— Homestead Presbytery

Responsibilities

Fiscal Accountability Policies (Adapted from Synod Policy Statement of May, 2001)

I.       Income, Expenditures, Controls
A.    HP shall have a unified budget that shall be called the Presbytery Budget (hereafter PB). This budget shall describe its anticipated income and its expenses according to classification dictated by the organizational structure of HP.
B.     The PB is funded from the following sources:
1.      Per capita apportionment established annually by HP upon recommendation by the business 7 finance subcommittee (hereafter the B/F) of council and approved by HP. The purpose of the apportionment is to support the essential ecclesiastical functions of HP. These include the offices of the Executive Presbyter, Stated Clerk, Treasurer, HP meetings, and operating expenses of all units.
2.      Honoraria received by HP staff persons when on presbytery assignment.
3.      Income from unrestricted invested funds.
4.      Income from designated gifts and bequests.
5.      Mission pledges made by sessions of congregations and received directly through the mission treasury service of HP.
6.      Comprehensive HP staff support and comprehensive HP mission support grants and other grants from the synod that are negotiated annually.
7.      Income from invested reserve funds that is restricted as investments and/or use.
8.      Interest on savings.
9.      Special offerings such as the disaster fund, peacemaking, etc.
10. Income from miscellaneous sources.
C.     Balances available from the PB at the end of the year shall be carried forward in the budget fund balance except where an agreement with a committee or agency for a particular purpose or program which carries over from one fiscal year to another.
D.    All restricted funds and trusts shall be administered strictly in accordance with the stipulation and the provisions of the trust.
E.     All funds designated by the General Assembly and/or the synod or their agencies for programs within JP shall be transmitted to HP and in turn disbursed to the designated mission program of HP.
F.      All funds designated by individuals, congregations, or church organizations and agencies for mission programs and projects within HP shall be transmitted to HP and in turn to the designated mission programs/projects of HP.
G.    The PB shall be expended in accordance with the budget adopted by HP. The B/F shall have the authority, upon recommendation of HP, to adjust the budget as necessary during the year in consultation with committees and/or persons involved in any of the proposed adjustments.
H.    The B/F shall have the authority to establish control accounts for non-budgeted funds received with expenditures to be authorized according to written agreements up to the limit of the income received.
I.       All funds for HP purposed shall be received and expended by the treasurer of HP under the authority of Council. No committee or persons shall hold funds or establish bank accounts for HP purposes with the exception of the Executive Presbyter. The B/F will review the purposes of such accounts annually.
J.       When HP participates in the financial support of any agency, the agency shall provide HP with an audit report annually.
K.    Any authorized individuals handling funds or other assets of HP shall be bonded at the expense of HP in amounts to be determined by the B/F.
L.     All funds received from special offerings and/or contributions shall be expended in accordance with the intent of the donor and subject to guidelines established for the expenditures of such funds.