Financial Information A. Financial Controls Congregations should ensure the following basic financial controls are in place: With Respect To Cash Receipts Required Financial Controls – Two persons should be responsible for counting and recording cash receipts. Both counters should sign off the record of cash receipts for each particular count. The two persons responsible for counting must not be related. Upon completing and recording the count, the bank deposit is prepared and placed in safekeeping until it can be taken directly to the bank. With Respect To Cash Receipts Desired Financial Controls – The two-person counting teams should be rotated so the same two people do not always count together. The two-person team that counts and records the deposit should not include the Treasurer or Financial Secretary. If a deposit cannot be made immediately or if a night deposit is not available, a safe should be available to store the deposit until it can be taken to the bank. With Respect To Cash Disbursements Required Financial Controls – Two signing officers for cheques are recommended. Signing officers must not be related. Cheques should not be signed in advance and left blank. Prior to signing cheques, supporting invoices and vouchers should be reviewed and initialed by cheque signatories where applicable. With Respect To Cash Disbursements Desired Financial Controls – Cancelled cheques should be returned with bank statements. Monthly Reporting Monthly review of Statement of Revenue and Expenditures compared to budget by the congregational council. Monthly review of Balance Sheet (Statement of Financial Position) showing bank balances and investments. Other Reporting The Treasurer should periodically inform the church council that all statutory remittances have been made. Board members are personally liable if certain payments such as CPP, EI and incomes taxes are not submitted. The bank statement and bank reconciliation should be periodically reviewed by a representative of the congregation’s board or council.
Financial Information A. Financial Controls Congregations should ensure the following basic financial controls are in place: With Respect To Cash Receipts – Required Financial Controls Two persons should be responsible for counting and recording cash receipts. Both counters should sign off the record of cash receipts for each particular count. The two persons responsible for counting must not be related. Upon completing and recording the count, the bank deposit is prepared and placed in safekeeping until it can be taken directly to the bank. With Respect To Cash Receipts – Desired Financial Controls The two-person counting teams should be rotated so the same two people do not always count together. The two-person team that counts and records the deposit should not include the Treasurer or Financial Secretary. If a deposit cannot be made immediately or if a night deposit is not available, a safe should be available to store the deposit until it can be taken to the bank. With Respect To Cash Disbursements – Required Financial Controls Two signing officers for cheques are recommended. Signing officers must not be related. Cheques should not be signed in advance and left blank. Prior to signing cheques, supporting invoices and vouchers should be reviewed and initialed by cheque signatories where applicable. With Respect To Cash Disbursements – Desired Financial Controls Cancelled cheques should be returned with bank statements. Monthly Reporting Monthly review of Statement of Revenue and Expenditures compared to budget by the congregational council. Monthly review of Balance Sheet (Statement of Financial Position) showing bank balances and investments. Other Reporting The Treasurer should periodically inform the church council that all statutory remittances have been made. Board members are personally liable if certain payments such as CPP, EI and incomes taxes are not submitted. The bank statement and bank reconciliation should be periodically reviewed by a representative of the congregation’s board or council.
Treasurers-Manual-2016-updated-2017.docx