Parish Finance CoMmittee

About

The Diocese of Dallas (the “Diocese”) directs that all pastors and administrators establish and maintain a Finance Committee in the Parish as required by the 1983 Code of Canon Law.

The Finance Committee assists and advises the Pastor and administrators with issues such as cash receipts and controls, bank reconciliations, banking arrangements, financial management of investments, and accounting, budgeting and financial reporting.

The Finance Committee reviews and approves the annual Parish and School Budgets. The Finance Committee must approve any expenditure in excess of the lesser of $50,000 or 5% of prior year’s ordinary annual revenue that is not recurring and reflected in the written, approved budget.

At least quarterly but usually monthly, the Finance Committee reviews revenue, expenses, the cash position and cash flow of the Parish and School. The Finance Committee assists the Pastor and administrators in developing a plan for systematic payment of any Parish debt.

The Finance Committee reviews results of external annual audits or financial reviews, reviews results of audits conducted by Diocesan internal audit; ensures implementation of findings, and, at fiscal year-end, provides the audit or review to the Diocese, along with a letter of Finance Council members, titles and meeting dates.

The Finance Committee consults on the construction or renovation of parish facilities, assists in planning for repair and replacements of assets, recommend the purchase, sale or leasing of property in accordance with Diocesan policy, ensures adherence to risk management procedures related to the assets of the Parish and School (contracts, repair and maintenance of assets, safety), and monitors the process to meet all requirements of federal and state tax laws .

Suggestion Box