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Save the date: Treasurers Day is Sat., March 15
Join us at St. James Woonsocket to meet fellow treasurers from around the diocese, as well as Bishop Knisely and his staff. Learn practical tips for treasurers new and old. Hear the latest ideas on how churches can save money. Ask diocesan staff any and all questions you might have about best practices. Lunch will be served.
Register online or contact Ruthie Moulton (rmoulton@episcopalri.org) for more information.
Two important deadlines: This Saturday (March 1)
Parochial reports: Parishes should file parochial reports online with the national church, but it and all other forms must be filed in hard copy at Diocesan House no later than March 1. If the vestry must vote to approve your report, please note the date of that vote on your report.
CDC Grant Statements of Intent: At this stage, all you need to submit is a paragraph describing your idea for a new or significantly expanded program that seeks to transform the life of your congregation. Full applications for approved statements of intent will be due at a later date. Learn more about the grants program here.
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You're the new treasurer. Now what?
It's not easy taking on an unfamiliar role, but with the right tools, you can be an effective treasurer for your church. Whether you're a CPA or just learning the ropes, this pamphlet from ECCU, an evangelical banking organization, helps you get started.
Get tips and best practices on managing the budget, keeping accurate records, and communicating your financial position. Learn the rules governing church contributions, find out about payroll and human resources, understand basic accounting terms and definitions, and more.
And remember that you're not alone. Seek out mentors who have served as treasurers before or contact the diocesan finance staff with questions. Know that your service is not only to your church, but also to the greater glory of God.
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Audits:
A necessity,
not an option
Especially in these difficult economic times, when every penny counts, an effective church audit is a necessity. But did you know it's also required by canon law?
Canon I.7.1 (f) mandates that all congregations annually undergo an external audit performed by outside CPAs or an alternative group approved by their dioceses. (Note that this is true even if you do your own internal audit.)
Among other things, audits help verify the accuracy of accounting and reporting and ensure that funds are safe and allocated correctly to designated uses. Read more about audits in this ECF article.
Then, set your plans in motion. If expense is an issue, contact Linda Grenz (linda@episcopalri.org) to find another church with which to trade books.
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Building and administering endowments
Healthy endowments can play a significant role in long-term church stability -- which means that vestries need to understand the rules associated with establishing and properly administering endowment funds.
What is an endowment?
What is the proper way to invest endowment assets?
What can be done if donor restrictions no longer make sense?
These questions matter because a well-managed endowment program can encourage larger gifts and put your church onto better financial footing.
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