Finance Council Resources

Parish Finance Councils are mandated by Canon 537 of the Code of Canon Law. They are to be formed and operate within the law of the Church and serve a vital role in ensuring sound financial practices are in place and observed, safeguarding Parish assets, and maximizing financial resources of the Parish.  A Parish Audit committee is highly recommended, and it can either exist as an expanded function of the Finance Council or a sub-committee of the Finance Council. The committee should be chaired by a Finance Council member. Other parishioners may be appointed as deemed necessary and approved by the Pastor. All members are to be fully initiated practicing Catholic members of the Parish, and no member of the Parish, school, or cemetery staff may serve on this committee if they are related by blood or marriage to the Pastor, or parochial vicar assigned to the parish. Members of the Parish Audit Committee shall serve a four-year term and can be re-appointed for a second, four-year term.  
 
To fulfill its role, the audit committee should be familiar with diocesan policies and regulations affecting parish administration, participate in diocesan training sessions, and where appropriate, be familiar with and supportive of the parish goals and objectives. The functions of the committee include but are not limited to the following: (1) Reviewing the effectiveness of financial administration controls and adherence to Diocesan procedures and protocols, (2) Reviewing money handling procedures and offertory collection protocols, (3) Verifying that all bank accounts are accounted for, properly recorded, and reconciled, (4) Reviewing financial reports and audit results for anomalies, issues, or other discrepancies, and (5) Assist in ensuring audit recommendations are implemented and operating as intended.
 
To assist in the performance of a Parish Internal Audit program, the Diocese created a guide outlining financial and procedural reviews that can be utilized to evaluate the effectiveness and adequacy of Parish financial procedures. The guide, while covering key areas of concern, is not all encompassing. Finance Councils should use their knowledge and experience with the Parish to determine whether additional areas of concern should be reviewed in further detail.   Finance Councils are encouraged to reach out to the Diocese if assistance is needed in formulating a review plan for any unique circumstances affecting the Parish. All requests for Diocese audit assistance can be sent to [email protected].