Q: What financial reporting is the parish leadership responsible for, and to whom?
A: The parish's leadership is responsible to its Council members to provide financial reports at each meeting. It is responsible to the Parish as a whole to provide financial reports at each Assembly, and to submit annually to an audit conducted by the parish's Audit Committee (or, if the Audit Committee chooses, by an independent auditor). It is also responsible to the Metropolis & Archdiocese to provide financial forms by May 15 each year, as part of the National Ministries Allocation process. The Allocation form that accompanies it (as well as any schedules or other documents) must be attested to by the Priest, Treasurer, and Audit Committee Chair.
Q: Our Audit Committee is made of mostly new members - is there anything available to help them?
A: The Metropolis Finance Committee developed a set of Parish Audit Guidelines specifically to help local audit committees approach the work.
Q: When & how can we find out about what's going on at the Metropolis and Archdiocesan levels with regards to finances?
A: The Finance Committee presents information at the Metropolis Clergy-Laity Assembly (late September) and at the Parish Leadership Conference (formerly the "Priests - Presidents - Treasurers Meeting") in January. The Archdiocese provides lots of information (updated quarterly) on their website. But we also welcome those with the time, interest, and experience in finance to join the Finance Committee by contacting one of the existing members.
Q: Where does our National Ministries Allocation (aka "Total Commitment") money go? How is it used?
A: The Allocation goes to the Archdiocese, and then:
- 25-27% goes to Metropolis expenses, primarily personnel and insurance
- 34% goes to the National Ministries & GOA Deparments
- 14% goes to Hellenic College / Holy Cross
- 6% goes to the Ecumenical Patriarchate
- 5% goes to the Pension for Clergymen and Lay Employees (in addition to per-participant contributions)
- 4% to general & legal contingencies (safety net)
- 7.5% goes to property & liability insurance
- 2.5-4.5% goes to remaining overhead (repairs, utilities, legal, etc.)
Q: What about the Benefits Allocation?
A: The Benefits Allocation goes to a separate fund overseen by the Archdiocesan Benefits Office and managed by our third-party administrators. This is used for the pension, ancillary insurance, oversight, & management.