Financial Affairs Committee 2012 Annual Report

Monday, February 04, 2013

COMMITTEE FOR FINANCIAL AFFAIRS

Summary Report – June 2011-August 2012

Committee: Archbishop Antony (Chairman), Bishop Matthias; Consultants: Fr John Troy Mashburn, Fr Aaron Warwick, Fr Mark Arey, George “Gus” Caras, Geofrey Greenleaf, Eric Namee, Bert Moyar, George Matthews; Facilitator / Secretariat Liaison: Protodeacon Peter Danilchick

Objective of the Committee

The Committee for Financial Affairs is i) to determine the means whereby the Assembly of Bishops and its activities will be financed; ii) to oversee fundraising and development; iii) to create a budget for the Assembly; iv) to catalogue and compare the financial practices of the various jurisdiction, agencies, and organizations attached to the Assembly; v)  to study and develop standards related to financial operations and practices of the Assembly, jurisdictions, organizations, departments and other entities associated with them.

Activities and Status of Work Since May 2011 Assembly Meeting

 Meetings: The Committee met with the consultants in person in November 2011 and thereafter almost every month by teleconference (total of six times).

 Subcommittees: Work was carried out continuously during the year by five separate subcommittees, which also involved other volunteers with significant experience and expertise, for whose contributions we are very grateful:

  • Fund Raising/ Development: Initial results from the fund-raising efforts are very encouraging. A number of active volunteers have been added to this subcommittee. A proposal is being developed for a potential development officer position to pursue and oversee annual donations and major gifts.
  • Best Practices: An interim Assembly financial policy and procedures document has been developed. A draft questionnaire is under review for the documentation of current Member Church financial practices -- which is expected to be sent to the jurisdictions in the near future.
  • ACOB Activity and Committee Funding: Budget planning requests have been sent to the various Assembly Committees with mixed responses. A three-year budget plan has been developed for the entire Assembly.
  • Receipt and Investment of Funds: The Assembly funds are presently retained in cash. As more funds are received, alternative investment dispositions will be reviewed in accordance with the draft Investment Policy.
  • Ministry Organizations: As some committees become more mature and their organization more disciplined, we would like to delegate expense reimbursements to the Chairman of select Committees, to remove some burden from the Treasurer.

Action Items for the September 2012 Assembly

  • Approve the 2013 Assembly Proposed Budget as presented by the Treasurer.
  • Approve recommended Delegation of Authority for certain financial items, from the Assembly Members/ Board of Directors to the Board of Directors/ Treasurer.

 

In Christ,

Archbishop Antony, Chairman

Committee for Financial Affairs