Scribd
Upload
164 views7 pages

FMC - Function and Composition

The Finance Management Committee (FMC) is established in mission stations to ensure oversight of financial matters within the Church, enhancing decision-making processes. Membership consists of three to seven individuals with relevant financial expertise, and the committee's responsibilities include budget preparation, financial operations oversight, and regular reporting to the Church Board. Meetings are held monthly to review financial performance, audit reports, and other relevant issues.

Uploaded by

Calvin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Topics covered

  • Meeting Agenda,
  • Committee Structure,
  • District Churches,
  • Financial Compliance,
  • Financial Matters,
  • Budget Performance,
  • Financial Recommendations,
  • Committee Composition,
  • Committee Chair,
  • Budget Committee
164 views7 pages

FMC - Function and Composition

The Finance Management Committee (FMC) is established in mission stations to ensure oversight of financial matters within the Church, enhancing decision-making processes. Membership consists of three to seven individuals with relevant financial expertise, and the committee's responsibilities include budget preparation, financial operations oversight, and regular reporting to the Church Board. Meetings are held monthly to review financial performance, audit reports, and other relevant issues.

Uploaded by

Calvin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Topics covered

  • Meeting Agenda,
  • Committee Structure,
  • District Churches,
  • Financial Compliance,
  • Financial Matters,
  • Budget Performance,
  • Financial Recommendations,
  • Committee Composition,
  • Committee Chair,
  • Budget Committee

FINANCIAL MANAGEMENT

COMMITTEE (FMC)
COMPOSITION AND
FUNCTION
FINANCE MANAGEMENT COMMITTEE (FMC)
Preamble
i. In pursuit the policy of Open Accountability, a Finance
Management Committee shall be established in all our mission
stations.
ii. The Committee will, among other things, ensure an effective on-
ground oversight of finance-related matters in the Church.
iii. This committee shall provide the needed skill in enhancing the
process of decision making in all finance matters the various
assemblies
MEMBERSHIP
i. Been a technical committee, availability, integrity and professional
certification in relevant background in accounting finance and audit
shall be the major consideration in selecting the committee members
where the most highly Committee member shall serve as chair.
ii. Membership of this committee shall be a minimum of three (3) and
maximum of seven (7).
iii. Mega and District Churches shall have membership of seven (7)
selected as follows: Vice-Chairman, Local Church Council as Chairman
of the committee, a secretary who shall be a member of the LCC, two
(12) and 5 responsible Church members.
Membership
iv Zonal and Area Churches shall have a membership of five selected
as follows: Vice Chairman, Local Church Council as Chairman of the
Committee, a secretary who shall be a member of LCC and three (3)
responsible Church members.

v. Other churches Aside the Community Churches shall have


membership of three (3) selected from the Church with Vice
Chairman, Local Church Council as Chairman of the Committee.
Terms of Reference
1. The committee shall constitute the budget committee of the station
chaired by the church accountant.
2. The committee shall vet and make recommendations to the Church
Board on the proposed budget prepared and extra budgetary
provisions presented by the Church office.
3. It shall receive and review the budget performance of the station,
budget viament and other budget related matter quarterly.
4. It shall have an oversight function on all financial operations in the
station.
Terms of Reference Contd.

5. It shall have an oversight function on all financial operations in the


station.
6. It shall have the right to receive the monthly bank reconciliation
statements of the station.
7. It shall receive and deliberate on the station’s monthly report, and
request for and receive explanations on all matters as they deem
fit.
8. The committee shall report to the Church Board.
TENURE: Shall be for two (2) years and renewable only once.
NOTE: All Church documents must be treated with utmost confidentiality.
Such documents are to be kept in the FMC cabinet within the Church
premises.
MEETINGS AND AGENDA
The Finance Management Committee shall hold its meetings in the 1st
week of every month and shall consider the following among other
relevant issues in its agenda:
i. Financial reviews and projections
ii. Retirement of cash advance matters
iii. Audit reports and recommendations
iv. Asset management and maintenance, etc.

You might also like