CHURCH FINANCIAL POLICY AND PROCEDURES MANUAL 1. Purpose The purpose of this financial policy and procedures document is to establish guidelines for the responsible stewardship, management, and oversight of the financial resources of St Philip Parish Church, Mauna. These policies aim to ensure transparency, accountability, and sound financial management practices in support of the church's mission and ministries. 2. Governance and Oversight Finance Committee: The church shall maintain a Finance Committee responsible for overseeing financial matters. The committee members shall be appointed by Parish Church Council and may include individuals with expertise in finance, accounting, or related fields. Budget Approval: The Finance Committee shall develop and recommend an annual budget to the church governing body for approval. The approved budget shall guide financial planning and spending throughout the fiscal year. Financial Reporting: Regular financial reports shall be prepared and presented to the Finance Committee, church leadership, and congregation, detailing income, expenses, and the overall financial health of the church. Audit or Review: An independent audit or financial review shall be conducted annually to ensure compliance with financial policies, accuracy of financial statements, and adherence to legal and regulatory requirements. 3. Financial Management Bank Accounts: All church funds shall be deposited in accounts held in the name of the church. Bank reconciliations shall be performed monthly to ensure accuracy and completeness of financial records. Expenditure Authorization: Expenditures shall be authorized in accordance with the approved budget and established procedures. Proper documentation, such as invoices and receipts, shall be maintained for all expenditures. Financial Controls: Internal controls, including segregation of duties and regular review of financial transactions, shall be implemented to prevent fraud, misappropriation, or unauthorized use of church funds. Donations and Offerings: Procedures shall be established for the collection, counting, and recording of donations and offerings to ensure accuracy and transparency. Donor confidentiality shall be respected. 4. Fundraising and Stewardship Fundraising Activities: Fundraising activities shall be conducted in accordance with applicable laws and regulations. Funds raised shall be used for their designated purposes and reported transparently to donors and the congregation. Stewardship Education: The church shall promote responsible stewardship among its members through education, communication, and encouragement of financial contributions to support the church's mission and ministries. 5. Confidentiality and Privacy Confidentiality: Financial records and information shall be kept confidential, accessible only to authorized personnel for legitimate business purposes. 6. Amendments and Compliance Policy Review: These financial policies and procedures shall be reviewed periodically by the Finance Committee and updated as necessary to reflect changes in church operations, regulatory requirements, or best practices in financial management. Compliance: The church shall comply with all applicable laws, regulations, and guidelines related to financial management, reporting, and taxation. 7. Adoption and Communication Adoption: These financial policies and procedures shall be adopted by Parish Church Council (PCC) of St Philip Parish Church Mauna and communicated to all relevant stakeholders, including church staff, volunteers, and members.