The Board of Finance shall:
- be responsible for and have charge of the financial and investment affairs of the church;
- prepare an annual budget, with input from all Boards and Committees, for presentation to the Council no later than the March Council meeting;
- monitor revenue and expenses compared to the approved budget;
- report the financial and investment status of church to the Council on a monthly basis, including funds known as the restricted and unrestricted reserves which are not part of the operating budget;
- promptly report budget variances to the Council and appropriate Board or committees;
- be responsible for monitoring assets;
- have the power to expend funds to cover all expenditures included in an authorized annual budget;
- have the authority to hire and supervise, with input from the Pastor and approval by the Council, any person or persons to serve as the Financial Secretary of the church, paid or volunteer, within the limits of the approved budget;
- include the Treasurer of the church as one of its members;
- assist the Treasurer as may be necessary to effectively discharge the duties of the office;
- appoint Assistant(s) to the Treasurer (see Article 8 of By-Laws); and
- have the power to make emergency expenditures from the unrestricted reserve (see above) of up to $1000 in excess of any item in the approved budget with notice to the Council to a maximum of $5000 or 5 occurrences per year.
Chair of Board of Finance: David Coleman