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FINANCE COMMITTEE CHARTER

Article I – Title and Authority

The name of this body shall be the All Saints Catholic School Finance Advisory Council.  This Council is established under the authority of the All Saints Catholic Church Pastor and All Saints Catholic School Advisory Council (SAC).

Article II – Nature and Function

Section 1.         The purpose of this Committee is to work with the Principal to objectively oversee, and establish preliminary policies with respect to, all financial matters of All Saints Catholic School.  This Committee functions as an Ad Hoc Committee of the SAC and will report to, and operate under the direction of the Pastor, Principal and SAC.

Section 2.         This Committee will assist the All Saints Parish Finance Council (“Parish Finance Council”) in fulfilling its obligations to the Parish by providing the recommended Annual Operating and Capital Budget and other periodic financial status reports to the Parish Finance Council.

Section 3.         The authority of this Council will encompass working with the Principal to perform the following functions:

a.                  Develop, with input from the Principal, an operating and capital budgeting process, including one, two, three, and four and five-year budget outlooks.  

b.                  Develop, recommend and submit Annual Operating and Capital Budgets for submission to the SAC, Pastor, Principal, and Parish Finance Council.

c.                   Establish tuition and fees, payment terms, enrollment contract terms, tuition insurance requirements, contribution requirements to the Church and the Capital Campaign, and financial aid criteria for submission to the School Advisory Council and Pastor.

d.                  Define periodic and ad hoc financial reports relating to the School to be prepared by the Parish business office or the School business office.  Determine the schedule on which these reports will be provided to and reviewed by this Council.

These reports will include the following reports:

i.                    Balance Sheet

ii.                   Income and Cash Flow Statements (monthly and year-to-date actual versus budget)

iii.                  Capital Expenditures (monthly and year-to-date actual versus budget.)

iv.                Delinquency Report (30, 60 and 90-day delinquencies on tuition and fees and pledges)

v.                   School Organizations Report (quarterly statement on income and expenses)

vi.                Required Contributions Report  (annual compliance with required contributions to the Church and the School Capital Campaign by School families)

e.                   Advise on various financial matters relating to the School, including the following matters:

i.                     School and/or Parish business office reporting procedures with Annual Operations and Capital Budgets.

ii.                   Parish approved banking relationships.

iii.                  Leases and other debt arrangements.

iv.                 Major disbursements.

f.                    Establish, with approval of Principal, Pastor and/or SAC, subcommittees as needed.

Article III – Membership

Section 1.            Committee Composition

a.                   This Council will consist of the following members:

i.                     The Pastor as an ex-officio member.

ii.                   The School Principal as Directing Member and Assistant Principal as an Advisory Member.

iii.                  A representative designated by the Parish Finance Council as an ex-officio member.

iv.                 The school accountant as an Advisory Member.

v.                   From three up to six members appointed by the Pastor and Principal from recommendations by SAC.

b.                  Each appointed member shall serve a term of three years; one person may serve no more than two three year consecutive terms.

Section 2.            Qualifications of Appointed Members

a.                   Appointed members must be at least 18 years of age, registered in and contributing to All Saints Parish.

b.                  Appointed members and their immediate family may not be paid employees of the Church or School.

c.                   Appointed members must be free to serve without any conflict of interest, except that the fact that any appointed member may have children enrolled in the School.

d.                  Appointed members may not be related to any other seated appointed member.

e.                   Appointed members must have experience in accounting, finance, business, law, or human resources, or have other personal or professional experience deemed beneficial to the functioning of this Committee by the Pastor, Principal or SAC.

f.                    The Chairperson shall be an elected member of the SAC.

Section 3.            Excuse from Membership

a.                   The SAC, under direction from the Principal or Chairperson, shall have the power, by majority vote, to excuse a member for failure to attend without cause more than three meetings in any fiscal year.

b.                  The SAC, under direction from the Principal or Chairperson, shall have the power, by at least a three-fourths vote of all seated SAC members, to excuse a member for cause.

Article IV – Appointments

Section 1.         Appointments of the appointed members shall be made annually by the SAC at the regular meeting of the SAC in April and from time to time as needed to fill vacancies.  Newly appointed members shall assume membership at the next meeting of this committee immediately following their appointment.

Section 2.         SAC shall take measures to solicit membership from the Parish and School Communities at large and shall obtain necessary information to determine the applicants' qualifications.

Article V - Officers

Section 1.         The officers of this Committee shall consist of a Chairperson, Vice-Chairperson and Secretary.  The Chairperson will be the member of the SAC.  The Vice-Chairperson and Secretary shall be elected annually by this Committee at its regular meeting in June.

Section 2.         All appointed members of this Council are eligible for any office.  No officer shall serve more than two consecutive terms in a particular office.

Section 3.         The duties of the officers shall be as follows:

a.                   The Chairperson shall preside at all regular and special meetings of this Council and establish an agenda for each meeting.  The Chairperson shall serve as liaison between this Council, the Pastor, the Principal, the SAC and the Parish Finance Council.

b.                  The Vice-Chairperson shall perform the duties of the Chairperson when s/he is absent or unable to act.  The Vice-Chairperson shall serve as liaison between this Council and the Parish business office and School business office and shall be responsible for overseeing the timely preparation and delivery of financial reports to this Council.

c.                   The Secretary shall maintain a written record of all acts of this Council; distribute minutes to Committee members; conduct, receive and dispose of all correspondence as directed; and preserve all reports and documents committed to his/her care.

Article VI – Meetings

Section 1.      This Council will meet regularly on second Monday of the month.  Regular meetings may be canceled or rescheduled by action of this Council.  The Chairperson, Pastor or Principal may call special meetings.

Section 2.      For the purpose of transacting business and generating recommendations, it shall be necessary that a quorum be present, consisting of a majority of the appointed members.

Section 3.      All meetings of this Committee shall be closed unless otherwise directed by the Pastor, Principal or SAC.  However, the Chairperson may invite non-members to present to this Council or otherwise participate in any meeting.

Article VII – Amendments

Section 1.      SAC may amend this Charter by at least a vote of two-thirds of all seated SAC members, with approval of the Pastor and Principal.

Section 2.      Amendments must be presented to this Committee, SAC, Principal and Pastor at least one month prior to voting on such.