Report of the Finance Ministry Team
November 21, 2009 Metro Fall Meeting
The Finance Committee, now called the Finance Ministry Team, reorganized in late October, 2007, and has committed itself to work with the Metropolitan Association to establish a set of fiscal and procedural policies that will be consistently maintained for all subsequent Treasurers and Finance Ministry Team members. The committee currently consists of 5 members who are accountants, banking and investment representatives in their fields of work. This provides the level of expertise needed to review, evaluate and form suggested policies and procedures for Board review and approval.
The team has reviewed the items in the Blue Ribbon Committee Report under "Financial Recommendations." While many of the recommendations are already in place, the team has sought to update and refine procedures for policies and internal controls.
The first draft of the Financial Policies and Procedures Manual, which covers procedures, checks and balances for receiving, recording and maintaining financial records, is being further revised, and a final draft will be presented to the Board for review and suggestions in one of their future meetings.
The team will continue to work with the Treasurer during the budget process and will make suggestions for changes and modifications where necessary.
All materials have been submitted to the Auditor who will complete the Audit and write a report for the Board.
The team is also preparing proposals for stewardship programs for the Association and will forward a completed draft to the Board for review and suggestions.