FINANCE AND ADMINISTRATION
Functions and Powers
This Board and commission is ultimately responsible for finance administration. Through careful analysis and planning, the board ensures good financial management and the best possible use of available funds. For their proper financial management they ensure the following key areas are exercised;-
i) Determine the faith resources
ii) Set a budget and allocate funds to programs and initiatives to support the faith’s mission
iii) Administer the faith’s finances
iv) Monitor and report progress against your budget
Administering the finances
The finance board shall constitute a treasurer whose duties shall include:
• Maintaining financial records
• Organizing bank accounts
• Accounting for all money received
• Accounting for all money spent
• Adhering to the faith’s terms, financial policies and conditions of routine programs
• Banking money
• Signing off on outgoing expenses
• Preparing monthly/annual financial statements
• Preparing books for audit
• Drawing up the budget for the board and the High council of priests
The treasurer of the board shall also prepare financial reports to assist with board reporting, future planning and performance monitoring. He/she shall, where appropriate, keep up to date with relevant taxation legislation and legal requirements and ensure that they comply.
The Faith budget shall indicate how much money is available and allocating it accordingly and gives the faith a clear picture of where it stands financially at any given stage.
Plan for the future
The Board shall ensure adequate financial planning to allow the faith to plan for the future, anticipate spending and income for the next three to five years.
To plan for the future the faith shall:
• Develop contingency plans (for example, anticipate any funding sources that may dry up, and identify other sources of potential funds)
• Plan for future events and programs and determine how much money will be needed to support them
• Set financial goals – re-investment strategies
REPORTING AND AUDITS
The commission shall ensure adequate reporting of finances and having the faith books audited by an independent auditor who will ensure the faith stay on track. Clear and legible books enable an organization to readily access information and provide accurate accounts to potential sponsors, grant making bodies, the tax office, etc.
The Board shall ensure good financial management and systems are exercised to allow the faith to operate efficiently and plan for the future.
Each board and commission shall be headed by an appointed Priest or a high-profile official. They are the think tank and the planning reservoir of the faith. Each Board and commission will present a strategic direction, official working guidelines and principles before the high council of Priests for discussions, review and approval and they will form the Implementing arm of the faith.
NB: All boards and commissions shall have quarterly meetings for planning, program reviews, and program approvals.
NOTE. The terms of reference are referred from the faith Doctrine Code of conduct page 47, 48 & 49. Be informed that you can refer yourself on that institution booklet