Finance Committee

Committee Chairperson
Andy Baver(2017)

Current Committee members (as of April 2016)
Andy Baver(2017), Finance Committee Chair
Kirk Randlett(2016), Treasurer
Rudy Rumohr(2018), Treasurer in Training
Tom Knapp Finance Secretary
Jon Bradfield(2017)
Liane Wright(2018)
Claire Holston(2018)
Rob Costantino(2018)

Description
Finance Committee is responsible for raising the funds required to operate the church. Thus, the Committee requires members who have knowledge of accounting procedures, investment strategies, budget formulations and management, and cash flow analysis.

Activities
Monthly meetings, some of the activities they have participated in the past include: Consecration Sunday

Fundraisers
Past fundraisers include: Band Concert Food Cart, Apple Festival, May Fair, and Festival of Talents

Current Needs (as of January 2016)

Volunteer opportunities & job descriptions
Accounting - Knowledge of Generally Accepted Accounting Practices is desired. The accounting function is responsible for generating a Balance Sheet to record Assets and Liabilities of the local church. The Balance Sheet is used to inform outside institutions (banks, investors, etc) of the financial health of the church. Therefore, knowledge of commercial-style documents used in these settings is also required.

Treasurer - Treasurer is responsible for the daily cash flow of the church. This includes salaries, vendor payments, recurring debt payments and any other outgoing financial transactions. Treasurer is also responsible for recording transactions and ensuring the transactions are recorded and deposited in the proper accounts. The Treasurer should also be familiar with State and Federal regulations regarding Social Security, health benefits, insurance and Worker's Compensation. Treasurer has signature authority for financial transactions of the church.

Assistant Treasurer - Assistant Treasurer is the back up for the Treasurer. Assistant Treasurer should be able to perform all the duties of the Treasurer. Assistant Treasurer has signature authority for financial transactions of the church.

Financial Secretary/Assistant Financial Secretary - Financial Secretary is responsible for managing the investments of the church. Investments can be in the form of commercially available instruments such as CD's, bonds and mutual funds, to name a few. Financial Secretary should be acquainted with financial instruments to the degree that conversations and understandings of investments with the Methodist Church Foundation or other financial institutions could be communicated to the Finance Committee. Financial Secretary is one of the main communication lines with any investment/lending group. Financial Secretary provides confidential record keeping of all yearly personal pledges made by the congregation. Financial Secretary prepares quarterly and annual Giving Statements for distribution to the individual contributors. Financial Secretary plays an important role in debt servicing along with the Treasurer and the Chair of Finance. Financial Secretary has signature authority for financial transactions of the church.

Chair of Finance - The Chair provides leadership and direction for the Finance Committee. The Chair must be able to organize groups to accomplish tasks for the financial well being of the church. Annual tasks to be accomplished are: annual giving campaign, budget management, cash flow analysis, investment strategies, and budget formulation. Other tasks are long term fundraising projects, and investment strategies. The Chair must be able to communicate the financial status of the church to the Administrative Council, the congregation and the church conference.

Auditor - Auditor is responsible for performing the annual audit of the church finances. Auditor also prepares the annual Audit Report submitted to the Conference. Auditor should be familiar with Generally Accepted Accounting Practices. Auditor need not be independent of the church.

Counters - While counters are not officially part of the Finance Committee they are overseen by the committee and the Financial Secretary in particular. The counters are a team of four to five people who tally the weekly cash receipts given as part of the offering. This is a rotating position so each counter needs only tally once a month.
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Treasurer of the Congregation
Purpose of Ministry:
The purpose of serving as Treasurer of the Congregation at the Milford United Methodist Church is to glorify God by competently managing the congregation's financial affairs.

Objectives:
    1.    To pay all the bills for the congregation
    2.    To maintain accurate records
    3.    To communicate regularly with pastoral staff and lay leaders regarding the congregation's finances

Activities:
    *    Pray regularly for the financial needs of the congregation
    *    Receive a report of money deposited from the financial secretary or other designated person
    *    Understand and enforce the congregation's policy regarding who is authorized to submit bills for payment
    *    Receive request for payment and pay the bills
    *    Complete the payroll
    *    Ensure that payments are posted to the proper budget line or special fund
    *    Prepare regular financial reports for pastoral staff, finance committee, or other designated lay leaders
    *    Reconcile bank statements and take care of other communications with the bank
    *    Comply with state and federal regulations for paying and reporting of employee payroll taxes for employees
    *    Arrange for regular audits of the congregation's financial records
    *    Work with pastoral staff, the finance committee, and other designated lay leaders in developing a yearly budget
    *    Attend meetings of the finance committee and the church governing
    *    board

Related Gifts
Visionary and managing leadership

Other Qualities:
Good accounting skills, trustworthy, good communication skills; facility with computer software for financial recording and reporting

Reports to:
Finance Chair, Administrative Council

Service Times:
Regular payment of bills and payroll, and preparation of reports; annual review of funds and preparation of the budget

Length of Service:
Two year, renewable by mutual agreement

Training/Orientation:
    *    Instruction in policies and procedures from previous Treasurer of the Congregation
    *    Participation in outside workshops on maintaining church finances
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Stewardship Drive Team Leader
Purpose of Ministry:
The purpose of serving as Stewardship Drive Team Leader at the Milford United Methodist Church is to glorify God by coordinating fund-raising for the congregation.

Objectives:
    1.    To coordinate the congregation's fund-raising campaigns
    2.    To recruit and train Stewardship Drive Team Members

Activities:
    *    Review stewardship resources, select a fund-raising campaign tool that suits your congregation, and order materials or develop your own.
    *    Recruit and train Stewardship Drive Team Members, following guidelines in the chosen material.
    *    Pray regularly for the fund-raising campaign and the Stewardship Drive Team Members.
    *    Oversee publicity for the fund-raising drive.
    *    Divide responsibilities for the fund-raising campaign among Stewardship Drive Team Members.
    *    Meet with and oversee Stewardship Drive Team Members
    *    Ensure that all appropriate congregation members are contacted and invited to participate.
    *    Ensure that the appropriate person confidentially receives all pledge information.
    *    Use suggestions in the material, or develop your own strategy, for following up with persons who did not respond.
    *    Report the fund-raising campaign's results to the appropriate person(s).
    *    Prepare and submit a budget.
    *    Conduct a follow-up meeting with Stewardship Drive Team Members and other appropriate pastoral and lay leadership to evaluate the drive
    *    Implement the above activities for other fund-raising efforts, e.g. a building campaign.
    *    Regularly communicate the importance of stewardship of all resources (financial, time, talents) to the congregation

Related Gifts
Visionary and managing leadership, shepherding, teaching the faith, discernment, proclamation, wisdom

Other Qualities:
Outgoing, assertive, diplomatic, trustworthy

Reports to:
Committee on Finance

Service Times:
Selection of program; recruitment and training of Stewardship Drive Team Members; overseeing publicity; during stewardship drive, monitoring of process and compilation of results; follow-up meeting after drive

Length of Service:
Two year, renewable by mutual agreement

Training/Orientation:
    *    Minimum one year's experience as a Stewardship Drive Team Member
    *    Participation in training sessions for the stewardship resources selected or other stewardship workshops
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Stewardship Drive Team Member
Purpose of Ministry:
The purpose of serving as Stewardship Drive Team Member at the Milford United Methodist Church is to glorify God by faithfully helping in the congregation's fund-raising program.

Objectives:
    1.    To work in the congregation's fund-raising campaigns.

Activities:
    *    Receive instruction in the program being used from the Stewardship Drive Team Leader.
    *    Pray regularly for the fund-raising campaign and the Stewardship Drive Team Leader.
    *    Take responsibility for one or more aspects of the drive (e.g. publicity, a list of members to contact).
    *    Attend stewardship drive team meetings
    *    Report your results to the Stewardship Drive Team Leader, handling all pledge information confidentially
    *    Regularly share the importance of stewardship in all aspects of life (e.g. financial, time, and talents) with congregation members

Related Gifts
Visionary and managing leadership

Other Qualities:
Outgoing, comfortable interacting with people, friendly, trustworthy

Reports to:
Stewardship Drive Team Leader

Service Times:
Attendance at all training sessions and informational meetings; completion of assigned tasks

Length of Service:
Two year, renewable by mutual agreement

Training/Orientation:
    *    Instruction in the selected program from the Stewardship Drive Team Leader, outside resources, or both

Money Counter
Purpose of Ministry:
The purpose of serving as a Money Counter at the Milford United Methodist Church is to glorify God by responsibly handling the offering.

Objectives:
    1.    To count accurately the offering money
    2.    To record contributions and deposits

Activities:
    *    Pray regularly for the financial needs of the congregation
    *    After worship, with the help of another Money Counter, retrieve the offering plates.
    *    Sort pledge envelopes, pew offering envelopes, and loose bills and change
    *    Remove checks or cash from envelopes, recording contributions
    *    Note contributions designated for specific purposes (e.g. missions).
    *    Count, total and record pledges
    *    Remove pew offerings from envelops and count with loose bills and change
    *    Record total of loose offerings, noting those designed for specific purposes and amounts identified as given by people who give regularly
    *    Have your partner recount all money and check the totals
    *    Repeat counting and tallying of money until totals agree
    *    Deposit money and turn in tally sheets
    *    Service on a rotating basis with other teams of Money Counters

Related Gifts
Good math skills, well organized, trustworthy

Other Qualities:
Outgoing, comfortable interacting with people, friendly, trustworthy

Reports to:
Financial Secretary

Service Times:
Counting and recording of money after worship

Length of Service:
Two year, renewable by mutual agreement

Training/Orientation:
    *    Instruction in procedures for counting, recording, and depositing money, and in the importance of confidentiality

See our Committee Contact page for more information.