“Provide for the management and stewardship of OSLC’s financial gifts and resources to the glory of God’s work.”
Jay Stafford is the Finance Council Representative.
Committee membership will include at least three additional congregation members. The vice president, treasurer, and financial secretary will serve as ex officio members.
The primary responsibility of the Finance Committee will be to provide direction and support of the Congregation Council for assuring compliance with the financial aspects of C12.05 of the constitution. In order to achieve this objective, focus should be on, but not limited to, the following duties and activities:
— As funds are available, assure that all obligations of the congregation are paid promptly and that benevolence monies are forwarded monthly to the Southeastern Synod of the ELCA.
— Make recommendations to the Congregation Council on all congregation investments, banking procedures, and financial matters and carry out the directions of the Congregation Council.
— Consult with Endowment Committees on investment decisions for respective endowments.
— Solicit reports of budget needs to support the various congregation ministries from appropriate Council Representatives and Officers including recommendations from the Mutual Ministry Committee with respect to Staff salary increases.
— Prepare and submit a draft budget to the Congregation Council in September for its action and submit the final budget for approval at the annual Congregation meeting.
— Provide support and guidance for the treasurer with respect to accounting and reporting procedures and practices.
— Oversee all financial matters of the congregation to insure that they are being conducted efficiently.
— Review the insurance programs of the congregation annually and recommend changes as necessary to the Congregation Council.
— Review the findings and report of the Audit Committee and implement recommendations as agreed by the Finance Committee and Congregation Council.
Harriet Bell/Jennifer Stafford Scholarship Endowment Committee
a. Membership will consist of four non-council members of the congregation. The pastor(s), president, treasurer, and Finance Committee chairperson will be ex-officio members. The members of the committee will be appointed by Congregation Council for a term of four years. The terms will be staggered with one new person appointed each year.
b. A chairperson will be elected annually by the committee from the non-council members to serve for the calendar year.
c. The pastor(s), president, Sharing Council Representative and Finance Committee Chairperson will nominate the non-council members to be appointed by the Congregation Council.
a. Establish qualifications for applicants and the period of time applications will be accepted.
b. Create and update as necessary an application for prospective applicants.
c. Determine on the first day of each year the amount of funds available from the endowment (preserving the principal amount and its purchasing power) to offer as scholarships. No more than 5% of the principal balance, total of all money including interest, is to be awarded in any one year. If a scholarship is not awarded or is awarded at less than 5% of the balance, then the remaining interest for that year becomes part of the principal.
d. Publish in the bulletin and newsletter for at least one month prior to and during the open application period the availability of the scholarship and qualifications necessary for application.
e. Review applications and present recommendations for award to the Congregation Council.