Family Finance Council

PURPOSE:

The Family Finance Council serves as a consultative body responsible for providing counsel to the Pastor on the finances of the Catholic Family of Parishes. Comprised of expert representatives selected from each parish within the Family, the Finance Council ensures prudent and disciplined management of all Family finances, overseeing shared costs, expenses, and income to support common ministries, outreach, and education initiatives.

ROLE CLARIFICATION: Many of these correlate between Parish and Family Finance Councils.

  1. Financial Oversight & Budget Management: Monitor and evaluate the financial results of each parish within the Family, ensuring adherence to prudent financial practices and accountability.
  • Review financial reports and statements to assess the financial health and performance of the Family of Parishes as a whole, as well as report to departments on a quarterly basis as to their financial status.
  • Strategic Financial Planning: Collaborate with the Pastor and parish leaders to develop strategic financial plans and budgets aligned with the mission and priorities of the Family of Parishes.
  • Identify opportunities for resource optimization and cost-saving measures to support the sustainability and growth of common ministries and initiatives.
  • Yearly Re-evaluation of Shared Services: Ensure equitable sharing of resources and costs among parishes within the Family, promoting fairness and transparency in financial arrangements.
    • Facilitate communication and collaboration among parishes to coordinate financial efforts and maximize efficiency in resource utilization.
    • Recalculate percentages as needed for shared services. 
  • Financial Reporting and Transparency: Establish internal transparency and standardized methods for financial reporting among parishes within the Family, promoting openness and accountability in financial matters.
    • Provide quarterly updates and reports to the Pastor and parish leadership on the financial status and performance of the Family of Parishes.
  • Stewardship Education: Offer guidance and support to all individual parishes in financial stewardship practices, promoting responsible management of financial resources and adherence to canonical and corporate requirements.
    • Provide educational resources and workshops to parish leaders and staff members on financial management principles and best practices.

OPERATIONAL GUIDELINES:

  1. Composition: The Finance Council shall consist of at least one representative from each parish finance council within the Family of Parishes.
  2. Meeting Frequency: The Family Finance Council shall meet regularly to fulfill its responsibilities, with a frequency determined by the needs and priorities of the Family of Parishes, no less than quarterly.
  • Decision-Making Process: Recommendations to the Pastor from the Finance Council shall be reached through consensus-based discussions, with input from all members considered in the decision-making process.
  • Collaboration with All Parish Leadership: The Family Finance Council shall collaborate closely with parish leaders, finance committees, and parish leaders to align financial decisions with the mission and goals of the Family of Parishes.
  • Confidentiality: Members of the Family Finance Council shall maintain strict confidentiality regarding sensitive financial information discussed during meetings and in reports.
  • Communication: The Family Finance Council shall communicate regularly with the Pastor, Family Leadership Team, all Parish leadership, and members of the Family of Parishes to provide updates on financial matters and promote transparency in financial management.

CONCLUSION:

The Family Finance Council plays a crucial role in ensuring the prudent and disciplined management of finances within the Catholic Family of Parishes. By providing counsel to the Pastor, overseeing shared costs and expenses, and promoting transparency and stewardship, the Family Finance Council contributes to the sustainability and growth of common ministries and initiatives, fostering the spiritual and material well-being of the entire Family of Parishes.