The Board of Finance shall oversee the financial procedures of Grace Ev. Lutheran Church to insure their continuity and continually increase their capacity to successfully execute the mission of the Congregation.
Duties and Responsibilities. The Board of Finance, in conjunction with the Senior Pastor and Business Manager, shall develop, implement and evaluate effective financial management strategies such as:
- Appoint, train and oversee the Counting Team with written descriptions and processes for performing their duties.
- Facilitate the gathering of budget requests from all Boards and Committees prior to the September Council meeting. Manage the budget process and monitor compliance throughout the year.
- Provide regularly scheduled reports on the financial status and on at least an annual basis provide a financial review of the books in compliance with LC-MS standards and/or guidelines. An official audit can be completed every 7 to 10 years by an outside auditor, as deemed necessary.
- Oversee gathering, accounting, recording, and depositing procedures for tithes and offerings. As well as arranging for envelopes, electronic options and other methods as deemed appropriate.
- Facilitate and maintain proper business operating procedures. Oversee the operation of the church in a sound and prudent fiscal manner so as not to jeopardize the long-term financial strength of the Congregation.
- Be responsible for and oversee Board of Finance teams and activities.
- Provide financial Stewardship education and motivation towards tithing and offerings.
- In the absence of the Business Manager, the Board of Finance shall find a qualified individual to assume the responsibilities of the Business Manager.
Teams. The Board of Finance shall provide team reviews for needed discussions and assess for any financial areas of concern for Grace Ev. Lutheran Church. Each team shall consis of two or more members from the Board of Finance. (i.e. counting team, planned giving, stewardship, financial reviews, etc)
- Planned Giving and Memorial Team: Shall make recommendations to the Church Council for items to place on a financial needs or designated giving list of Grace Lutheran. Once approved by the council, this list will be made available to congregational members to assist them in their giving plans.
- Financial Review Team: Provide for the periodic financial review of all accounting practices within the church including reconciliation of various checking and/or savings accounts held in the church’s name by various organizations.
- Counting Team: Provide for the proper counting and recording of tithes and offerings on a weekly basis. Arrange for the deposit of said monies and transmittal of such information to the Business Manager.
- Financial Stewardship Team: Provide for the ongoing encouragement to congregational members towards Christian giving. Arrange for periodic educational sessions on topics such as Estate Planning, Biblical financial management for both personal and church finances, budgeting, etc.