Financial Policies

By /

YATES BAPTIST CHURCH

FINANCIAL POLICIES

Adopted October 8, 2000

General

  1. All financial policies and proposals shall be recommended by the Finance Committee and voted on by the Church.

(Bylaws XI-A; Committee Handbook, page 12 #1) Church members, committees, deacons, and staff are encouraged to bring financial questions, concerns, and suggestions to the Finance Committee for responses and consideration.

  1. The Treasurer and the Finance Committee shall keep the Church informed of the finances of the Church and Preschool.

(Committee Handbook, page 12 #3)

  1. No funds shall be disbursed without the express authorization of the Church as provided for in the budget or separate authorization.

(Bylaws XI-F)

  1. The financial records shall be examined at least annually or as prescribed by the Church.

(Committee Handbook, page 3)

Budgeted Funds

  1. Authorized expenditures of approved budgeted items do not require further church action.

(Policy for Committee Expenditures #1) Unspent budget amounts do not carry over from one year to the next. (Policy for Committee Expenditures #5)

Nonbudgeted Funds

  1. Except as otherwise provided herein, requests for nonbudgeted financial transactions shall be submitted to the Finance Committee for evaluation, possible modification, and pro or con recommendation before being voted on by the Church at a business meeting.
  1. Emergency repairs defined as necessary for maintaining an adequate operational environment of the Church—such as urgent repair of heating or cooling units, leakage, etc.—may be made by a staff member immediately.

The Treasurer and chairpersons of the Finance and House and Grounds Committees should be contacted as soon as possible. The House and Grounds Committee may spend up to $2,000 on building repair without prior approval.

  1. The Finance Committee, in consultation with the Treasurer, shall decide which fund accounts to use for approved nonbudgeted expenditures.
  1. Designated giving should not interfere with giving toward the budget.

All designated accounts shall be approved by the Finance Committee and voted on by the Church. No designated funds shall be received except where the Church has approved the expenditure of funds for the designated cause. Separate accounting in the budget and financial reports shall be maintained for all designated gifts and funds. (Bylaws XI-F)

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