Financial Stewardship and Planning in the Diocese of Huron
Explore the principles of financial stewardship and planning within the Diocese of Huron, focusing on responsible resource management, committee structures, budget planning, monthly recording and reporting, and year-end financial reporting. Learn about the Church House Finance Team and the importance of ethical values in managing God's resources effectively.
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Presentation Transcript
Wardens & Treasurers Diocese of Huron March 17, 2024
Stewardship is an ethical value that embodies the responsible planning and management of resources. Treasure, time, talent Using God s Human Resources with Wisdom Managing resources, relationships and opportunities that have been entrusted to us by God in a manner that glorifies Him and furthers His kingdom
Church House Finance Team Archdeacon Tanya Phibbs Secretary Treasurer Jacquie Davison Director of Finance Marian Cook - Accountant Doreen Kyomugisha Trust Funds Patti Piccinin Accounts Payable Natalie Robinson Accounts Receivable / Pre-Authorized Giving
Committee Structure finance matters Diocesan Council 1. Admin & Finance Committee Human Resources 2. Grants & Loans 3. Audit 6. Pension Trustees 4. Investments 5. Budget
Planning The annual budget is an important tool to determine what funds are required to meet obligations for the year. BIG Rocks Payroll, Utilities & Maintenance, Insurance, Debt repayment, apportionment Programs & Outreach Rainy Day fund Tithes and offerings Donations Interest Church house does an annual budget to manage operations Fall of each year Approved by Diocesan Councl
Monthly recording and reporting All transactions should be recorded in an accounting system Monthly Reports Opportunity to adjust plan Fairly inexpensive options that are easy to use Donations tracked for receipting purposes Bank activity reconciled Validate expected revenues and costs running through bank Compared to budget and prior year Share information with Wardens & Clergy Consider if adjustments are required to ensure meeting obligations
Year End Financial Reporting Prepared on a calendar year Annual accountability to the Parish, Diocese and CRA Should include Balance Sheet, Income Statement and Equity Should be reviewed by person other than Treasurer Financial statements of all Parish and organizational accounts shall be subject to an annual audit and presented to the annual Vestry meeting. Such audits may but need not be performed by independent public accountants, but the person(s) doing so shall be able to competently perform the audit and further, shall be independent of the Churchwardens, Deputy Churchwardens, Parish Council, Treasurer and the Rector/Incumbent/Priest-in-Charge. Annual Financial Report to Church House March 31st
Charity Information Returns Each Parish is a Registered Charity Enables the issuing of tax receipts for donations Avoids paying income taxes T3010 is due June 30 each year Outlines the donations received and how funds were spent. Information is published on the web for public accountability Failure to file can mean revoking of charity status Has happened this past year Once revoked it is challenging to re- apply Ensure communicate with Church House for assistance
Thank-You! Your time and talents as treasurers are greatly appreciated!
