A Fresh Start for Finance at UUFR

Your UUFR Board of Directors is happy to announce the creation of a new “Finance Advisory” Committee, which will replace the existing Finance Committee, as of January 1, 2022. 

The UUFR Board is expecting the new Finance Advisory Committee to be much more strategic in its duties and responsibilities.  Some of its new duties will include conducting periodic internal financial audits, reviewing the financial adequacy of UUFR insurance policies, and managing the investment of UUFR Reserve funds, as well as other important duties vital to the financial health of UUFR.

If you want to join the new Finance Advisory Committee and be a part of these strategic financial initiatives at UUFR, you can contact the Nominating Committee (NOMCOM) of UUFR [email protected].  If you are just interested in information about the new Finance Advisory Committee, you can contact UUFR Board President Laura Dupre at [email protected] or UUFR Treasurer Paul Groves at [email protected]

To give you an idea of what the Finance Advisory Committee will be doing, here  is the job description:

Duties 

  1. Policy and Oversight: 
  2. Advise and assist the Board in developing, implementing, and evaluating financial policies and procedures.
  3. Identify and recommend strategies for mitigating problematic issues related to accounting practices, cash flow and financial reporting.
  4. Advise the Board on financial implications of Board decisions.
  5. Conduct on-going internal financial audits of UUFR to ensure that staff and other committees and teams are meeting accepted accounting principles.  At least every 2 years, audits should include, but not be limited to, bank reconciliations, pledge documentation, credit card statements and receipts, cash disbursements and receipts, compliance with the rules guiding UUFR tax-exemption status, and other audit items as defined by the Board.
  6. Review the financial adequacy of UUFR insurance policies and evaluate the policies potential to cover the full scope of potential loss.
  7. Select the outside auditor and support a third-party audit of UUFR finances at least every 4 years.
  8. Oversee the procedures, forms, training, and activities of the Finance Operation Team, which is the Ministerial team that counts and records Sunday collection.
  9. Oversee the procedures, forms, training, and activities of the Finance Deposit Team, which is the Ministerial team that prepares and makes the weekly deposit.
  10. On request, provide the Board, the Lead Minister, and/or the Congregational Administrator with advice regarding financial matters.
  11. Financial Operations: 
  12. Invest the UUFR Contingency Reserve per the Reserves Policy and ongoing UUFR Board directions.
  13. Advise the Senior Minister and the UUFR Board on any investment of the Capital Asset Reserve.
  14. Assist the Senior Minister, the UUFR Board, and the Stewardship Committee on any capital campaign or other fundraising drives.
  15. Work with the Treasurer to assist in sending a quarterly statement to each pledge contributor.
  16. Assist staff and Stewardship Committee in an annual review of congregational membership rolls.
  17. Monitor and review monthly financials and alert the UUFR Board of any financial issues.
  18. Provide quarterly updates to the Fellowship regarding the status of planned vs. actual income and expenses.
  19. Budget and Planning
  20. Review and comment on the initial draft of the annual budget provided by the Senior Minister.
  21. Set up a calendar of events and oversight tasks for the Finance Advisory Committee to remind current members and help orient new members.
  22. Evaluate the proportion of the annual budget going to major areas like staff, maintenance, social action, etc., and make recommendations for changes if needed.
  23. Identify potential financial resources for the Fellowship.
  24. Make recommendations to the Board regarding investment of surplus funds in accordance with the Reserves Policy.

Reporting Relationships

  • The Finance Advisory Committee is a committee of the UUFR Board. It is accountable primarily to the Board and reports directly to the Board.
  • The UUFR Treasurer serves as liaison from the UUFR Board.
  • Communications with all paid UUFR staff should flow through the Lead Minister unless the Lead Minister directs otherwise.
  • The committee should be both practical (i.e., when gathering information) and sensitive (i.e., when sharing information) regarding communications directly with other committees, ministry teams, etc. 

Membership

  • The committee is comprised of 5 members appointed to three-year terms, with a 6-year term limit.  Committee members can be extended beyond 6 years with UUFR Board approval.
  • All members, including the chairperson of the Finance Advisory Committee (who is 1 of the 5 members), will be recommended by the NOM COM committee and approved by the Board. 
  • Ideally, the chairperson will have a financial background and also have experience with non-profit accounting and tax reporting.
  • The UUFR Treasurer will serve as the liaison from the Board to the Finance Advisory Committee.
  • The Congregational Administrator serves as an ex officio, non-voting member of the committee.
  • One member of the committee will serve as a liaison to the Stewardship Committee.
  • Members are expected to have some financial skills and knowledge, such as understanding financial reports. 
Paul Groves, Treasurer

Email the Board: All Board members will see email addressed to [email protected]

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