The Finance Council meets quarterly. The Pastor seeks its counsel on vendor transactions and investments. It is also the fiduciary, the trustee, of the parish. It looks out for the way money is spent and earned in the parish’s different accounts. Canon Law gives the Finance Council the right to stop the Pastor from making any purchases when it assesses that the best interests’ of the parish are not being served.
Every Finance Council meeting reviews the parish’s quarterly income statement and balance sheet, tracks the status of the parish’s debt to the Diocesan Ministry Fund (DMF) and notes the investment with The Catholic Foundation. The Finance Council also approves the annual budget. The parish’s fiscal year runs from July 1 thru June 30 of the following year.
The Pastor is authorized to make purchases up to $500; over that amount requires Finance Council approval. In an emergency, the Pastor may approve an expense over $500, but must immediately report the need to current members.
Membership on the Finance Council varies from five to seven persons. The Pastor makes the appointment after nominees are submitted and approved with the consensus of existing Council members.