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Financial Best Practices October 5th, 2013

Clergy – Laity Conference. Financial Best Practices October 5th, 2013. ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA. Overview. Challenges - Need for Change Team Commitment Best Practices Recommendations – Next Steps. ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA.

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Financial Best Practices October 5th, 2013

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  1. Clergy – Laity Conference Financial Best PracticesOctober 5th, 2013 ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  2. Overview • Challenges - Need for Change • Team Commitment • Best Practices • Recommendations – Next Steps ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  3. Parish Goals • Excellent Attendance and Participation in Sacraments • Enthusiastic Participation in Activities and Ministries of the Parish • Enthusiastic volunteering of time and talents • Number and spiritual growth of the parish ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  4. Parish Committees • Stewardship • House and Grounds • Finance • Food Festival • Technology Website • Ecclesiastical • Book Store • Youth Support • Greek School • Contracts / Legal / Church by Laws ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  5. Financial Systems • Transparency • Outsource Financials • Basic Accounting Principles • YoY/ QoQ /MoM/ Reporting • Financial Organization and Roles • Financial System – QuickBooks Non Profit • Audit Procedures ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  6. Finance Committee • Examine systems for efficiencies/Modifications • Solicit expert opinion regarding money market funds • Examine cost cutting strategies • Establish Financial Guidelines/Protocols • Give Guidance for Church Ministry Accounts • Establish Checks and Balances • Perform Audit Procedures • Provide updates to General Assembly ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  7. 2012 Stewardship ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  8. 2011 Stewardship Goals ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  9. Snow Removal Fund ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  10. Sample Food Festival ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  11. Profit &Loss 2012 2010 Revenue $488,589 Expenses $477,135 Net Income $11,454 ______ Stewardship $126,180 Revenue $550,859 Expenses $592,661 Net Income ($41,792) ______ Stewardship $110,625 ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  12. Fundraisers 2010 2012 Revenue $48,912 Expenses $21,301 ______ Profit $27,611 Revenue $41,616 Expenses $16,265 _____ Profit $25,351 * Excludes Food Festival ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  13. House and Grounds Improvement ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  14. House and Grounds ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

  15. Projected Savings Energy Plan • $25,000 value of fixtures, lightings, Motion Sensors (interior and exterior) • $6,500 cost to the church – Payable in 24 months interest fee. • Annual Savings of $3,500. • 2 Years the program will pay for itself! ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

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