The Finance Committee provides the Council with assurance that both the financial policy and financial affairs are appropriately developed, implemented and managed and makes specific policy and operational recommendations to the Council.
In addition to its members elected from the Council (one lay representative and one clergy representative), the Finance Committee shall also consist of the Treasurer and a minimum of three and a maximum of five additional members who, upon recommendation, are proposed to Council by the Bishop and Vice Chair of the Diocesan Council and elected by a majority vote of Council. These members are to be selected for their demonstrated professional, financial expertise. Along with the Treasurer, these individuals shall form the working subcommittee of the Finance Committee in performing its duties and responsibilities and specifically shall be responsible for the preparation of budgets for the Episcopal Church in Minnesota.
The Finance Committee shall meet at least quarterly, or as needed, to ensure that the Council exercises and fulfills its duties under the Constitution, Canons and Resolutions of the Episcopal Church and The Episcopal Diocese of Minnesota and all federal, state and local laws applicable to hierarchical churches. Among its duties the Finance Committee shall:
a) Review the finances and financial performance of the Episcopal Church in Minnesota and all entities that are part of the current budget at quarterly meetings, or as needed, to assure that financial goals and objectives are being met and that programs and processes are financially sustainable.
b) Recommend to the Council on a quarterly basis, or as needed, changes to budget and program that financial circumstances or changed realities may require.
c) Have timely access to relevant current and past financial documents and records in order to keep the Council fully informed at all times.
d) Assist the Council in assuring complete transparency and disclosure in financial matters.
e) To coordinate with the Personnel Committee, Bishop and staff all financial and budgetary personnel implications.
f) Coordinate and direct financial activities with the Trustees.
g) Set financial policies in accordance with the Canons, GAAP and best practices; providing adequate internal controls.