SsAM’s Finances for 2021
For 2021, SsAM’s budget will be divided into three parts: Operating Budget, Capital Budget, and Outreach and Volunteer Budget.
Operating Budget
Covers the day to day costs of running the church and rectory. Examples: paying utilities, the costs to hold services in-person and on-line services, the office expenses and personnel associated with the church, the minister and parish administrator, and the money we are required to support the Dioceses (called the Diocesan Acceptance).
Capital Budget
Covers the costs to maintain, repair, and refurbish our property (the church, the rectory), and any equipment exceeding $2,500. (Items less than $2,500 will be in the Operating Budget.) The capital budget looks at financial needs in the future, usually 3-5 years out. Working closing with the Property Committee, the Finance Committee will identify property and/or equipment that will need to be replaced, repaired or refurbished. This budget will be funded through revenues from SsAM’s Interest Income from the parking lot, church rentals, the Memorial Fund, restricted capital project/endowment funds and possibly capital campaigns.
Outreach and Volunteer Budget
Covers the work of our outreach and volunteer ministries out in the greater Wilmington communities. This outreach budget houses our unrestricted and restricted ministry donations/funds including: AIM, UTO, ECW, Environmental Justice, Friends of KEO, Jazz Vespers, Special Music, Drumming Circle, Advocacy Services & Grants, Friendship House, Downtown Arts, Youth and Young Families, Education and some Endowment Earnings.
All ministries (Operating and Outreach) are invited to participate in identifying projects throughout the year that may be funded to support SsAM’s outreach to the community. Vestry will select among those projects submitted to fund, once Finance has determined that funds are available.
Members of the SsAM Finance Committee
As of 12/12/2020, Tom Angell, Rachel Gaskell, Yvonne Gordon, Gary Jolly, Steve Jones, William Kauffman, Sharon Leyhow, Charisse Rodgers, and Janice Teemer are members of the SsAM Finance Committee. Meetings are also attended by the rector, parish administrator, and treasurer. The Finance Committee makes recommendations to the Vestry, which then decides what actions to take.
The Roles and Responsibilities of the Finance Committee
as of 11/10/2020
- THE FINANCE COMMITTEE IS COMPRISED OF SSAM MEMBERS – APPOINTED/APPROVED BY THE VESTRY
- THE MEMBERS ARE COMMITTED TO MAKE RECOMMENDATIONS TO IMPROVE SSAM’S FINANCIAL CONDITION
- THE COMMITTEE MEMBERS POSSESS EXPERTISE IN ACCOUNTING, FINANCIAL MANAGEMENT, INVESTMENTS, LAW, CHURCH AND BUSINESS OPERATIONS
- THE FINANCE COMMITTEE’S ROLE – TO ASSURE INTERNAL FINANCIAL CONTROLS ARE OPERATING AND APPROPRIATE FOR THE CURRENT ENVIRONMENT
INTERNAL FINANCIAL CONTROLS
- RULES, PROCEDURES, POLICIES TO ENSURE THE INTEGRITY OF FINANCIAL AND ACCOUNTING INFORMATION
- PROMOTE ACCOUNTABILITY
- PREVENT MISAPPROPRIATION
- COMPLY WITH LAWS AND REGULATIONS
- PROMOTE EFFECTIVENESS AND EFFICIENCIES
- THE FINANCE COMMITTEE’S AUTHORITY COMES FROM THE VESTRY, THE STEWARD OF ALL FINANCIAL RESOURCES. THE FINANCIAL COMMITTEE DOES NOT MAKE POLICIES, ONLY RECOMMENDS ACTIONS TO THE VESTRY
FINANCE COMMITTEE’S ACTIVITIES
- PREPARATION/REVISIONS OF ANNUAL BUDGET- THE BLUE PRINT FOR USE OF SSAM RESOURCES. COVID 19 IMPACT
- DEFINING ANNUAL OPERATING EXPENSES VS EXPENSES THAT HAVE A LONGER-TERM BENEFIT OR SATISFY A LONGER-TERM NEED OR ARE FOR SPECIAL MINISTRIES
- REVIEW OF ENDOWMENT FUND INCOME AND INVESTMENT MANAGER FEES. IF FEES ARE NOT APPROPRIATE, ARE THERE ALTERNATIVE MANAGERS
- REVIEW AND RECOMMEND CHANGES TO THE 2019 PROCHIAL REPORT TO THE DIOCESE, RECOMMEND EFFICIENCIES
- REVIEWED DEPOSIT CLASSIFICATIONS – GENERAL DONATIONS VS SPECIAL DEPOSIT DONATIONS/CONTRIBUTIONS
- FUTURE – COMMUNICATE ANNUAL BUDGETS TO COMMITTEE CHAIRS
- REVIEW CONTRACTS FOR ACCOUNTING ASSISTANCE, PRINTER LEASES, CPA FIRM
REVIEW AND RECOMMEND CHANGES TO AUTHORIZED SIGNERS FOR BANK ACCOUNTS - MONEY MARKET ACCOUNT – DO WE NEED OR CAN THE MANAGEMENT OF THESE FUNDS BE ACCOMPLISHED A BETTER WAY
- MEET THE CPA FIRM CERTIFYING SSAM’S ANNUAL FINANCIAL STATEMENT
- DEVELOP CASH NEEDS/LIQUIDITY ANALYSIS
