Page 18 - Final Annual Report 2020

Finance Committee 2020 Annual Report
Jim Byrnes, Chief Financial Officer & Chair , Bart Morse

FINANCIAL OPERATION
The 2020 Finance Committee is comprised of three key positions: Chief Financial Officer, Treasurer and the
Assistant Treasurer. This Committee has the responsibility for the accounting and administration of the financial
activities of the church (with the exception of the Memorial & Endowment Funds). Reports are submitted and
presented monthly to the Parish Board and annually to the congregation. Our financials are open to the Congregation
members upon request.

Many individuals participate in the church’s financial operation, under normal conditions, as noted below. It is
structured this way to ensure the segregation of duties as well as having an imbedded level of checks and balances to
the overall process. We have continued with the theme of checks and balances but had to adjust some of our
processes due to the limited personal interaction requirements as a result of the pandemic.

First, the Stewardship Committee holds a campaign to provide funds for the Church Ministry Fund, the Missions
Fund and the Memorial and Endowment Fund. Then, as the revenue is received during the year, our Weekly
Depositors collect it, copy all checks, prepare a report on it and deposit it. The Assistant Treasurer inputs these
reports into the Church accounting system and ties the totals to insure completeness. The Church Administrator
receives and verifies invoices and prepares checks for the Assistant Treasurer to review and sign. I’d like to thank
the Weekly Deposit Team, headed up by Deposit Coordinator, Lois Alexander and the other Team members of Pam
Alexander, Rena Bickel, Cindy Maguire and Sally Tipton. Since the departure of the Church Administrator, the
Assistant Treasurer prepares the deposit and the Treasurer delivers it to the bank.

The Treasurer oversees the work of the Assistant Treasurer and the Church Administrator’s financial duties. He
also reviews transactions, reconciles the asset accounts, is the authorized signer for all contracts that are approved by
the various committees, is an authorized signer with all bank accounts and is a member of the Personnel Committee
and oversees the preparation of the annual budget. Bart Morse is completing his tenth year in this position.

The Assistant Treasurer is a part-time, 8 – 10 hour per week staff position. This position is the custodian of all
Pilgrim Church Ministries, Missions, Property Trustee and Work Camp funds; pays all obligations of the church
including Memorial & Endowment cash transactions and prepares all financial reports. This position is also
responsible for handling all employee-related compensation, benefits and expenses and annual budget input into our
accounting system. Shelley Mueller has fulfilled this role since the spring of 2019.

The Church Administrator is also part of the financial team. She collects invoices and prepares the checks for
signing by the Assistant Treasurer. This ensures that two independent roles review every transaction. This position
also assists the Assistant Treasurer during peak times and acts as a fill-in due to the nature of the position. Kathleen
White fulfilled this role since the spring of 2019 and decided to resign in late December, 2020.

As Chief Financial Officer, I fill an oversight / advisory role in reviewing the finances of the church in coordination
with other Finance Committee members. Keeping in line with sound financial practices, this position has never been
an authorized signer on any of the bank checking accounts. In conjunction with the Treasurer, this position will
invest our excess funds in stable, cash liquid instruments. On a monthly basis, the Finance Committee meets to
review the church’s bank statements, financial schedules and trend reports that have been prepared. I am completing
my ninth year in this position.
14