The Episcopal Diocese of Ohio

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Hopping down the Money Trail or What do you
need to know SOON about the finances in your new
position? or The Sermon on the Amount
The Episcopal Diocese of Ohio
Fresh Start, October 2005
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YOU
WHY do YOU need to know about the
finances? Some common excuses - The Vestry
is given charge of the temporal affairs
of the parish why should I have to think
about such things? - I trust the Treasurer I
dont want her/him to think that I
dont. - There are more pressing concerns at
the beginning of my time here. - I
just dont know how to talk about money.
The Episcopal Diocese of Ohio
Fresh Start, October 2005
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For where your TREASURE is, there your HEART will
be also. (Luke 1234, see also Matthew 621)
One of the FASTEST ways to find out where
your parishs/institutions recent priorities
have been is to look at the finances. This will
SAVE YOU TIME in the long run.
The Episcopal Diocese of Ohio
Fresh Start, October 2005
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ASKING in a friendly way...

• While it is your right as a priest to know all
  the
• relevant information....
• Some suggestions
• - Im getting to know the parish, would you
  please
• prepare a summary of these items.
• - As we are starting our time serving God
  together,
• this information will help me get to know
• the parish.
• I would like to understand the parish better
• this will help me learn where we are now
• thank you for your help.

The Episcopal Diocese of Ohio
Fresh Start, October 2005
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Checklist initial questions

• What are ALL the sources of income?
• - pledges/gifts
• - endowments/investments/grants
• - other
• What/where are ALL the financial accounts?
• - checking
• - savings
• - investment
• - other?
• Are there AFFILIATED organizations?
• - school, day care, other?

The Episcopal Diocese of Ohio
Fresh Start, October 2005
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Checklist initial questions

• What is OWED on a regular basis?
• - bills
• - outreach support (do you tithe as a parish?)
• - taxes
• (be especially careful about payroll taxes)
• - other
• Diocesan assessment
• an indication of relationship, not just money

The Episcopal Diocese of Ohio
Fresh Start, October 2005
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Checklist initial questions

• If you have INVESTMENTS / ENDOWMENTS
• what are the legal restrictions on each fund?
• where are the original documents kept?
• who provides legal / financial counsel?
• in what increments are payments made?
• who has oversight / monitoring?
• does the parish have a published investment
• policy?

The Episcopal Diocese of Ohio
Fresh Start, October 2005
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Checklist initial questions
Take a look at the two most recent AUDITS -
what were the findings? (look in the management
letter for a summary) - were previous findings
addressed quickly? what specific actions were
taken? - In Ohio help available from
Treasurers office
The Episcopal Diocese of Ohio
Fresh Start, October 2005
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Checklist initial questions

• DISCRETIONARY ACCOUNT
• - should NEVER be in YOUR name personally
• (should be in the parishs name)
• (e.g. St. Swithens Associate Rector
  Discretionary)
• - should be audited with all other accounts
• but what about confidentiality?
• (can be reviewed by check number and amount
  only,
• then in full by auditor and other trustworthy
  person.)

The Episcopal Diocese of Ohio
Fresh Start, October 2005
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For parish EXPENSES - how is your Chart of
Accounts structured? - what are your controls?

• - Do your expense categories reflect the way the
• parishs life is structured?
• - Can you get summary information easily?
• - How many years back do accessible records go?
• Who can access the information?
• How often is financial information reviewed
• by the Vestry?
• Who has signature authority, to what amount?

The Episcopal Diocese of Ohio
Fresh Start, October 2005
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Ask, Ask, ASK!
Data Information Knowledge/Wisdom
Leadership... Faithfulness...
The Episcopal Diocese of Ohio
Fresh Start, October 2005
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