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Diocesan Finance Update . Diocese of St. Petersburg January 15, 2014. Bishop Lynch Opening Remarks. Phil Signore Executive Director, Finance. Tonight’s Agenda: Diocesan Financial Update Financial Position Results of Operations Forward in Faith Parish Finance Councils

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diocesan finance update

Diocesan Finance Update

Diocese of St. Petersburg

January 15, 2014

slide2

Bishop Lynch

Opening Remarks

slide3

Phil Signore

Executive Director, Finance

  • Tonight’s Agenda:
  • Diocesan Financial Update
  • Financial Position
  • Results of Operations
  • Forward in Faith
  • Parish Finance Councils
  • Primary Responsibilities
  • Current Issues
slide4

Nancy Ridenour

Chair, Diocesan Finance Council

slide5
Audited Financial Statements are available online at www.dosp.org by clicking on:Offices FinanceAnnual Audits quick link
forward in faith

Frank Murphy

Secretary For Christian Service

Forward in FAITh

forward in faith 50 million campaign
Forward in Faith: $50 Million Campaign

The Campaign will address vital, and in some cases long-postponed, capital and programmatic needs, including:

  • Catholic Education: $29 Million
  • Seminarian and Retired Priest Support: $ 8 Million
  • Parish Needs: $10 Million
  • Campaign Costs: $ 3 Million

For with God nothing shall be impossible. (Luke 1:37)

forward in faith parish needs of 10 million
Forward in Faith: Parish Needs of $10 Million

Individual parish needs will be addressed through this campaign. Block 1 Parishes have developed cases for support around a variety of capital and programmatic needs, including:

  • Expanding faith formation programs for parishioners
  • Repaving church parking lot
  • Replacing or restoring parish center roof
  • Supplementing tuition assistance available through the parish
  • Construction of a memorial prayer garden
slide15

Phil Signore

Executive Director, Finance

  • Parish Finance Councils
  • Primary Responsibilities
  • Current Issues
diocesan norms for parish finance councils
Diocesan Norms for Parish Finance Councils
  • Composition of Parish Finance Councils (in addition to pastor):
    • Fewer than 500 families: at least 3 members.
    • 500 to 1500 families: at least 5 members.
    • More than 1500 families: at least 7 members.
  • Members must be:
    • Qualified in finances and/or business.
    • Registered parishioners, and not employees.
  • Acts of extraordinary administration (Real estate transactions, legal actions, acceptance of non-cash gifts such as securities or ownership interests, any transaction > $40,000). Pastors shall:
    • Consult the Parish Finance Council.
    • Petition the Bishop.
  • At least four meetings annually with written minutes (financially challenged entities must meet monthly).
diocesan norms continued provide advice and assistance to pastor regarding
Diocesan Norms (continued)Provide advice and assistance to pastor regarding:
  • Financial reports to bishop.
  • Budgets (must approve budgets for financially challenged entities).
  • Annual reports to parishioners.
  • Acquisitions & sales of land.
  • Financial planning.
  • Incurring & repayment of debt, & resolution of unpaid debts & budget deficits.
  • Educating parishioners on financial stewardship.
  • Personnel administration, staffing needs, salary scales.
  • Tax compliance and regulatory matters.
  • Transactions > $25,000and leases > one year.
internal controls
Internal Controls
  • Segregation of duties.
  • Review cash account reconciliations at least annually.
  • Mandatory vacation and rotation of duties
  • Timeliness of deposits
  • Agreed Upon Procedures
  • Conflicts of Interest
fundraising capital campaigns
Fundraising & Capital Campaigns

Forward in Faith Capital Campaign:

  • No new parish capital campaigns for 5 years
  • Exemption available if capital needs exceed 2 ½ times your annual offertory.
  • Option C exemption:
    • Parish guarantees 80% of FIF goal
    • Parish hires own fundraising counsel
    • Parish produces own materials
    • Diocesan Campaign Processing Office manages pledge & remittance program
gift acceptance
Gift acceptance
  • Only the Bishop has the authority to accept a bequest.
  • Gifts other than cash, check, or credit/debit card must be approved in advance by the Bishop’s Office. Examples are gifts in-kind, securities, real estate, ownership interests…
  • Documentation of donor restrictions must be maintained.
  • Gifts may not be accepted if they:
    • Seem to be inappropriate, not in DOSP’s best interest, could damage the reputation of DOSP, or from an illegal or questionable source.
    • Create excessive administrative procedures, or obligations.
    • Create a conflict of interest.
credit cards
Credit Cards
  • Use of a credit card is a borrowing and should have the same authorization as a borrowing (pastor approval).
  • Pastor should always document his approval of credit card bill.
  • No personal use of church credit cards (cause for disciplinary action up to and including termination).
liquor liability

Liquor Liability

Options for serving liquor:

Hosting

Selling it or having a vendor sell it

Absolutely no BYOB’s by parish, school, or third party groups.

Please see the Liquor Liability Policy published on the Insurance Office web page.

schools and centers
Schools and Centers
  • Budgets
  • Tuition rates
  • Teacher contracts/positions/salaries
other
Other
  • All entities are required to consult with the Finance Office (Executive Director) before hiring a bookkeeper/accountant, or contracting with an organization to perform bookkeeping, accounting, or other financial functions.
  • Tonight’s presentation is available online at www.dosp.org by clicking on:OfficesFinance

Annual Finance Update 1/15/14 quick link