Council - Finance
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What is Finance Council?According to The Code of Canon Law: “In each parish, there is to be a Finance Council to help the parish priest in the administration of the goods of the parish. It is ruled by Universal Law and by the norms laid down by the diocesan Bishop, and it is comprised of members of the faithful selected according to these norms” (Canon 537).
“The Finance Council is a consultative body which provides the pastor with advice concerning the stewardship of parish fiscal resources. It is to serve the goals and priorities set by the Pastoral Council. It assists the pastor by:
- Conducting long range financial planning with regard to funding operational and capital needs in the parish and developing a three year fiscal plan;
- Developing and overseeing a parish budget process which results in an annual parish budget. This process should involve the participation of those responsible for parish programs. It should be designed in such a way as to address the parish priorities and goals determined by the pastor and parish Pastoral Council;
- Providing financial analysis of current fiscal status reports;
- Providing the parish with periodic (no less than annually) reports on the financial position of the Parish.” (cf. Canon 1287, 2).
In addition to other duties, the Finance Council will review all parish expenditures. “While the Finance Council has significant responsibility for the stewardship of the parish financial resources, it is not the role of the Finance Committee to recommend directions, priorities, or programs other than those related to its delegation: fiscal stewardship. For this reason, the other consultative structures must be in place for the Finance Committee to fulfill its role responsibly and effectively.”
“The purpose of the Finance Council is to provide the pastor, the Parish Pastoral Council, and other leadership bodies with professional financial analysis. For this reason, it is important that the Finance Council be composed of individuals who have had experience in the areas of business, finance and accounting. While the Finance Council’s membership should be as balanced as possible (e.g., gender, age, racial/cultural background, etc.) membership must include individuals who have a working knowledge in the areas of business, finance and administration.”
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