives of the Finance & Budget Committee will be available to meet with each Session Team & Committee.
The Session will make the final decision on the distribution of funds to each financial entity.
The Finance & Budget Committee will work closely with Communication and Resources Team and the Treasurer.
Approved by Session - March 18 2007
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