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Diocesan Finance Update

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

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  1. Diocesan Finance Update Diocese of St. Petersburg January 15, 2014

  2. Bishop Lynch Opening Remarks

  3. 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

  4. Nancy Ridenour Chair, Diocesan Finance Council

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

  6. Financial Position ($000)

  7. Results of Operations ($000)

  8. Diocesan Savings & LoanResults of Operations ($000)

  9. Diocesan Insurance & Benefits TrustResults of Operations ($000)

  10. Frank Murphy Secretary For Christian Service Forward in FAITh

  11. 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)

  12. 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

  13. Forward in Faith: Block 2

  14. Forward in Faith: Our Progress

  15. Phil Signore Executive Director, Finance • Parish Finance Councils • Primary Responsibilities • Current Issues

  16. 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).

  17. 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.

  18. 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

  19. 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

  20. 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.

  21. 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).

  22. 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.

  23. Schools and Centers • Budgets • Tuition rates • Teacher contracts/positions/salaries

  24. 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

  25. Questions?

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