By Steve Saddlemire, Past Chair, Finance Committee
The past twelve months have been active and productive for the Finance Committee. We established a number of important initiatives and I am pleased to provide an update on their status. Our important tasks included:
- developing job descriptions for all the finance related positions within the church with approval by the Board;
- researching the tax status of the church and determining that the current position is the optimal for Pennsylvania and New Jersey;
- writing and placing into practice a Finance Committee covenant;
- initiating a monthly review of key financial metrics and associated follow up action;
- proposing and obtaining approval for a balanced budget for FY2023/24;
- addressing all Finance related issues in the 2021 Finance Audit;
- moving operations and capital campaign funds into an account with a much higher return rate;
- developing procedures for the Endowment Fund, Raise Right program, Facility Reserve Fund, Budget Overruns, and Surplus Operations Cash;
- collecting all outstanding finance related procedures with the intent of developing an overall Finance Committee Procedure.
All the members of the Finance Committee should be proud of these accomplishments that will provide a solid basis for next year’s committee members. Special thanks to Joe Schenk, Mary Baltycki, Ron Iannacone, Holly Bussey and Steve Saddlemire who have completed their term on the committee.