Financial Policies Manual 2016 · 9/21/2016 · First Presbyterian Church of Santa Fe Financial...
Transcript of Financial Policies Manual 2016 · 9/21/2016 · First Presbyterian Church of Santa Fe Financial...
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First Presbyterian Church of Santa Fe
Financial Policies Manual
2016
Approved by Session September 21, 2016
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©2016byFirstPresbyterianChurchofSantaFeFirstPresbyterianChurchofSantaFe208GrantAvenueSantaFe,NM87501Telephone:505‐982‐8544
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Table of Contents I. Institutional Information ............................................................................................ 7
A. LegalNameandInformation...................................................................................................................................7
B. TaxExemptStatusandGoverningDocuments...............................................................................................7
C. StatementofPurpose..................................................................................................................................................7
D. History...............................................................................................................................................................................8
E. GoverningCouncil........................................................................................................................................................8
F. PastorandStaff..............................................................................................................................................................8
G. Committees.....................................................................................................................................................................8
II. Policy Scope and Background ............................................................................... 11
A. Scope...............................................................................................................................................................................11
B. Background..................................................................................................................................................................11
III. Definitions ............................................................................................................... 13
A. GiftInstrument...........................................................................................................................................................13
B. Funds...............................................................................................................................................................................13
IV. Acceptance and Management of Gifts and Donations ...................................... 19
A. General...........................................................................................................................................................................19
B. EthicalObligationsRegardingSolicitationandAcceptanceofGifts...................................................20
C. ApprovalandManagementofGifts...................................................................................................................21
D. MemorialandEndowmentFunds......................................................................................................................25
E. SpecialOfferings,FundraisingCampaignsandGrants.............................................................................26
F. MiscellaneousProvisions.......................................................................................................................................27
V. Financial Assets Management ............................................................................... 29
A. PurposeandScope....................................................................................................................................................29
B. ManagementofCashandCashEquivalents..................................................................................................29
C. ManagementofInvestments................................................................................................................................30
D. Objectives......................................................................................................................................................................30
E. Strategy..........................................................................................................................................................................30
F. InvestmentGuidelines.............................................................................................................................................31
G. AcceptableRangesofInvestmentCategories...............................................................................................31
H. Implementation—InvestmentCommittee.....................................................................................................32
I. PortfolioSelection,Review,andChanges.......................................................................................................33
J. DeterminingDistributionsfromtheInvestmentPortfolio.....................................................................33
K. EffectofGiftRestrictions........................................................................................................................................33
L. DelegationofManagementandInvestmentFunctions............................................................................34
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VI. Non-Contribution Revenue ................................................................................... 35
A. PurposeandScope....................................................................................................................................................35
B. UserFees.......................................................................................................................................................................35
C. Rents................................................................................................................................................................................35
D. CDCTuition..................................................................................................................................................................35
E. OtherNon‐ContributionRevenue......................................................................................................................36
VII. Budget and Fund Management ............................................................................ 37
A. Overview.......................................................................................................................................................................37
B. BudgetandSpendingPlanPreparation...........................................................................................................37
C. EstablishmentandClosureofSpecialPurposeFunds..............................................................................38
D. TypesofSpecialPurposeFunds..........................................................................................................................38
E. BudgetandFundExpenditures...........................................................................................................................41
VIII. Accounting and Financial Reporting Practices ................................................ 43
A. RestrictedandUnrestrictedGifts.......................................................................................................................43
B. FinancialReports.......................................................................................................................................................44
C. AnnualAuditandReports.....................................................................................................................................44
IX. Benevolence Policy ............................................................................................... 45
A. Background..................................................................................................................................................................45
B. PurposeandAdministrationofBenevolenceFund....................................................................................45
C. OversightandAccountability...............................................................................................................................45
D. Revenues.......................................................................................................................................................................45
E. RequestsforBenevolentAssistance.................................................................................................................46
F. GuidelinesforSelectionofRecipients..............................................................................................................46
G. TypesofAssistance...................................................................................................................................................47
H. ProcessingofRequestsandDisbursementofFunds.................................................................................47
X. Internal Controls ..................................................................................................... 49
A. SessionResponsibility.............................................................................................................................................49
B. CashReceipts...............................................................................................................................................................50
C. CashDisbursements.................................................................................................................................................52
D. BankStatements........................................................................................................................................................54
E. Vendors..........................................................................................................................................................................55
F. Payroll.............................................................................................................................................................................55
G. Investments..................................................................................................................................................................55
H. PhysicalAssets............................................................................................................................................................56
I. ComputerSecurity....................................................................................................................................................56
J. Safe...................................................................................................................................................................................57
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K. Debt..................................................................................................................................................................................57
L. Bonding..........................................................................................................................................................................57
XI. Insurance and Risk Management ......................................................................... 59
A. PurposeandScope....................................................................................................................................................59
B. DelegationofInsuranceandRiskManagementFunctions.....................................................................59
C. GeneralInsuranceGuidelines..............................................................................................................................60
XII. Contracts and Other Agreements ........................................................................ 63
A. Purpose and Scope:............................................................................................................................................63
B. Legal Documents or Instruments...............................................................................................................63
C. ManagementAuthorizations..........................................................................................................................64
D. Documentation and Filing...............................................................................................................................64
XIII. Document Retention and Destruction Policy .................................................... 65
A. PurposeandScope....................................................................................................................................................65
B. RetentionSchedule...................................................................................................................................................65
Appendices .................................................................................................................. 67
AppendixA:ResponsibilitiesofFinance‐RelatedCommitteesandOfficers................................................67
AppendixB:ConflictofInterestPolicy.........................................................................................................................71
AppendixC:ExpenseReimbursementPlan...............................................................................................................77
AppendixD:AcceptableRangesofInvestmentCategoriesintheInvestmentPortfolio.......................79
AppendixE:CashHandlingPolicy..................................................................................................................................81
AppendixF:SpecialPurposeFundIdentificationDocuments...........................................................................83
AppendixF‐1:SpecialPurposeFundsRelatedtoWorshipandMusicProgram.......................................87
AppendixF‐2:SpecialPurposeFundsRelatedtoFacilities/PhysicalPlant................................................92
AppendixF‐3:SpecialPurposeFundsRelatedtoMissionandSocialJustice.............................................95
AppendixF‐4:SpecialPurposeFundsRelatedtoChristianEducation.......................................................102
AppendixF‐5:SpecialPurposeFundsRelatedtoChildDevelopmentCenter(CDC)...........................104
AppendixF‐6:SpecialPurposeFundsRelatedtoCongregationalCare......................................................106
AppendixF‐7:SpecialPurposeFundsRelatedtoOtherFundActivities...................................................108
AppendixF‐8:PC(USA)OfferingAccounts.............................................................................................................111
Forms ......................................................................................................................... 117
FPCSpecialPurposeFundIdentificationDocumentTemplate......................................................................117
FPCAgreementforOfferingCounters.......................................................................................................................118
FPCCheckRequisition......................................................................................................................................................119
FPCIncomeDistributionWorksheet..........................................................................................................................120
FPCConflictofInterestDisclosureStatement........................................................................................................121
ExpenseReimbursementPlanAcknowledgement...............................................................................................123
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Tables ......................................................................................................................... 125
Table1‐CommitteeChairPositions..........................................................................................................................125
Table2‐Officer/Staff/VolunteerPositions...........................................................................................................126
Table3–CheckSignatories............................................................................................................................................126
Table4–Vendors................................................................................................................................................................126
Table5–ThirdPartyCharities.....................................................................................................................................127
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I. Institutional Information
A. Legal Name and Information
FirstPresbyterianChurchofSantaFe208GrantAvenueSantaFe,NewMexico87501Phone:505‐982‐8544E‐mail:[email protected]:www.fpcsantafe.org
B. Tax Exempt Status and Governing Documents
FirstPresbyterianChurchofSantaFe(alsoreferredtohereinasthe“Church”or“FPC”)isanonprofit,tax‐exemptNewMexicocorporationorganizedforbenevolent,charitable,educational,mission,andreligiousserviceandworshippurposesinaccordancewith:
Itsoriginal,amendedandrestatedArticlesofIncorporationandBylaws. TheConstitutionofthePresbyterianChurch(U.S.A.),foundintheBookofOrder. Sections170(c)(2)(B),501(a)and501(c)(3)ofTitle26,U.S.InternalRevenueCode. TheNewMexicoNonprofitCorporationAct. TheNewMexicoUniformPrudentManagementofInstitutionalFundsAct. NewMexicoGrossReceiptstaxasitappliesto501(c)(3)Non‐Profits.
C. Statement of Purpose
FirstPresbyterianChurchofSantaFeisapartofChrist’suniversalchurchandofthePresbyterianChurch(U.S.A.)(hereinafter,“PC(USA)”).ItisafellowshipofbelieversofallageswhoprofessfaithinGod,theCreator;JesusChrist,theSaviorandLord;andtheHolySpirit,theSustainer.InresponsetoGod’sgrace,MembersandfriendsoftheChurchgathertogetherfortheserviceofGodassetforthinScripture,tobeacaring,inclusive,reconcilingcommunityinSantaFeandthroughoutGod’sworld.Tobethatcommunity,weproclaimgoodnewsthrough:
Worship. Sacraments. Education. Mission. Socialjusticeadvocacy. Pastoralcare.
FPCalsooperatesaChildDevelopmentCenter(CDC)asacommunityeducationaloutreachprogram.TheCDCisaninclusiveandsecularpreschoolforchildrenofage12months
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throughprekindergarten.Itisopentofamiliesofallfaithsandteachesglobalprinciplesofkindness,toleranceandcompassion.Inaddition,FPCengagesinothercharitable,benevolentandeducationalactivitiesinSantaFeandelsewhere.
D. History
TheFirstPresbyterianChurchofSantaFewasofficiallyorganizedintheCouncilChamberinthePalaceoftheGovernorsonJanuary6,1867.InMarchofthatyear,theruinsofanearlierBaptistChurchthathadfailedwerepurchasedalongwithtwoacresadjoiningthatproperty.Thechurchremainsinthesamelocationtoday,astheoldestcontinuingProtestantcongregationinNewMexicoandArizona.TheChurchispartofthePresbyterianChurch(U.S.A.),thePresbyterianSynodoftheSouthwest,andthePresbyteryofSantaFe.
E. Governing Council
Consistentwiththe2015‐2017BookofOrder,sectionG‐3.0201,theSessionisthegoverningcounciloftheChurchcongregation.FinancialinstructionstoPC(USA)churchesareinSectionG‐3.0113,whichinstructschurchestohaveanannualfinancialreview,andSectionG‐3.0205,whichinstructsSessiontoprepareandadoptabudget,authorizespecialofferingsandaccountfordisbursements,providefinancialinformationtothecongregation,electaTreasurer,andoverseefinancialprocedures.
F. Pastor and Staff
ThePastoristheHeadofStaffandreportstotheSession.AsHeadofStaff,heorshesupervisesallChurchstaff(allemployeesandcontractworkers).ThisPolicysetsforthcertainfinancialrolesandresponsibilitiesforstaffmembers,whichreflectdelegationsfromthePastor.ThesestaffrolesanddelegationsmaybechangedbythePastorwithoutSessionapproval.SignificantchangesshallbereportedtoSession.
G. Committees
CommitteesareestablishedbytheSession,whichdesignatestheirauthorityandresponsibilities(BookofOrderSectionG‐3.0109andFPCBylawsArticle7).ChairsofcommitteesatFPCarenominatedbythePastorandapprovedbytheSession.CommitteechairsandthePastorselectcommitteemembers(exceptfortheNominatingCommittee,membersofwhichmuchbeapprovedbytheCongregation).CommitteeChairsandmembersarewelcometoattendanySessionmeeting,andChairsareencouragedtoattendSessionmeetingswhenpertinentCommitteebusinessisbeforetheSession.ThisPolicysetsforthfinancialresponsibilitiesofcommitteesrelatingtoexpendituresfromtheannualbudgetandfromSpecialPurposeFunds.Insomesituationsacommittee’s
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authoritymaybedelegatedtoastaffmember,withtheapprovalofthePastor.ThesedelegationstoastaffmembermaybechangedbythecommitteewithoutSessionapproval.AnynewresponsibilitiesforastaffmembermustbeapprovedbythePastorasHeadofStaff.
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II. Policy Scope and Background
A. Scope
ThisPolicyisintendedtocoverallChurchfinancialpoliciesandpractices,withtheexceptionofspecificfinancialpracticesrelatedtoemployeecompensationandbenefits,whicharesetforthintheFPCHumanResourcesManual.ThisPolicyisarrangedapproximatelyinthesamesequentialorderastheflowoffundsthroughtheChurch.Thus,itbeginswiththeChurch’sreceiptofrevenues,primarilyintheformofgifts;extendsthroughtheChurch’spreparationandexecutionofanannualbudgetanditsmanagementofcurrentfunds,investmentassets,andSpecialPurposeFunds;andconcludeswiththeChurch’saccountingandfinancialreportingpractices.
B. Background
TheChurchreceivesvirtuallyallitsrevenuesintheformofgifts(alsoreferredtoasdonations)fromMembersoftheChurchandothers.Suchgiftsaremostcommonlyreceivedintheformofregularpledgesandlooseplatecollections.However,theyalsoincludegiftsandbequestsfromwills,trustsandotherplannedgivinginstruments;specialpurposegifts;andspecialcollectionsandfundraisingcampaigns.Initsmanagement,accounting,andreportingofitsfinances,theChurchcomplieswith:
Applicableaccountingandreportingprinciples,includingtheGenerallyAcceptedAccountingPrinciples(GAAP)asprescribedfornonprofitorganizationsbytheFinancialAccountingStandardsBoard(FASB)1.
TheNewMexicoUniformPrudentManagementofInstitutionalFundsAct. GuidancefromtheSantaFePresbyteryandhighercouncilsofthePresbyterian
Church(USA).ResponsibilityfortheadministrationofthisPolicyresideswith:
TheCommitteesonFinance,Stewardship,Investments,andFinancialReview. OtherspecialpurposeCommittees. TheTreasurer. ThevariousChurchmanagersandvolunteerswhoareinvolvedinfinancial
management;assetforthinmoredetailinAppendixAandTables1‐4.
1TheChurchmaintainsitsbooksonamodifiedcashbasis,accruingincomeandexpenseoflargersumsthatwouldmostaffecttheevaluationofitsfinancialstatus.However,itusesthecashmethodforroutineongoingitems.Sufficientdetailisavailabletoconvertfinancialstatementstoafullaccrualmethodifneeded.
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III. Definitions
A. Gift Instrument
A“GiftInstrument”isadonoragreement,checkmemorandum,bequest,Churchsolicitation,oranyotherrecord,pursuanttowhichpropertyisdonatedto,transferredto,orheldbytheChurchexclusivelyforpurposesconsistentwiththemissionoftheChurch.AgiftinstrumentdetermineswhetherornotagiftisRestrictedorUnrestricted.
UnrestrictedGiftAn“UnrestrictedGift”isagiftgiventotheChurchwithoutanyrestrictionplacedonthepurposeortimeordurationoftheuseofthegift,otherthanthatitbeusedforpurposesconsistentwiththeChurch’smission.
RestrictedGiftA“RestrictedGift”isagiftthatadonorgivestotheChurch,eitherbywillorbequestafterpassing,orwhileliving(an“intervivos”gift),andwhichissubjecttoarestrictioninaGiftInstrumentontheuseofthegiftastopurposeorastodateordurationofusebeyondthecurrentyear.ItisimportanttonotethataRestrictedGiftmayresulteitherfromarestrictionimposedbyadonor,orfromarestrictionproposedbytheChurchinafundraisingsolicitationorotherGiftInstrument.
B. Funds
A“Fund”isanindependentgeneralledgeraccountthatisestablishedtotrackrevenuesandexpendituresofaparticularcategoryofprograms,projects,orpurposes.Theterm“funds”means,simplystated,“money”;andtheverb“tofund”generallymeans“topay”or“tofinance.”2
2Theterms“fund,”“funds,”and“Fund”areveryconfusingconceptsfornon‐accountants.Theconfusionarisesfromthemanymeaningsoftheseterms.First,theterm“fund”maybeusedasnoun,tomeanageneralledgeraccount;andtheterm“Fund”isusedheretomeanageneralledgeraccountthatisdedicatedtoaspecialpurpose.Butitmayalsobeusedtosimplymeanaparticularamountofmoneyorotherfinancialasset(asin“funds”).Thusitmaybesaidthata“fundbalance”istheamountof“funds”ina“Fund”atanygiventime—confusingtosaytheleast.
Thisisconfusingenough,butitgetsevenworse.Theterm“tofund”isalsousedasverb,meaningto“topayfor”orto“finance.”Anditisalsousedinotherspecialcontexts—asin“mutualfunds,”“reservefunds,”“sinkingfunds,”andotherspecialmeanings.
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1.FundAccounting
“FundAccounting”isanaccountingsystemprescribedbytheU.S.FinancialAccountingStandardsBoard(FASB)forusebynonprofitorganizations.UnderFASB,nonprofitsarerequiredtoreporttheirnetassets(assetslessliabilities)intheclassificationsofunrestricted,temporarilyrestricted,andpermanentlyrestricted.AssetsdesignatedforaspecificpurposebyactionoftheSessionareconsideredunrestrictedassets.
2.OperatingFunds
Asusedinthisdocument“OperatingFunds”(alsocalledcurrentfunds,orgeneraloperatingfunds)referstoFPCfundsthatareunrestrictedandavailableforexpenditureinthecurrentfiscalyear.Theyinclude,butarenotlimitedto:
Fundsderivedfromgeneralunrestrictedpledges. Looseplatecollections. Otherunrestrictedandunpledgedgifts. Earningsandotherinvestmentincomeearnedonunrestrictedinvestments. Unrestrictedbequeststhatareexpendablebythechurchonacurrentbasis. Fundsreceivedfromsourcesotherthangiftsordonations,suchasbuildingrentals.
OperatingFundsareavailableforexpendituretosupportgeneralChurchoperations,ministriesandmissionactivitieswithinthecurrentfiscalyear.However,byadoptionofanannualbudgettheChurchimposesalimitontheexpenditureofotherwiseavailableOperatingFundsinthecurrentyear.
3.GeneralFund
Theterm“GeneralFund”encompassesallOperatingFunds(definedabove),unrestrictedinvestments,andotherunrestrictednetassets.ThenetamountintheGeneralFundisshownontheFPCstatementoffinancialposition(balancesheet)as“unrestrictednetassets.”UnrestrictednetassetsincludeSessionDesignatedFundsbutnotDonorRestrictedFunds.AssetsaccountedforinUnrestricted,UndesignatedNetAssetsareavailableforanypurposepermittedbylaworbythegoverningdocumentsoftheChurch.
4.SpecialPurposeFunds
A“SpecialPurposeFund”isaFundestablishedbytheChurchtotrackrevenuesandexpendituresforaspecialproject,programorpurpose.TherearetwotypesofSpecialPurposeFunds–DonorRestrictedFundsandSessionDesignatedFunds.
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(a)RestrictedFundsA“RestrictedFund”(or“DonorRestrictedFund”)isaSpecialPurposeFundfundedbyoneormoreRestrictedGiftsthataresubjecttoacommonrestriction,andwhichcannotbeeffectivelyusedorexpendedwithinthecurrentyear.TherearetwotypesofRestrictedFunds:TemporarilyRestrictedFundsandPermanentlyRestrictedFunds.
(1)TemporarilyRestrictedFundA“TemporarilyRestrictedFund”isaRestrictedFundthatisrestrictedto:(a)aparticularpurpose;or(b)exhaustionoftheFundoveraspecifiedperiodextendingbeyondthecurrentyear,butnotextendinginperpetuity.Thelatter(b)istraditionallyreferredasa“TermEndowmentFund,”ora“LimitedTermEndowmentFund,”oranon‐perpetualEndowmentFund.(2)PermanentlyRestrictedFundA“PermanentlyRestrictedFund”isRestrictedFundthatisrequiredtobemaintainedinperpetuity,withonlytheannualincome(interest,dividends,capitalgains,andcapitalappreciation)beingavailableforusebytheChurcheachyear.TraditionalendowmentsarePermanentlyRestrictedFunds.
(b)SessionDesignatedFundsA“SessionDesignatedFund”3(orsimply“DesignatedFund”)isaSpecialPurposeFundestablishedbytheSessionforaparticularprojectorpurpose,andwhichisfundedwithunrestrictedfundsappropriatedbytheSessionfromtheGeneralFund.UnlikeRestrictedFunds,DesignatedFundsarenotfundedwithDonorRestrictedGifts,andthuscanbedivertedtootherpurposesbyactionoftheSessionatanytime.ThisisnottobeconfusedwithaSessioninitiativetoraisemoneyforaspecificpurpose,inwhichcasecontributionswouldbeDonorRestricted.(c)Pass‐ThroughAccountsA“Pass‐ThroughAccount”isanaccountusedforRestrictedGiftsthataredesignatedbyadonorasbeingintendedforaspecificthird‐partybeneficiary,andaredistributedpromptlytothethird‐partybeneficiary.WhileaPass‐ThroughAccountiscategorizedhereasaSpecialPurposeFund,becauseitisfundedwithDonorRestrictedGifts,itisinfacttreatedasaliabilityaccountandisnormallydisbursedaspromptlyaspossiblewithoutbeingrecordedasrevenue,unlesstheorganizationisarelatedorganization(typicallyPC(USA)),(asperFASB136).
3Someinstitutionsreversethemeaningsoftheterms“DesignatedFund”and“RestrictedFund”fromthemeaningsusedinthisPolicy.
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5.OtherTraditionalTypesofSpecialPurposeFunds
(a)EndowmentFundsAnEndowmentFundcreatedbygiftorbequestisatypeofRestrictedFund.AnEndowmentFundmayberestrictedfromcompleteexpenditureinperpetuity,inwhichcaseitisatraditionalEndowmentFundthattheFASBidentifiesasaPermanentlyRestrictedFund;oritmayberestrictedtoexpenditureoveraspecifiedtermofyears,inwhichcaseitisatypeofaTemporarilyRestrictedFundknownasaTermRestrictedFund.IntheabsenceofanywrittenguidanceinaGiftInstrument,agiftacceptedtoestablishanEndowmentFundwillbetreatedasaperpetualEndowmentFund.TraditionalperpetualEndowmentFundstypicallyallowearnedinterestordividendstobewithdrawnandusedfortheirintendedpurposes,withoutinvasionoftheprincipal.FixedTermEndowmentFundstypicallyallowwithdrawalofinterestanddividendandsomepartoftheprincipal.Overtime,withdrawalof“appreciation,”orunrealizedcapitalgainshasbeenmorecommonlyallowed,inadditiontointerest,dividends,andrealizedcapitalgains.ThisistheinterpretationadoptedinthisPolicy,unlessotherwisespecifiedbyadonor.Further,recentchangesinthelaw(UniformPrudentManagementofInstitutionalFundsAct,UPMIFA)havealsomadeiteasierforchurchestomakewithdrawalsfromEndowmentFundsthatare“underwater,”i.e.,wheretheirvaluehasdroppedbelowthevalueoftheoriginalgift(the“historicdollarvalue”).Inthepastsuchasituationwouldhavebeenoff‐limitstofurtherexpendituresuntilthevalueoftheFundhadrisentoitshistoricdollarvalue.AFundthatiscreatedbytheSessionbyappropriationofunrestrictedfinancialassets,andwhichisdesignatedasanEndowmentFund,isneverthelessaSessionDesignatedFund;anditmaybeappropriatedtootherpurposesatanytimebyactionoftheSession.AsofthedateofissuanceofthisPolicyin2016,FPChasnoPermanentlyRestrictedEndowmentFund.(b)MemorialFundsAMemorialFundiscreatedbygiftstotheChurchthataremadebyfriendsorfamilyinhonorandmemoryofadeceasedlovedone(aMemorialGift).AMemorialGiftthatisnotrestricted,otherthanbytheintentthatitberecognizedasaMemorialGift,isotherwisetreatedasanunrestrictedgift.SuchagiftisdepositedintheMemorialGiftsFund,aSessionDesignatedFund
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maintainedbytheChurchtohonorthedonorsaswellasthedeceased,andusedforappropriatepurposesdesignatedbytheSessionfromtimetotime.IfaMemorialGiftisfurtherrestrictedastopurposeorastotimeofexpenditure,itshallbetreatedasaRestrictedGift.(c)ReserveFundsAGeneralReserveFundisaSpecialPurposeFundintendedtocoverfuturecoststhataretypicallynotcoveredbytheannualbudgetasordinaryrecurringoperatingexpenses.OtherReserveFundsincludethosethatarededicatedtothemaintenanceandrepairofmajorfacilities,andareintendedtoaccumulatefundssufficienttobearthecostsoffuturerepairs,replacementsandnon‐routinemaintenanceofsuchfacilities.Thus,forexample,FPCmaintainsaBuildingReserveFundandanOrganReserveFund.ReserveFundsmaybeeitherDonorRestrictedorSessionDesignatedFunds.AReserveFundcreatedbyactionoftheSessionandfundedbyappropriationofunrestrictedOperatingFundsisaSessionDesignatedFund,whichmaybesubsequentlysupplemented,expended,orchangedinpurposebyactionoftheSession.
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IV. Acceptance and Management of Gifts and Donations
A. General
TheChurchsolicitsandacceptsgiftsforpurposesthatwillhelptheChurchadvanceandfulfillitsmission.Thesepoliciesandguidelinesgoverntheacceptance,use,andfinancialreportingofgiftsmadetotheChurch.TheyareintendedtoensurethattheChurchhasflexibilityinitsacceptanceandmanagementofgifts,whilealsoensuringthatprudentjudgmentanddonors’wishesareobservedtothemaximumextentpossible.Thispolicyisbasedonthefollowingprinciples:
• TheremustbeafairandproperbalancebetweentheinterestsofdonorsandthepurposesoftheChurch.
• Unrestrictedgiftsareencouraged. • Giftsthatarerestrictedastopurposemustbeconsistentwiththepurposesofthe
Churchandsufficientinamounttojustifytheircostandeffortofadministration.• Donorsareencouragedtodiscussgiftplanningwithprofessionaladvisors.• Acknowledgmentsofgiftswillbemadetodonorsunlesstheywishtoremain
anonymous.TheChurchencouragesgiftsofmoneyandmarketablesecurities,andwillconsideracceptinggiftsofotherpersonalorrealproperty,eitherasintervivosgiftsgivenduringone’slifetimeorgiventhroughplannedgivinginstrumentssuchaswills,trustsandcharitableannuities.TheChurchwillnotacceptagiftthatwould,intheChurch'ssolejudgment:(a)resultintheChurchviolatingtheConstitutionofthePresbyterianChurch(USA)orthegoverningcorporatedocumentsofFPC;(b)improperlyinuretothebenefitofanyindividualorwouldotherwisejeopardizethestatusoftheChurchasanInternalRevenueService§501(c)(3)not‐for‐profitorganization;(c)betooburdensomeorexpensivetoadministerinrelationtoitsvalue;(d)beforpurposesoutsidetheChurch'smission;or(e)belikelytoresultinanyotherconsequencedeemedunacceptabletotheChurch.TheChurchacceptsRestrictedGiftssolongastherestrictionsarelegal,ethical,andconsistentwiththemissionoftheChurch.DecisionsontheacceptabilityofagiftrestrictionaremadeontherecommendationoftheStewardshipCommitteeandbyactionoftheSession.TheSessionwillalsoconsidertherecommendationofotherstandingoradhoccommitteeswithregardtoparticularproposedgifts.ByacceptingaRestrictedGift,theChurchundertakestohonorthedonor'swishes,unlessreleasedormodifiedbythedonororhisorherauthorizedexecutor,trusteeorotherauthorizedrepresentative;orunlessauthorizedbyapplicableNewMexicolawgoverningtheexhaustion,modificationordissolutionofRestrictedFunds.RestrictedGiftsthat
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cannotbeutilizedentirelywithinthecurrentyearwillordinarilybemanagedbytheestablishmentofaRestrictedFundtotracktherevenuesandexpendituresassociatedwiththeGift.AllDonorRestrictedFundsshallbemanagedinaccordancewiththerestrictionsapplicabletothem.DeparturesfromsuchrestrictionsrequireapprovaloftheSession,actinginaccordancewiththerequirementsoftheUPMIFA,whichmayrequiretheChurchtoseekacourtorderorpermissionfromtheOfficeoftheAttorneyGeneralbeforeproceeding.RestrictedGiftsofferedandacceptedtosupplementanexistingDonorRestrictedFundshallbesubjecttothesamerestrictionsastheoriginalgift.AllgiftstotheChurcharemaintainedandidentifiedinChurchfinancialrecordsinamannerconsistentwiththerequirementsof:(1)GenerallyAcceptedAccountingPrinciplesapplicabletononprofitorganizations;and(2)theNewMexicoUniformPrudentManagementofInstitutionalFundsAct(UPMIFA).ThesepoliciesshallbebroughttotheattentionofanyprospectivedonorofaRestrictedGiftandtotheattentionofeachMemberoremployeeoftheChurchwhoisinvolvedinFPCfundraisingefforts.
B. Ethical Obligations Regarding Solicitation and Acceptance of Gifts
1.CodeofConduct
AllChurchrepresentativesinvolvedinfundraisingorothersolicitationoracceptanceofgifts,includingChurchMembers,officers,andstaff,shallconductthemselvesinaccordancewithacceptedprofessionalstandardsofaccuracy,truth,integrity,confidentiality,andgoodfaith.Churchrepresentativesshallexercisecautiontoavoidpressure,persuasion,orundueinfluenceonprospectivedonors,andshallencouragesuchdonorstoseekindependentprofessionaladvicewhenconsideringaplannedgiftoption.AllChurchpersonnelwhocontactprospectivedonorsorsolicitgiftsareeitherunpaidvolunteersorareemployeeswhoarepaidafixedsalaryorwage.Suchpersonnelshallnotreceiveanycommissionorothercontingentcompensationthatwouldcreatepersonalbeneficialinterestinanygiftagreement.TheChurchwillurgeallprospectivedonors,asappropriatetothegiftinconsideration,toseektheadviceoftheirownattorneysandfinancialandtaxadvisorsinreviewingstateandfederalincometaxconsequencesoftheirgift,thetermsofanytrustorannuityagreement,andtheadvisabilityofthegiftinlightofthedonor'soverallestateplanandfinancialcircumstances.
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2.ConflictofInterest
TheChurchrecognizesitsresponsibilitytobecognizantoftheinterestsandconcernsofthedonor.Ingeneral,noemployee,Memberorothervolunteershallhaveaprivatefinancialinterest,directorindirect,inanytransactionorarrangementwiththeChurch,andshallavoideventheappearanceofanyactofself‐dealing.FPCmaintainsaseparateConflictofInterestPolicythataddressesconflictsinbusinessandothercontractualtransactions(seeAppendixB).
3.ConfidentialInformation
TheChurchrecognizesthatadonororprospectivedonorhasplacedtrustintheChurchconcerningconfidentiality.Therefore,alldonorinformation,correspondenceandgoverninginstrumentsshallbetreatedinaconfidentialmannerandmadeaccessibleonlytostafforMembersoftheChurchhavinganeedtoknowsuchinformation,excepttotheextentthatsuchconfidentialityisspecificallywaivedbyadonor.
4.UseofMembershipandDonorLists
ItistheChurch'spolicynottosellorotherwisetransferitsdonorlistsorinformationregardingindividualgiftstoorganizationsorindividualsforpurposesnotessentialtoChurchoperations.
5.ProtectionofDonors’Interests
Noprogram,agreement,trust,contract,orcommitmentshallbeknowinglyurgeduponanyprospectivedonorthatwouldbenefittheChurchattheexpenseofthedonor'sinterestandwelfare.NoagreementshallbemadebetweentheChurchandanyagency,person,company,ororganizationonanymatterrelatedtoinvestments,management,orotherwisethatknowinglyjeopardizesadonor'sinterest.
C. Approval and Management of Gifts
1.GiftsAcceptedWithoutReview
(a)MonetaryGifts
Unrestrictedmonetarygiftsarewelcomefromanydonor,intheformofcash,check,creditordebitcardpayment,orelectronicfundtransfer.Donorswishingtomakeagiftbycreditcard,debitcardorACHtransferfromtheirbankaccountmaydosoonlinethroughFPC’scurrent(2016)paymentserviceprovider,VancoPaymentSolutions,whichisaregisteredISO(IndependentSalesOrganization)ofWellsFargoBank,N.A.,WalnutCreek,CA.InstructionsareavailableontheFPCwebsite
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(http://www.fpcsantafe.org),underthelink“Donations”atthebottomoftheFPChomepage.
Note:Acheckwithastatementinthememorandumline,oraccompaniedbyanote,maybeaRestrictedGift—seesubsection2.belowregardingacceptanceofsuchgifts.
(b)Pledges
TheChurchprefersthatpledgesbefulfilledasunrestrictedmonetarygifts.Pledgesmaybefulfilledwithcontributionsofmarket‐listedsecurities.
(c)UnrestrictedPlannedGifts
TheChurchacceptsunrestrictedgiftsarisingfromcharitableremaindertrusts,charitableleadtrustsandsimilararrangementswheretheChurchisnamedasanincomebeneficiary.
(d)LifeInsuranceProceedsandOtherDeathBenefits
TheChurchacceptsbeingnamedasafullorpartialbeneficiaryoflifeinsurancepoliciesandretirementplans.
(e)BequestsandDevises
TheChurchwelcomesunrestrictedgiftsofmoney,market‐listedsecuritiesorotherpropertyarisingfromwills,trusts,andotherformsofplannedgiving.However,suchgiftsmayrequirereviewwheretheywouldrequireongoingactiveparticipationormanagementbytheChurchasatrusteeorinsomeotherrole(seebelow).
(f)Stocks,MutualFundsandOtherSecurities
TheChurchacceptsgiftsofmarket‐listedsecuritiesintheformofcommonstocks,bonds,mutualfundsandothermarketablesecurities.SecuritiesmaybetransferredelectronicallytotheChurch’sbrokerageaccountordeliveredphysicallywiththetransferor'sendorsementorsignedstockpower(withappropriatesignatureguarantees)attached.MarketablesecuritieswillusuallybesoldpromptlyuponreceiptunlessotherwiseapprovedbytheSessionuponconsultationwiththeInvestmentCommitteeandtheTreasurer.Insomecasesthedispositionofmarketablesecuritiesmayberestrictedbyapplicablesecuritieslaws,contractualagreements,orthetermsofaproposedgift;insuchinstancestheSessionshalldecidewhethertoacceptsuchsecurities.AnysecuritythatisnotpubliclytradedwillbeacceptedonlyiftheSessiondeterminesthereisareadilyavailablemarketforitsdispositionandthesecuritydoesnotpresentanongoingcostorliabilitytotheChurch.
(g)SubstantialUnrestrictedGifts
Unrestrictedgiftsorbequestsof$25,000ormorethatarenotgivenaspartofanannualpledgearealwayswelcomeandshallbereportedtotheSessionforitsdeterminationasto
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theiruse.SuchgiftsmaybeinvestedintheSessionDesignatedGeneralReserveFundortheymaybeappropriatedtosupportcurrentoperations.
(h)GiftstoExistingRestrictedFunds
MonetarygiftsintendedforanexistingDonorRestrictedFundwillbeacceptedsolongaspermittedbythetermsoftheFundIdentificationDocument.
(i)MinororRoutineIn‐kindGifts
ChurchcommitteesandmanagersmayacceptorrejectminororroutinedonationsofgoodsandservicesofferedtosupportChurchoperations,suchaskitchenorofficesupplies,flowers,fooditems,seasonaldecorations,etc.
2.GiftsSubjecttoReview
(a)MonetaryGiftsSubjecttoDonorImposedRestrictions
Somemonetarygiftsaregivenwith“stringsattached,”whichcanbeassimpleasanoteinthememorandumlineofacheckmadeouttoFPC,andwhichmakethecheckaGiftInstrument.SuchgiftsareDonorRestrictedGifts.Dependingontheirsizeandpurpose,theysometimesrequireevaluationbytheTreasurer,theStewardshipCommittee,and/ortheSession.Thefollowingguidanceregardingcoversthemostcommonlyencounteredsituationsofthistype:
GiftsIntendedforExistingSpecialPurposeFunds.Giftsintendedtoaugmentanexisting
DonorRestrictedFundwillnormallybeacceptedunlesstheFundhasbeenclosedtoadditionalgifts.GiftsintendedtoaugmentaSessionDesignatedFundwillnormallybeaccepted,withtheTreasurerbeingresponsibleforseparatelyaccountingforRestrictedandSessionDesignatedassetsintheFund.
• GiftsIntendedtoAugmentBudgetLineItems.TheChurchgenerallyacceptsmonetary
giftsofferedtoaugmentparticularcategoriesofbudgetedlineitems.However,theSessionisresponsiblefordeterminingtheannualbudgeteachyear.Therefore,giftsintendedtoaugmentbudgetlineitemsmaybeplacedinanappropriateDonorRestrictedFundandaresubjecttospendingplansforsuchFund.
Insomecases,suchagiftmayrequirereviewbytheStewardshipCommitteeandtheSession.Forexample,giftsintendedtosupplementparticularstaffsalaries,ortohireadditionalstaff,willbegivenparticularlycarefulreviewbecauseofthepotentialforinterferingwithstaffrelations,orcreatingtheexpectationofalongtermsalarycommitmentthatcannotbeguaranteed.Insomecases,theStewardshipCommitteemaywishtoconferwiththedonortodiscussalternativearrangements.
GiftsIntendedforThird‐partyCharities.Giftsofferedforthebenefitofarecognizedthird‐partycharitywillbeacceptedaslongasthecharityisendorsedbyPC(USA)orFPC.TheMissionandSocialJusticeCommitteeshallbeinformedofsuchgifts.Such
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giftsaretreatedasaliabilityandpaymentistransmittedtotheintendedrecipientorganizationaspromptlyaspossible.(RefertoTable5,seeTablessectionatendofdocument.)
GiftsIntendedforPrivateOrganizationsorIndividuals.Checksintendedforthebenefit
ofspecificindividualsorprivateorganizationswillnormallynotbeaccepted.
(b)RareorUnusualCategoriesofGifts
ThefollowingcategoriesofgiftsrequireapprovaloftheSessiononacase‐by‐casebasis: Collectionsoftangibleitems,suchasfineartworks,historicalorcultural
artifacts,jewelry,rarebooksordocuments,antiques,etc. Oil,gasormineralinterests. Intellectualpropertyrights. Giftsofferedontheconditionofreceivingnamingrightstofacilities,furnishings,
orSpecialPurposeFunds. Bargainsalesarrangements.
(c)GiftsofRealEstate
GiftsofrealestaterequirepriorapprovalbytheSession.Ingeneral,onlyrealestatewithavalueestimatedbythedonororotherstobe$100,000orgreaterwillbeconsidered.Nogiftofrealestateshallbeacceptedwithout:
Acurrentappraisalconductedbyaqualifiedappraiser.Thisappraisalshallbetheresponsibilityofthedonor.TheChurchmayalsochoosetoconductanindependentappraisal.
Titlesearchandtitlepolicy. Marketabilitycheck,completedundertheumbrellaofastandardappraisal. Appropriateenvironmentalimpactstudyofthepropertytoascertainifitis
subjecttoenvironmentalrestrictions,sanctions,toxicwastes,orotherwiseencumberedsoastocausepossibleliabilitiesfortheChurch,unlesssuchstudyiswaivedbytheSession.
Conveyancebyspecialwarrantydeedortrustee'sdeed(preferredtoquitclaimdeed).
Donorcoverageofallcostsincurredbytheenvironmentalimpactstudyandprocuringandpayingforthetitlesearchandfullappraisal,unlesswaivedbytheSession.
Specialattentionbeinggivenrealestateencumberedbyamortgage. Theunderstandingthatitwillbeheldinperpetuityorsubjecttorightsof
reversionorotherconditions.
(d)PlannedGiftsRequiringSessionApproval
PlannedgiftsorgiftagreementsrequiringwrittenFPCconsentoractivemanagementparticipationrequireapprovalbytheSession.SuchgiftsoragreementsincludeanyagreementwheretheChurchconsentstoserveasatrusteeorco‐trusteeofatrust,orasan
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executororadministratorofanestate.Wheresuchanagreementisapproved,theTreasurershallserveastheresponsibleofficertorepresenttheChurchasatrustee.
(e)UnacceptableGifts.
CertaingiftsmayplaceanundueriskupontheChurchandshallbeordinarilydeclined.Theseinclude:
Interestsinsoleproprietorshipsorpartnerships. InterestsinpropertythatmayleadtoprohibitedtransactionsundertheIRS
Code.
D. Memorial and Endowment Funds
1.MemorialFunds
TheChurchmaintainsageneralMemorialGiftsFundforunrestricteddonationsmadeinmemoryandhonoroflovedones.ThisFundismonitoredbytheClerkofSessionandisusedbytheSessionfromtimetotime,generallyforspecialornon‐recurringpurposesoutsidethescopeofthenormaloperatingbudget.AlldonorstothisFundwillbecreditedwithandacknowledgedprivatelyfortheirdonationsfortaxpurposes.Tworecordsofsuchdonationsaremaintained—aprivaterecordandtheChurchMemorialBook.DonorsmaychoosetohavetheirnamesreleasedtotheCongregationiftheywish,andthusrecordedintheChurchMemorialBook,whichissharedwiththefamilyandisavailabletotheCongregation.Alternatively,theymaychoosetoremainanonymousandhavetheirnamesrecordedonlyontheprivaterecord.
2.EndowmentFunds
AsofthedateofthisPolicy(2016),theChurchdoesnothaveatraditionalEndowmentFund(aPermanentlyRestrictedFund).However,theChurchwillconsiderofferstocreatenewSpecialPurposeFundsinthenatureofEndowmentFunds,includingoffersthatarerestrictedtoparticularpurposesortermrestrictions,inaccordancewiththegiftacceptancepoliciessetforthabove.
3.OversightResponsibility
TheStewardshipCommitteeischargedwithcommunicatingprivatelywithexistingandprospectivedonorsregardingspecialgiftsthatcouldsupplementexistingSpecialPurposeFunds,orwhichcouldresultinnewSpecialPurposeFunds,includingMemorialandEndowmentFunds;andshallmakerecommendationstotheSessionastowhetherRestrictedGiftsregardingtheacceptanceofsuchgifts.TheStewardshipCommitteeisalsochargedwithcounselingMembersandfriendsoftheChurchregardingtheestablishmentof
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plannedgivingarrangementsinthenatureofbequests,trustsandotherplannedgivingarrangements.TheStewardshipandInvestmentCommitteesandtheTreasurershallconferontheappropriatedepositorinvestmentofassetsmaintainedinsuchFunds.IfrequiredbySessionorthedonor,interest,dividends,orotherearningsfromsuchgiftsshallremainandbereinvestedintherespectiveFund.
E. Special Offerings, Fundraising Campaigns and Grants
Specialofferings,collections,orfundraisingcampaigns(“solicitations”)onbehalfoftheChurchrequireapprovaloftheSession,actingonrecommendationoftheStewardshipCommittee.SpecialsolicitationsincludeanysolicitationconductedonChurchpremisesorinthecourseofChurchservicesorevents,orusingChurchpersonnel,facilities,publications,ormailinglists;exceptinghoweverregularChurchstewardshippledgecampaignsorsolicitationssponsoredtheSantaFePresbyteryorhigherordercouncilsofthePC(USA).AproposalforaspecialsolicitationshallbesubmittedtotheStewardshipCommitteeandtheSession,withanexplanationofthepurposeofthesolicitationanddetailsregardingtheproposedmanagementofthesolicitationanditsproceeds.Suchdetailsshouldinclude:
Whetherthesolicitationisproposedasaone‐time‐onlysolicitation,orwhetherauthoritytoconductcontinuingsolicitationsissought.
Whethersubsequentcontributionswillbeacceptedaftertheinitialsolicitationhasbeencompleted.
Identificationofproposedcharitablebeneficiaries,ifany. Whetheritsproceedswillrequiremanagementasarestrictedfund;and,ifso,
additionalidentifyingdetails(e.g.,duration,carryoverofannualearnings,endowmentormemorialfundstatus,etc.).
Identificationofthecommitteeorchurchadministrativedepartmentproposedtohaveresponsibilityforthesolicitationandspendingauthorityoveritsproceeds.
AnyapprovedspecialsolicitationshalladviseprospectivedonorsthatcontributionsshallbepayabletotheFirstPresbyterianChurchofSantaFeandshouldbeearmarkedasbeingresponsivetothespecialsolicitation.Contributionsearmarkedforunknownorunapprovedpurposesorsolicitationswillbereturnedtothedonor.Ifformorethananominalamount,thedonorwillfirstbecontactedtoseekclarificationofhisorherintent.AcommitteeormanagerresponsibleforanapprovedspecialcollectionshallreporttheproceedstotheSessionannuallyforinclusionintheannualreporttothecongregation.
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StaffandMembersofFPCmayproposetotheSessionthatagrantproposalbesubmittedtotheCity,State,Presbytery,orotherfoundationorprospectivedonor.TheSessionmustbeprovidedwithacopyoftheproposal,includingabudget,whichhasbeenreviewedbytheFPCTreasurer,andSessionmustapprovethegrantproposalbeforeitissubmitted.Ifanawardletterisreceivedandrequiresasignature,HeadofStafforClerkmustreviewthegrantconditions,signtheawardletter,andsharetheawardletterwiththeSessionatitsnextmeeting.
F. Miscellaneous Provisions
1.InterpretationofGiftAcceptancePolicy
TheStewardshipCommitteemaybeassistedintheinterpretationandimplementationofthisPolicybytheTreasurerand/ortheFinanceCommittee.OthersmayalsobeconsultedatthediscretionoftheStewardshipCommittee.TheSessionshallspecificallyapprovegiftagreementsandtheacceptanceofgiftsthatdeviatefromthesepolicies.
2.ValuationofGifts
TheChurchwillrecordagiftatitsvaluationonthedatethegiftisreceived.
3.ResponsibilityforIRSFilingsuponSaleofGift
TheTreasurerisresponsibleforfilingIRSForm8282uponthesaleordispositionofanyassetsoldwithintwoyearsofreceiptbytheChurchwhenthecharitabledeductionvalueoftheitemismorethan$5,000(seeIRSPublication526).TheChurchmustfilethisformwithin125daysofthedateofsaleordispositionoftheasset.
4.TaxAcknowledgements
Allattributable(i.e.,non‐anonymous)giftsmadetotheChurchwillbeacknowledgedtothedonorinaccordancewithIRSPublication1828orotherapplicableIRSguidance.AcknowledgmenttotheCongregationofadonor’sgifttotheChurchshallonlybemadewiththeconsentofthedonor.
5.PledgeCredit
DonorRestrictedGiftsfromMembersorotherswillbeacknowledgedtothedonorfortaxpurposes.However,suchdonationsarenotcreditedtowardpledges,andstatementsprovidedtodonorsshallclearlyreflectthispolicy.
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6.ReleaseorModificationofRestrictedFunds
ARestrictedFundmaybecomesodepletedastomakeitscontinuedmanagementimpractical,oritspurposemaybecomeobsoleteornolongerconsistentwiththemissionoftheChurch.InsucheventtheSessionmayreleasetheFundandtransferanyremainingassetstotheOperatingFund,uponcompliancewiththerigorousproceduralrequirementsoftheNMUniformPrudentManagementofInstitutionalFundsAct.
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V. Financial Assets Management
A. Purpose and Scope
AssetsoftheChurcharereportedandaccountedforinthefollowingthreebroadcategories:
Cashandcashequivalents. Investments. Propertyandequipment.
ThePolicyinthissectionisapplicabletothefirsttwocategoriesabove.ThisPolicyestablishesproceduresandfinancialcontrolsnecessarytoprudentlymanagethefinancialassetsoftheChurch,andtakesintoconsiderationsociallyresponsibleinvestingguidelinesestablishedbyPC(USA).
B. Management of Cash and Cash Equivalents
TheCashandCashEquivalents(C&CE)accountincludespettycash,checkingandsavingsaccounts,moneymarketaccounts,andcertificatesofdeposit(CDs)havingmaturitiesofnomorethanoneyear.TheC&CEaccountisintendedtocollectivelycontainfundsthatarenecessaryandsufficienttomeetshort‐termoperatingexpensesandSpecialPurposeFundactivity.Unrestrictedrevenuesarenormallydepositedin,andallexpensesarepaidfrom,thecheckingaccount,whichismaintainedatalevelestimatedtobesufficienttomeetfinancialobligationsastheyareincurred.Thesavingsaccountisintendedtocoveroperationalcontingenciesandismaintainedwithabalanceestimatedtobesufficienttomeetanyexpensesnotcoveredbythecheckingaccount,asdeterminedbytheTreasurer.Thesavingsaccountislinkedtothecheckingaccounttocoverinadvertentoverdrafts.Cashthatisbeyondwhatisneededinthecheckingandsavingsaccountsismaintainedinmoneymarketaccountsand/orshort‐termCDs,usingaladderedapproach,andisdepositedwithabankthatchargesnopenaltyforearlywithdrawal,ifavailable.Fundsinexcessof6monthsofoperatingexpensesandplannedFundexpendituresshouldbeinvestedinaccordancewiththeinvestmentpoliciessetforthbelow.Pettycashofapproximately$100ismaintainedforsmalland/orunexpectedcashrequirements.However,nocashreimbursementsaremadeforitemspurchasedforthechurch.
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ResponsibilityformanagementofC&CEresideswiththeTreasurerinconsultationwiththeFinanceCommittee.Sessionapprovalisrequiredonlywherematerialchangesarerecommended.Day‐to‐daydutiesconcerningC&CEmaybedelegatedtoabusinessmanagerorotherdelegee.
C. Management of Investments
Investmentsarefinancialassetsthathaveanexpectedlifeofmorethanoneyearandwhicharenotanticipatedtobeliquidatedinthecurrentyear.FinancialassetsoftheChurchthatarenotnecessarytomeetcurrentobligationsareinvestedandarerecordedinaGeneralInvestmentAccount,theBuildingMaintenanceAccount,orotherinvestmentaccountsapprovedbytheSession.ThesearecollectivelyreferredtoastheChurch’sinvestmentportfolio,comprisedofRestrictedandUnrestrictedfunds.
D. Objectives
TheprimaryobjectivesinmanagementoftheChurch’sinvestmentsarethefollowing:
Liquidity:Toensuretheabilitytomeetallexpectedandunexpectedcashflowneeds,investmentsshallordinarilybemadeinsecuritiesthatcanbesoldreadilyandefficiently.
PreservationofCapital:TheChurchseekstominimizethepossibilityoflossofprincipalovertime,bothabsoluteandnetofinflation,recognizingtheinherentrisksthatmarketsinsecuritiespresent.Valuationswillvaryupanddown,bothintheshortandlongterm.Emphasisisplacedontherelativestabilityofaninvestmentaswellasacompetitiverateofreturn.
Growth:GrowthofbothprincipalandincomeissoughtsothattheChurchcanmeetitsobligationsandgoals,bothcurrentandinthefuture.Suchgrowthissoughtwithinvestmentsthatareconsistentwithamoderatetoleranceforrisk,asinfluencedbythelongtimehorizonfortheexpecteduseofsuchinvestments.
E. Strategy
Inordertomeetitsneeds,theChurch’sinvestmentstrategyistoemphasizetotalreturn.Totalreturnistheaggregatereturnfrominterest,dividendsandcapitalappreciation.Totalreturncanresultinagainoralossforanyparticulartimeperiod.Investmentsshallbediversifiedinordertominimizetheriskoflossfromanyparticularinvestmentundulyaffectingtheperformanceoftheinvestmentportfolio.
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UnlessotherwiseallocatedbyactionoftheSession,investmentreturnsintheformofinterest,dividends,andanycapitalgainsorcapitalappreciation,areautomaticallyreinvestedwithintherespectiveinvestmentvehiclethatgeneratedthereturn.WiththeapprovaloftheSession,investmentreturnsearnedduringayearmaybeallocatedbetweenreinvestmentinthesameorsimilarinvestments,andtransfertoC&CEtosupportcurrentoperations.Interestfromindividualbondsisanexceptiontothis,sincereinvestmentisnotanoptionforbonds,andshallbereinvestedintheinvestmentportfolioorbedistributedtofundoperations.
F. Investment Guidelines
Acceptableinvestmentsincludefixedincome(debt)securitiessuchascertificatesofdeposit(CDs)withmaturitiesofoneyearorlonger,corporatebondsandUSTreasurybills,notes,bondsandTreasuryInflation‐ProtectedSecurities(TIPS);equities(stocks);andmutualorexchangetradedfunds(ETFs)thatinvestinsuchsecurities.Individualsecurities,otherthanCDsandTreasuries,arediscouraged.AnypurchaseofaCDistobewithinthelimitsofFDICinsurance.IndividualbondsshallberatedatleastAA‐byStandard&PoorsorAa‐byMoody’s.Collective,diversifiedinvestmentssuchasmutualfundsandETFsarefavored.Suchfundtitlesasstrategic,multi‐asset,multi‐sector,allocationandassetallocation,reducedormanagedvolatilitymaybeconsideredinadditiontothemorefamiliartitlessuchasgrowth,growthandincome,value,balanced,income,totalreturn,andindex.Abroadmixofchoicesshouldleadtogreaterdiversificationandmoreeffectiveriskmanagement,importantfortheChurchwithitsmoderaterisktolerance.Directinvestmentsinthefollowingareprohibited:commodities,privateplacements,options,limitedpartnerships,derivatives,hedgefunds,managedfuturesandrealestate.
G. Acceptable Ranges of Investment Categories
GiventheChurch’sprimaryobjectivesofliquidity,preservationofcapital,andgrowth,allconsistentwithamoderatetoleranceforrisk,thefollowingaretheappropriaterangestoutilizeinthemanagementoftheinvestmentportfolio.
Equities(Stocks)40to65percentofthetotalinvestmentportfolio
FixedIncome(Bonds)
35to60percentofthetotalinvestmentportfolio.
Moneymarketfunds,90‐dayTreasurybills,andevencashmaybesubstitutedforanyorallofwhatnormallyisinvestedinequitiesand/orfixedincome.Examplesofwhencashequivalentsmightbeusedinthismannerareextrememarketvolatility,apparentfinancialsystemrisk,andsimplywhenmoniesbecomeavailableinbetweenSessionmeetings.
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Intheeventofaperceivedfinancialcrisis,theChairoftheInvestmentCommitteeandtheTreasurer,actingjointly,cantakewhateveractiontheydeemappropriatetoprotecttheportfoliovalue.IntheabsenceoftheTreasurerand/ortheChairoftheInvestmentCommittee,anytwooftheauthorizedpersons(President,VicePresident,Treasurer,andChairoftheInvestmentCommittee)canjointlytakesuchaction.AnyactionshallbereportedtotheSessioninatimelymanner.Inordertomanagetheportfolioovertimewithinthebroadrangesidentifiedabove,theInvestmentCommitteeshallrecommendtoSessionanarrowerrangeofequitiesandfixedincome(andmayrecommendaspecifictargetwithinsuchnarrowerrange).MoredetailedguidancefortheInvestmentCommitteeissetforthinAppendixD.
H. Implementation—Investment Committee
SignificantdecisionsregardinginvestmentsshallbemadebytheSession,actingonrecommendationsoftheInvestmentCommittee.TheInvestmentCommitteeshallmeetsemi‐annuallyormoreoftenasmaybenecessarytoreviewinvestmentresultsandmarketconditions.Evaluationoftheneedforrebalancingtheequitiesvs.fixedincomeproportionsshallbeanothersemi‐annualtask.Unlessthecostofbringingtheportfoliobacktothedesiredratioisprohibitive,itisexpectedthattheCommitteewilltakeactionwhentheratiobecomes3‐5%offtarget.Meetingbye‐mailorteleconferencingmaybeheldasnecessary,providedminutesarekeptandvotesareunanimous.TheCommitteeshallreportregularlytotheSessionandshallprepareanannualreporttotheSessionandthecongregationforinclusionintheChurch’sAnnualReport,showingdepositsduringthereportingyear,disbursements,andinvestmentresults.InaccordancewithUPMIFA,theCommitteeshallmanagetheChurch’sinvestmentportfolioingoodfaithandwiththecareanordinarilyprudentpersoninalikepositionwouldexercise.Investmentcostsshallbeappropriateandreasonableforthesizeoftheinvestmentassets,thepurposesoftheChurch,andtheskillsavailabletotheChurch.Inadditiontotheguidancesetforthabovewithregardtotypesofinvestmentsandrelativeallocationsofinvestmentassets,investmentrecommendationsoftheInvestmentCommitteeshalltakeintoaccountthefollowing:
Generaleconomicconditions. Possibleeffectsofinflationordeflation. Expectedtaxconsequences,ifany. Therolethatanyparticularinvestmentoractionplaysintheoverallinvestment
portfolio. Sociallyresponsiblefactors,asdefinedbyPC(USA).
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OtherresourcesoftheChurch. TheneedsoftheChurchtotakedistributionsaswellastopreservecapital.
AnydecisionregardingaspecificinvestmentshallbemadewithinthecontextoftheportfolioasawholeandaspartoftheChurch’soverallstrategy,takentogetherwithappropriateriskandreturnobjectives.
I. Portfolio Selection, Review, and Changes
Portfoliocomponentswillnormallybeselectedexpectingtobeheldthreetofiveyears,orevenlonger.However,foranynumberofreasonsovertimechangeswillbecomewarranted.Otherthanintimesofperceivedfinancialcrisis,changeswillberecommendedtotheSessiononlyfollowingappropriateresearchandanInvestmentCommitteemeeting.Changesaredefinedasreplacing,adding,oreliminatinganypartoftheInvestmentPortfolio.EverythreeyearstheCommitteewillconductamorethoroughreviewofallportfoliocomponents.AtthattimealternativeswillbeconsideredforevencomponentswithwhichtheCommitteehasbeenwellsatisfied.Duringthesemorethoroughassessments,and,inkeepingwiththePresbyterianChurch(U.S.A.)commitmentto"sociallyresponsibleinvesting,"theCommitteewillconsideranewinclusionoftheNewCovenantFunds,iftheyarenotalreadypartoftheportfolio.TheNewCovenantFundsareprofessionallymanagedmutualfundsdesignedtoimplementsociallyresponsibleinvestingasdeterminedbythePC(USA)MissionResponsibilityThroughInvestmentCommittee.
J. Determining Distributions from the Investment Portfolio
Distributionsfromtheunrestrictedportionoftheinvestmentportfolioaretobedeterminedduringtheannualbudgetpreparationprocess,asrecommendedbytheInvestmentCommitteeandapprovedbytheSession.Thedistributionamount,includingtheincomeportionofthedistribution,shouldnotexceed4%ofarollingfour‐yearaverageofsemi‐annualinvestmentportfoliovaluesendingwiththeJune30value,unlessadifferentpercentageisauthorizedbytheSession.
K. Effect of Gift Restrictions
FinancialassetsgiventoandacceptedbytheChurchwithspecificinvestmentrestrictionsshallbemanagedsoastoobservetheintentandpurposeofthedonor(s)tothemaximumextentpossible,consistentwithUPMIFA.Financialassetssubjecttoinvestmentrestrictionsmaybecommingledwithotherinvestments,providedthattheintentandpurposeofthedonor(s)areobserved,by:(1)accountingforsuchassetsasaRestrictedGiftFund;and(2)monitoringandaccountingfortheChurch’sinvestmentportfoliobytheTreasurerandtheInvestmentCommitteeinordertoensurethatsuchassetsremainavailablefortheirintendedpurpose,
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notwithstandingoccasionalpartialortotalliquidationsofinvestmentassetstomeetoperationalneeds.IfsuchassetscannotbecommingledwithotherinvestmentswithoutplacingatrisktheabilityoftheChurchtoobservetheintentandpurposeofthedonor(s),theyshallbeseparatelyinvestedandaccountedfor.
L. Delegation of Management and Investment Functions
SubjecttotheapprovaloftheSession,theInvestmentCommitteemaydelegatetoanexternalagent(financialadvisor,broker,representative,etc.)themanagementandinvestmentofspecificfinancialassetsavailableforinvestment.Inenteringintoanysuchdelegation,theSessionandtheInvestmentCommitteeshallactingoodfaith,withthecarethatanordinarilyprudentpersoninalikepositionwouldexerciseundersimilarcircumstances,in:
Selectinganagent. Establishingthescopeandtermsofthedelegation,consistentwiththepurposesof
theChurch,therequirementsoftheNMUPMIFA,andthetermsofanyapplicableGiftInstrument.
Reviewingtheagent’sactionssemi‐annuallyinordertomonitortheagent’sperformanceandcompliancewiththescopeandtermsofthedelegation.
AnyagentappointedbytheChurchshallberequiredtosubmittothejurisdictionofthecourtsofNewMexicoinanyproceedingsarisingfromorrelatedtothedelegationortheperformanceofthedelegatedfunction.
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VI. Non-Contribution Revenue
A. Purpose and Scope
Thissectionstatesthepoliciesregardingincomefromnon‐contributionsources,suchasuserfees,rents,andCDCtuition.TheBookofOrderinChapter4,G‐4.02confirmsthat“thepropertyofthePresbyterianChurch(U.S.A.)...andofitscongregationsisatoolfortheaccomplishmentofthemissionofJesusChristintheworld….Acongregationshallnotleaseitsrealpropertyusedforpurposesofworship,orleaseformorethanfiveyearsanyofitsotherrealproperty,withoutwrittenpermissionofthepresbyterytransmittedthroughthesessionofthecongregation.”FPChaslongopenedthedoorsoftheChurchtocommunitygroupseitherfreeorchargeoratanominalfeeinpursuitofusingthefacilityasMission.Asthegoverningbody,theSessionisultimatelyresponsibleforsetting/approvinguserfees,rents,CDCtuitionandanyothersuchnon‐contributionfeesorschedules.
B. User Fees
TheFPCFacilitiesUseManualincludesascheduleoffees.Thescheduleandpermittedusesshallbereviewedandupdatedeverythreeyears.TheFacilitiesCommitteeshallreportanyupdatestoSessioninatimelymanner.
C. Rents
TheFacilitiesCommittee,FacilitiesManager,andOfficeManagerhavetheoverallresponsibilityfornegotiatingleasesoruseagreementsofthedesignatedspacesinthebuildingforpermitteduse(i.e.,officeorstorage)foraperiodnottoexceedoneyear,consistentwithguidancesetforthintheFacilitiesUseManualandSectionXII(ContractsandOtherAgreements)ofthisPolicy.MonthlyrentsshallbecompetitiveinthemarketinSantaFeforsimilarspaceinordertomaximizetherevenuefortheChurch.Amarketrentalanalysisshallbeconductedatleasteverythreeyearsandrentsadjustedappropriately.TheFacilitiesCommitteeshalldraftaproposaltoSessionforanychangeinrentalfees.
D. CDC Tuition
TheDirectorofTheChildDevelopmentCenter(CDC),inconsultationwiththeCDCAdvisoryCommittee,shallconductacompetitivefeesanalysisannuallyaspartofthebudgetprocessandmakerecommendationsregardingtheadjustmentoftuition.TheDirectorshallfirstgoovertheanalysisandfeerecommendationswiththeFinanceCommitteeandtheTreasurerandshallthenseekSessionapprovalforthefeeadjustments.
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AfterSessionapprovesthenewfees,theDirectorshallinformparentspriortothestartofthenewschoolyear.
E. Other Non-Contribution Revenue
Othertypesofnon‐contributionrevenueincludeproceedsfromsaleofitemssuchaspromotionalitems(T‐shirts,mugs),soupsalesbyDeacons,coffeeandoliveoilfairtradeitems,annualdirectories/photos,andChristmascards.AllproposedsalesshallbeapprovedbySession.AdulteducationmaterialssoldbypresentersatcostshallbeapprovedbytheAdultEducationCommittee(usuallyinthecourseofapprovingtheeducationclass),andthesedonotneedtobeapprovedbySession.Sessionmaydesignatecertainsalesforcertainpurposes(e.g.,soupsalestosupportDeaconactivities).Ifso,thenaccountingwillbeimplementedtoproperlyrecordrevenueforthesepurposes.IfSessiondoesnotdesignatetheproceedstogotospecificpurposes,itwillberecordedasgeneralunrestrictedrevenue.
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VII. Budget and Fund Management
A. Overview
TheChurchreceivesrevenuesfromsourcesincludingcontributions,CDCtuition,buildingusefeesandothermiscellaneoussources.TheChurchspendsmoneyintwoways:(1)generaloperatingfundsareexpendedinaccordancewithaSession‐approvedannualbudget;and(2)fundsareexpended(released)fromSpecialPurposeFunds.TheChurch’sfiscalyearisthecalendaryear.Theannualbudgetpreparationprocessbeginsinthethirdquarter.ItisajointeffortinitiatedundertheleadershipoftheFinanceCommittee,drawingonthesupportoftheTreasurer,StewardshipandInvestmentCommittees,andincollaborationwiththePastorandstaff,CommitteeChairs,andSession.Theannualprocessbeginsinthelatesummer,witharequesttoChurchmanagersandCommitteeChairshavingspendingauthoritytoprovideanestimateof:(a)theamounttheywillneedinthefollowingfiscalyeartosupporttheirannualoperations,tobefundedbyanallocationintheapprovedbudgetforthefollowingyear;and(b)additionalamountsthattheyintendtoexpendinaccordancewithaproposedspendingplanthattheysubmitforSpecialPurposeFundsforwhichtheyareassignedordelegatedresponsibility.
B. Budget and Spending Plan Preparation
AdraftbudgetandspendingplansforSpecialPurposeFundsareprepared,basedonChurchneedsasperceivedbythevariousManagersandresponsibleCommitteeChairs,thefinancialconditionoftheChurchastheyear‐endapproaches,andforecastsoftheChurch’sfinancialconditioninthefollowingyear.EstimationoftheChurch’sfinancialconditionforthefollowingyeartakesintoaccountprimarilytheamountofpledgesreceivedduringthestewardshipcampaign.AlsotakenintoaccountistheavailabilityofadditionalunrestrictedcurrentfundsintheformofC&CEandinvestments.Inaddition,theChurchmusttakeintoaccounttheportionofC&CEandinvestmentsthatrepresentRestrictedFunds,sinceRestrictedFundsareavailableonlyforparticularpurposesorforexpenditureoverparticularperiodsoftime.ThefinalbudgetisdeterminedbytheSession.TheseveralmanagersoftheChurch(e.g.,OfficeManager,MusicDirector,FacilitiesManager,CDCDirector,allunderthesupervisionofthePastorasHeadofStaff)areallocatedaportionoftheannualbudgetamountthatisestimatedtobesufficienttocovertheirordinaryoperatingexpensesduringtheyear(salaries,supplies,routinemaintenance,utilities,contractorservices,etc.).Theseareexpensesthatareroutinelyincurredeachyear.Theygenerallydonotincludeexpendituresforlarge,one‐timecapitalexpenditures;specialprojectsthatextendoveraperiodofyears;expendituresarisingfromRestrictedGifts;orinvestmentsmadetogenerateincome.
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Theleveloftheannualbudgetisdeterminedprimarilybythelevelofpledgecommitmentsfortheyear,assupplementedbyotherincome(e.g.,estimatedCDCrevenues,buildingrentalfees,unpledgedcontributions,andplateofferings).Itmayalsoincludefundingfromunrestrictedfunds,TemporarilyRestrictedFunds(totheextentconsistentwithdonorintent),and/orproceedsfromthesaleofinvestmentassets,asapprovedbytheSession.ThebudgetpreparationprocessbeginswiththeFinanceCommitteerequestingbudgetsandspendingplansfromthePastor,staffandCommitteeChairs.TheFinanceCommitteeshalldevelopaprocedurethatensurescollaborationandtransparencyamongallinvolvedparties.TheSessionapprovestheannualbudgetinDecemberandpresentsitasinformationtotheCongregationattheannualmeetinginJanuary.
C. Establishment and Closure of Special Purpose Funds
TheChurchmaintainsSpecialPurposeFundsinordertotrackandindependentlyaccountforfundsthatarelimitedbydonor‐imposedorSession‐imposedrestrictionsandthereforeensurethatdonationsareusedfortheirintendedpurposes.AsnotedinsectionIV.C.(1)“SubstantialUnrestrictedGifts,”onereasonforcreatingaSpecialPurposeFundisthereceiptofanUnrestrictedgiftorbequestofmorethan$25,000thatisnotgivenaspartofanannualpledge.SuchagiftmaybeinvestedandaccountedforinaSpecialPurposeFund.RestrictedGiftsthatcanbecompletelyexpendedinthecurrentyearmayormaynotbeheldinaSpecialPurposeFund,dependingonaccountingrequirements.ASpecialPurposeFundmaybeclosedbyactionofSession.ThiscouldtakeplaceuponthedepletionofaDonorRestrictedFundorthedeterminationthataSessionDesignatedFundisnolongerrequired.
D. Types of Special Purpose Funds
SpecialPurposeFundsconsistoftwotypes:(1)SessionDesignatedFunds(sometimesreferredtosimplyasDesignatedFunds)and(2)RestrictedFunds(sometimesreferredtoasDonorRestrictedFunds).SessionDesignatedFundsareSpecialPurposeFundscreatedbytheSessionandfundedwithunrestrictedassetsoftheChurch.Theyaregenerallyintendedtobeexpendedoveranextendedperiodtime,orforaparticularpurposeoutsidethescopeofnormalrecurringoperations.However,unlikeRestrictedFunds,DesignatedFundscanbedivertedtoanotherpurposeorexhaustedatanytimebyactionoftheSession.
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ExamplesofSessionDesignatedFundsincludethefollowing:
TheChurchdecidestoappropriateaportionofitsannualpledgerevenuestoaccumulateabuildingreservefundoveraperiodofyearstocoverexpectedcostsofmajorbuildingrepairsorcapitalimprovementsastheyareincurredinfutureyears.TheSessionthencreatesanewSessionDesignatedFundforthispurpose.
AdonorleavesasubstantialUnrestrictedGiftoffundstotheChurchinherwill.TheSessiondeterminesitismorethanisneededorcanbeeffectivelyusedtosupportoperationsinthecurrentyear.TheSessionthusdesignatesthefundstogointotheGeneralReserveFund,whichisaSessionDesignatedFund.
Inanunusuallygoodyear,theChurchreceivesregularcontributionsconsiderablyinexcessofitsbudgetedexpenditures,sotheSessiondecidestosetasidetheexcessinanewParkingFacilityFund.
ExamplesofTemporarilyRestrictedFundsandPermanentlyRestrictedFundsincludethefollowing:
Adonorgivesfundswiththerestrictionthattheybeusedtopayforthemaintenanceofaparticularitemofcapitalequipmentoveraperiodofyears,e.g.,theorgan.TheChurchcreatesanewTemporarilyRestrictedFundtoaccountforthefunds.
TheChurchsolicitsdonationsforaspecialgrantoffinancialaidtoasisterchurchinaforeigncountry,andthusthesolicitationisaGiftInstrument,whichrendersthesubsequentdonationsRestrictedGifts.ThesessioncreatesanewFundthatisTemporarilyRestricted,asitisdonor‐restrictedtoaparticularpurpose.
Adonorleavesabequestinhiswill,withtherestrictionthatitbeinvestedinperpetuity,withonlytheincomeavailableeachyeartosupportChurchoperations.TheChurchestablishestraditionalEndowmentFund,whichisaPermanentlyRestrictedFund.
Adonormakesaspecialgift,outsideofhisorhernormalpledge,withtherestrictionthatitbeusedtosupportaspecialprogramofeducationalmusiclessonsforchildrenovera5‐yearperiod.TheChurchestablishesanewTemporarilyRestrictedFund(alimitedtermEndowmentfundinthiscase).
ThefollowingchartillustratestherelationshipsamongtheseveralkindsofSpecialPurposeFunds.
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RevenuesandexpendituresassociatedwithaSpecialPurposeFundareindependentlyrecordedandreportedperiodically,sothatdonors,staffandresponsibleChurchcommitteescaneasilymonitorrevenuesaccruingtotheFundandexpendituresfromtheFund,andthustrackthefinancialstatusoftheFund.FinancialassetsrecordedinSpecialPurposeFundsmaybeheldascashandcashequivalents(C&CE)orasinvestments,asdeterminedbytheSessionactingonrecommendationsfromtheInvestmentCommitteebasedontheestimatedrateofdepletionoftheFund.CarryoverofSpecialPurposeFunds:UnexpendedassetsinSpecialPurposeFundsarecarriedoverfromyear‐to‐yearuntilcompletelyexpended.
SpecialPurposeFunds
SessionDesignatedFunds
DonorRestrictedFunds
PermanentlyRestricted
(Endowment)Funds
TemporarilyRestrictedFunds
PurposeRestrictedFunds
TermRestrictedFunds
Pass‐ThroughAccounts(Liabilities)
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ComminglingofRestrictedandUnrestrictedAssetsinSpecialPurposeFunds:TheSessionmayappropriateUnrestrictedfundstoaDonorRestrictedFund,resultinginthecomminglingofRestrictedandUnrestrictedfunds.Insuchevent,theUnrestrictedassetsshallbeseparatelyaccountedforasaSessionDesignatedFund,whichmaybereleasedanddivertedtootherpurposesatanytimebyactionoftheSession,unlessanduntiltheyhavebeenreleasedandexpendedinaccordancewiththepurposeoftheRestrictedFund.
E. Budget and Fund Expenditures
1.SessionRoleinDelegations
TheSessiondetermineswhohasauthoritytoinitiateexpenditureswithinthelimitsoftheannualbudgetandalsowhohasauthoritytomakeexpendituresfromSpecialPurposeFunds.SessionhasdelegatedtheauthorityforannualbudgetexpendituresandcertainSpecialPurposeFundexpenditurestothePastorasHeadofStaffandtodesignatedCommitteeswithinthelimitsofannualspendingplans.TheHeadofStaffhasinturndelegatedday‐to‐dayresponsibilityforroutineandapprovedbudgetexpenditurestocertainindividualstaffmembers.AsHeadofStaff,heorshecanchangethesedelegationswithoutSessionapproval.TheHeadofStaffshallprovidetheTreasurerandFinanceCommitteewithadetailedlistofdelegatedauthorityandinformthemimmediatelyofanychanges.TheSessionhasdelegatedtocommittees,asrepresentedbytheChairsortheirdelegees,theauthoritytomakeexpendituresfromSpecialPurposeFundswithinthelimitsoftheannualapprovedspendingplanforeachFund.Insomecases,Committeeshavedelegatedtheirresponsibilitytoastaffperson,withtheapprovaloftheheadofstaff,ortothechairoramemberoftheircommittee.DelegationsbythecommitteesmaybechangedwithoutSessionapproval,butthecommitteechairsmustnotifytheTreasurerandFinanceCommitteeofsuchchanges.TheTreasurershallmaintainalistofpersonsapprovedtomakeexpenditures.TheFinanceCommitteeshallperiodicallyreviewthisFinancialPolicyManualandensurethatitisuptodateconsistentwithSessiondirection.
2.DelegationsinOperation
ThissectionoutlinesthedelegationsineffectasofthemostrecentversionofthisPolicy.Churchmanagersgenerallyhavetheauthoritytomakebudgetexpenditures.Forexample,theFacilitiesManagerisauthorizedtomakeroutineexpendituresforoperationalpurposes,withinthelimitsofthebudgetforfacilityexpenses,andtheOfficeManagerisauthorizedtospendofficeexpenselineitems.
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Somestaff,suchasthePastor,MusicDirectorandCDCDirector,haveauthoritytospendbudgetedlineitemsaswellasauthorizeexpendituresfromparticularSpecialPurposeFundsforwhichtheyhavebeendelegatedresponsibility.Further,whileCommitteesaregenerallygiventheauthoritytoauthorizeexpendituresfromparticularSpecialPurposeFunds,andinsomecasesaregiventheauthorityoverbudgetlineitems.
3.ExecutionofBudgetandSpendingPlans
Duringthefiscalyear,managersandCommitteeChairsareexpectedtoexertreasonableeffortstoachieveestimatedrevenueprojectionsandtolimittheirexpendituresovertheyeartotheamountsandpurposesapprovedinthebudgetandspendingplans.IntheeventsubsequentcontributionsaremadetoanexistingFundduringafiscalyear,suchcontributionsdonotincreasetheamountofauthorizedexpendituresfromtheFund,unlessapprovedbytheSession.Duringthecourseoftheyear,responsibleManagersandCommitteechairsinitiateexpendituresbythesubmissionofacheckrequestalongwithsupportingdocumentationtotheBusinessOffice.TheBusinessOfficeissuestherequestedcheckandforwardsittotheintendedrecipient.TheTreasurershallissuetimelyreportsshowingmonthlyexpendituresandrevenuescomparedwithapprovedbudgetandspendingplans.ResponsiblemanagersandCommitteeChairsshallreviewthesereports.Intheeventofapotentialshortfallinrevenueoranunanticipatedexpense,theresponsiblepersonshallworkwiththeFinanceCommitteeandtheSessionasnecessarytoresolvetheproblem.Forexample,intheeventunanticipatedbuildingexpensesarise,theFacilitiesCommitteemayproposetotheSessionthatitbeauthorizedtoexpendadditionalfundsfromtheBuildingReserveFund.IftheSessionapprovessucharequest,theChairoftheFacilitiesCommittee,workingwiththeFacilitiesManager,isauthorizedtoapprovesuchexpenditure.FurtherguidanceontheadministrationofFundsissetforthinAppendixF,whichincludesalistofactiveSpecialPurposeFundsandthemanagerand/orCommitteeChairresponsiblefortheirmanagement.DescriptionsofFundsareinAppendicesF‐1throughF‐8.TheFinanceCommitteemonitorsrevenuesandexpendituresonamonthlybasistoidentifypotentialoractualvariancesfromtheapprovedbudgetandspendingplans.TheFinanceCommitteeshallbringanyconcernstotheresponsiblestafforCommitteechairsandtotheSessionasneeded.
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VIII. Accounting and Financial Reporting Practices
A. Restricted and Unrestricted Gifts
TheChurchstrictlyaccountsforallRestrictedandUnrestrictedgifts.SpecialaccountsaresetuptotrackbothDonorRestrictedgiftsandmoneydesignatedbytheSessionforspecialpurposes.IncompliancewithFASB117,financialstatementsarepreparedshowingnetassetsclassifiedintounrestricted(includingSessiondesignated)funds,temporarilyrestrictedfunds,andpermanentlyrestrictedfunds.Thisimplementswhatiscommonlyreferredtoas“FundAccounting,”whichisasystemofaccountingandfinancialreportingthatisparticularlyusefulfortrackinggiftrevenuesthathavebeenrestrictedtospecificpurposes,programsorprojects.Bywayofbackground,for‐profitorganizationsusetraditionalaccountingsystems,whicharedesignedtopresenttoinvestorsthefinancialconditionoftheorganizationanditsprofitability.Incontrast,nonprofitorganizationstypicallyhaveadifferentobjective,whichistopresenttheirfinancialconditioninamannerthatfacilitatestransparentaccountabilitytodonors,grantorsandothersourcesofnonprofitfunding.Consequently,nonprofitorganizationsusethenetassetsclassificationmethodofreporting,asprescribedbytheU.S.FinancialAccountingStandardsBoard(FASB).Inadditiontothenetassetsreportedonthebalancesheet,otherreportsarepreparedtoallowvolunteerleaders,Churchmanagers,anddonorstoreviewrevenueandexpendituresrelatedtoRestrictedFunds.AnyamountremaininginaDonorRestrictedFundoraSessionDesignatedFundattheendofafiscalyeariscarriedforwardintothenextyear,sothatdonorsorfundmanagerscantrackthedispositionoftheirgiftsfromyeartoyearuntiltheyarefullyexpended.Thisisunlikethetreatmentofunrestrictedoperatingfundsthatareallocatedtovariouslineitemsoftheannualbudget,whicharenotcarriedoverifnotusedbytheendoftheyear.AppendixFsetsforth:(1)asummaryoftheprocessforestablishingandmanagingSpecialPurposeFunds;(2)alistofactiveSpecialPurposeFunds,togetherwithFundaccountnumbersandtheidentityoftheresponsibleCommitteeChairorFPCemployeehavingspendingauthorityovertheFund,and(3)thecurrentFundIdentificationDocumentforeachFund,whichsetsforthpertinentinformationregardingtheFund.TheoverallpolicyregardingtheinvestmentoffinancialassetsrecordedinSpecialPurposeFundsmaybesummarizedasfollows:
SpecialPurposeFundsthataresmallinamount,orforwhichtherearefrequenttransactions,orwhichare''flow‐through"Funds;aregenerallyheldasCashand
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CashEquivalents,andinterestearnedwillbecreditedtotheOperatingFund.TherationaleforthispolicyisthatsuchFundsgeneratesmallamountsofinterestandreallocationofsmallamountsconsumesagreatdealofaccountingtime.
AFundthatisrarelyused,orwhichisintendedtobeexhaustedoveranextendedor
indefiniteperiodoftime,suchasalargeDonorRestrictedFund,maybeinvestedasdeterminedbytheTreasurerandtheInvestmentCommittee.EarnedincomefromsuchinvestmentsmaybereinvestedandallocatedtotheFund,dependingupontherequirementsofthedonorortheSession.
TransactionsandbalancesassociatedwithSpecialPurposeFundsarereportedtotheFinanceCommitteeandtheresponsiblemanagersorCommitteeChairsonamonthlybasis,totheSessiononaquarterlybasis,andtotheCongregationonanannualbasis.
B. Financial Reports
Onaquarterlybasis,theTreasurerpreparesandpresentsafullsetoffinancialstatementstoSession.ThisincludesaStatementofFinancialPosition,StatementofActivity(comparedtobudget),CashFlowStatement,andaReportofFundActivity.PriortoSession,theFinanceCommitteereviewsthesestatementsindepthandprovidesitsinputtoSession.Further,theFinanceCommitteeseesandreviewsmonthlydetailedfinancialstatementsandpresentstoSessionasummaryofyear‐to‐datetotalincomeandexpense.TheBookkeeperprovidesmonthlydetailedincomeandexpensereportstoCommitteesandtothePastorandstaffwhohavebudgetresponsibilities.Thesereportsareexpectedwithinthefirsttwoweeksafterthecloseofthemonth.ThequarterlyfinancialreportsarepublishedontheFPCwebsitefortheCongregationtoview.Theyear‐endStatementofFinancialPosition,StatementofActivity(comparedtobudget),andaReportofFundActivitySummarizedbyCategoryarepresentedtotheCongregationatitsannualmeetinginJanuary.
C. Annual Audit and Reports
Eachyear,asrequiredbytheBookofOrder(SectionG‐3.0113),“Afullfinancialreviewofallfinancialbooksandrecordsshallbeconductedeveryyearbyapublicaccountantorcommitteeofmembersversedinaccountingprocedures.”AnnuallytheFinanceCommitteeshallrecommendtoSessiontheproceduresandpersonnelwhowillconducttheannualaudit.AfterSessionapproval,theFinanceCommitteewillarrangefortheaudit/reviewbyanoutsideauditororaFinancialReviewCommittee.(SeeAppendixA.)Theauditors/reviewersshallpresenttheirfindingstotheSession.IfSessionacceptstheaudit,theresultsshallbesharedwiththefullCongregation,alongwithanyadjustmentsrequiredinthefinancialstatementspresentedtotheCongregationearlier.
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IX. Benevolence Policy
A. Background
FPCengagesinmodestbenevolenceactivitiesintheformofdirectprovisionoffinancialsupportforthebenefitofindividualsandfamiliesinneedintheSantaFearea.TheseactivitiesaredistinctfromotherFPCcharitableactivitiesthattypicallytaketheformofdonationstoothercharitiesandnonprofitorganizations.Tothisend,theChurchmaintainsaSpecialPurposeBenevolenceFundthatisfundedbydonationsandoccasionalofferingsapprovedbytheSession.TheBenevolenceFundisseparateanddistinctfromthePastor’sdiscretionaryaccount,whichisabudgetedlineitemavailableforprovidingassistancetoFPCMembersorothersinneed.ItisalsoseparateanddistinctfromtheMiscellaneousEmergencyOfferingsFund(fordisasterrelief);theMiscellaneousOtherCharitiesFund(fordonationstoothercharitableorganizations);andboththeCongregationalEmergencyAssistanceFundandtheDeaconsFund(thelattertwoofwhichexisttosupportFPCMembersandtheirfamiliesinneed).
B. Purpose and Administration of Benevolence Fund
TheprimarypurposeoftheBenevolenceFundistofurnishdirectfinancialassistancetoindividualsandfamiliesinneedintheSantaFecommunitywhoarenotMembersoftheChurch.However,theFundmaybeusedtosupportfinancialassistancetoMembersorStaffoftheChurchinneed,intheeventotherFPCsourcesoffundsareinsufficient.(Applicabletaxreportingrequirementswillbeobserved.)ThesepurposesareachievedthroughdirectdisbursementsunderthedirectionofaBenevolenceCommittee,whichconsistsofthePastorasChair,amemberoftheMissionandSocialJusticeCommittee,andanordainedElderappointedbytheSession.
C. Oversight and Accountability
TheBenevolenceCommitteeisaccountabletotheSessionfordischargingtheresponsibilitiessetforthbelow.
D. Revenues
SourcesofrevenuesfortheBenevolenceFundaregiftsfromMembersandfriends,whichareacceptedatanytime,andspecialofferingsauthorizedbytheSession.GiftsearmarkedfortheBenevolenceFundmustbeidentifiedassuch.Theymaynotbeearmarkedorotherwiserestrictedtospecificindividualrecipients,althoughdonorsarefreetorecommendindividualrecipientstotheBenevolenceCommittee.
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E. Requests for Benevolent Assistance
ArequestforfinancialassistancemustbedocumentedbytheBenevolenceCommitteememberassistingtheperson.TherequestmustbesignedanddatedbytheapplicantandtheCommitteemember.TheCommitteemembertakingtherequestwillalsorequestverificationofneedintheformofsupportingdocumentationortheapplicant’sconsenttocontactthird‐partyreferencesforconfirmation.
F. Guidelines for Selection of Recipients
DisbursementsfromtheFundunderthisPolicyarelimitedtoindividualsinneedandtheirfamilies.Benevolenceassistanceisintendedasasourceoflastresort,tobesoughtonlywhenanindividualhasexhaustedotherpossibilitiesofhelpfromfamily,friends,savingsandsocialwelfareprograms,includingothermissionresourcesoftheChurch.Itisintendedtobeasourceoftemporaryassistanceduringatimeofcrisis.Assistanceisgenerallyintendedtobeaone‐timegift.Inspecialcircumstances,theCommitteemaymakemultipledisbursementsoveraperiodoftime.Nobenevolentdisbursementistobeconsideredaloan.Repaymentwillnotberequestednoracceptedassuch,eitherinpartorinfull.IfarecipientdesirestogivetotheChurchatalaterdate,heorsheshouldbeencouragedtogivedirectlytotheChurchwithoutqualification.TheCommitteeshallmakeareasonableinquiryofanyindividualseekingassistance,toensurethathisorherneedislegitimateandthattheindividualisaccuratelyrepresentinghisorherfinancialsituation.TheCommitteemayconditionfinancialassistanceonreceiptofverifyingdocumentationorcommunicationsfromthird‐partyreferencesverifyingtheneedoftheindividual.Personsrequestingassistancemustalsobewillingtoacceptfinancial,family,occupationaloremotionalcounseling.TheCommitteewillnotprovideassistancetoanyonewho,initssoleopinion,islikelytosquandersuchassistancethroughnegativeorirresponsiblebehavior.Generally,assistancewillnotexceed$1,500perpersonorfamily.(ThisisacumulativecapinthecaseofsomeonewhoreceivesmorethanonegiftfromtheFund.)Inveryunusualcircumstances,familiesandindividualswhoareinneedofadditionalfundsandwhohavetheopportunitytomakealife‐changingdecisioncancontinuetobeassisteduptowhateverlimittheCommitteedeemsappropriate,subjecttotheavailabilityoffunds.Suchcasesshallbereviewedcarefullyand,whenappropriate,thecaseshouldbesubmittedtotheSessionforapproval.
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G. Types of Assistance
ThestatedpurposeoftheBenevolenceprogramistomeetbasicneedsofindividualsandtheirimmediatefamilies.Normally,theseneedsare:
Food. Lodging. Clothing. Medicaltreatment. Transportationtoorfromaplaceofemployment. Funeralexpenses. Initialevaluationanduptotwoadditionalprofessionalcounselingappointments.
NeedsthatmaynotbemetbytheBenevolenceprograminclude:
Privateschoolfeesortuition,businessinvestments,oranythingthatisintendedtogenerateincometotheindividualorfamily.
Payingoffcreditcarddebt(exceptionmaybemadewhenanindividualhashadtouseacreditcardinacrisisoremergency).
Legalexpenses. Finesorpenaltiesrelatingtolatepaymentsorirresponsibleactions.
Financialassistanceforcounselingwillbeconsideredifitisdeterminedthatcounselingwoulddirectlyenabletheindividualtoaddressacurrentfinancialsituation.Inmostcases,thisislimitedtoaninitialcounselingappointment.Underspecialcircumstances,additionalassistancemaybegiven.
H. Processing of Requests and Disbursement of Funds
RequestsforassistanceshallbesubmittedtotheCommittee,whichshallreviewtherequest,reachadecision,andnotifythepersonmakingtherequestofthedecision.Whilerecommendationsofrecipientsfromdonorsorotherswillbeconsidered,alldecisionsoftheCommitteeshallbemadeindependentlyandshallbefinal.TheCommitteeshallsubmitsummaryreportsofitsdecisionstotheSession.PersonallyidentifiableinformationshallbereportedtotheSessiononlyuponitsrequest,andonlyinaconfidentialexecutivesessionoftheSession.Otherwise,suchinformationshallbemaintainedinconfidencebytheCommittee.Tothemaximumextentfeasible,disbursementsofcurrencydirectlytothebeneficiarywillbeavoided.DisbursementswillpreferablybemadeintheformofdirectpaymentfromFPCtoserviceproviders(e.g.,bydirectpaymentsofrentorutilitybills,purchaseofgrocerystorecashcards,etc.).
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X. Internal Controls
TheleadershipoftheFirstPresbyterianChurchrecognizestheneedforstronginternalaccountingcontrolstoprotecttheChurchanditsstaffandvolunteerswhohandlemoney.Strongcontrolshelppreventtheft,helpdiscovererrorsinatimelyfashionsotheycanbecorrected,andalsoprotectvolunteersandstafffromunfoundedsuspicionofwrongdoing.FollowingaretheinternalcontrolsadoptedbytheSession.
A. Session Responsibility
Inadditiontosettingtheinternalcontrols,itisthepolicyoftheSessionto: Regularlyreviewfullfinancialstatements.TheSessionwillreviewfullfinancial
statementsonaquarterlybasisandabbreviatedfinancials(income,expense,net)betweenquarterlyreviews.TheFinanceCommitteewillreviewfullfinancialstatementsmonthly.
Adoptanannualbudgetandcompareactualstothebudgetatleastquarterly. Maintainandperiodicallyreviewallfinancialpolicies. EnsurethatanyIRSnoticesareopenedbysomeoneotherthantheBookkeeper. Divideandsegregatedutiesrelatedtofinancessothatnoonepersonhandlesall
aspectsofatransactionfrombeginningtoend. DesignatesomeonetobeTreasurerwhoisnottheBookkeeper. Designateotherpersonsauthorizedtoopenbankaccounts(asof2016Clerkof
Session/CorporateSecretary). Designatesignatoriesonbankaccounts(asof2016Treasurer,President,andVice
President). Ensurethatanystafforvolunteerswhohavetheabilitytoedittheaccounting
recordsnothaveaccesstoFPCcashorcashequivalents,unlesscompensatingcontrolsareinplace.4
Ensurethatafinancialreviewofallfinancialrecordsisconductedeachyear,eitherbyapublicaccountantoracommitteeofmembersversedinaccountingprocedures.SessionshouldapprovetheauditfirmorauditcommitteeuponrecommendationoftheFinanceCommittee.
4“Compensatingcontrols”includetimelymonthlyreviewofaudittrailsavailableintheaccountingsystems;inspectionsofsetups,entries,orexternalsources;orothersimilaraccountingpracticestypicallyusedwhenlimitedstaffresourcesprecludestrictcompliancewiththesepolicies.
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B. Cash Receipts
1. Collections
Moneyreceivedduringcollections(e.g.,Sundayofferings,TGIF,Deaconssoupsales,men’sbreakfast,retrievaloffundsfromdonationbox)shallbeinplainsightofatleasttwounrelatedpersonsuntilitisplacedinthesafe(preferablycountedandinasealedenvelopesignedbybothpersons).
Anydonationsearmarkedforanotherorganizationshouldbereviewed.Ifitisapreviouslyapprovedorganization,itmaybedeposited.(SeeSectionIV.C.2“GiftsSubjecttoReview”andTable5.)Ifnot,itshouldbeheldoutandbroughttotheattentionoftheTreasurer.
Nolessthanonceaweek,atleasttwodesignatedandunrelatedcountersshouldtakeallenvelopesfromthesafeandtakethemtoasecurelocationtocountanyuncountedfunds.
Eachpersonshallinfullsightofeachothercountthecashandthechecks,andallchecksshallbeendorsedwitha“ForDepositOnly”stamp.
Thetotalofcashandchecksshallberecordedonasummaryformandadepositticket.
ChecksandotherdocumentsshallbecopiedandgiventotheBookkeeperalongwiththesummaryanddepositticket.
Countersshalleithertakethemoneytothebankfordepositorplaceitinsealedandsignedenvelopeandputitbackinthesafeforsomeoneelsetodeposit.
ThepersondesignatedtotakethemoneytothebankfordepositshallnotbetheTreasurer,BookkeeperorOfficeManager,unlesscompensatingcontrolsareinplace(e.g.,countersprovidingcopyofdepositsliptoBookkeeperinadvance).
TheBookkeepershallrecordthepaymentsintothemembershiprecordsand/oraccountingsystemassoonaspossible,andnolaterthanoneweekafterreceipt.
AllcollectionsmustbedepositedintheFPCcheckingaccount.Nodisbursementmaybemadefromundepositedcollections.
AllSundaycountersarerequiredtoholdallinformationconfidentialandtosignaformindicatingthisandthattheywillfollowtheaboverules.TheCountersCoordinatorensuresthatnewcountersaretrainedandsigntheform.(SeeAppendixEandFormentitled“FPCAgreementforOfferingCounters.”)
2. MoneyReceivedbyMail
Someonewithoutaccesstothemembership/donororaccountingsystem(seeTable4)shallbedesignatedtoopenthemail,unlesscompensatingcontrolsareinplace.
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Anydonationsearmarkedforanotherorganizationshouldbereviewed.Ifitisapreviouslyapprovedorganization,itmaybedeposited.(SeeSectionIV.C.2“GiftsSubjecttoReview”andTable5.)Ifnot,itshouldbeheldoutandbroughttotheattentionoftheTreasurer.
Enclosedchecksshallbeimmediatelyendorsedwitha“Fordepositonly”stamp. Moneyandsupportingdocumentationshallbesecuredinasealedenvelopeand
placedinthesafe. Largechecksmaybedepositedatthebankduringtheweek,andthedepositslip
andbackupinformationgiventotheBookkeeper. AnymoneypresentinthesafeonSundayshallbecountedalongwiththeSunday
offeringbyregularchurchcounters.
3. RentPayments
TheFacilitiesManagerandOfficeManagermaycollectrentchecksinperson. Thechecksshallbestamped“ForDepositOnly”andimmediatelydepositedin
thebankorplacedinanenvelopeinthesafe. RentchecksmaybedepositedbytheOfficeorFacilitiesManager. CopiesofthechecksandthedepositticketshallbegiventotheBookkeeper.
4. Tuition
TheCDCDirectorusesadatabase(which,atthiswritingin2016,iscarriedasaseparate“company”ontheaccountingsystem)totrackinvoicesandpayments.
TheCDCDirectorinvoicestheparentsbasedoncontractedratesandadjustments.
ParentsturninpaymentstotheCDCDirectorordesignee. Preschoolpaymentsareheldinalockeddraweranddepositedonceaweekby
theDirectorordesignee. CopiesofchecksareturnedinwithdepositsliptoBookkeeper(markedasCDC
tuition). TheBusinessOfficetransmitsorotherwisemakesavailableonlinetotheCDC
DirectorinformationrelatingtoCDCtuitionpayments. TheCDCDirectorentersallpaymentsintoherdatabase. TheCDCDirectormaintainscompleterecordsofCDCattendance,invoicesand
payment Attheendofthemonth,afulllistofinvoicesandpaymentsareturnedintothe
Bookkeeper. TheBookkeeperandTreasurerreviewthemonth’sinvoicesandpayments. TheTreasurershallperiodicallyreviewattendancerecordsasdeemed
appropriate.
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5. ElectronicPayments
SomeonewithnoeditingaccesstotheaccountingormembershiprecordsshallestablishandmaintainthelinkfromtheChurch’sEFTprocessorsforonlinepaymentsandsales(seeTable4)totheChurch’sbankaccount,unlesscompensatingcontrolsareinplace(e.g.,dualorperiodicreviewsofthesetup).
TheBookkeeperorotherdesigneeshallenterdonationsandpaymentsintothemembershipandaccountingsystems.
6. DonorStatements
TheBookkeepersendsquarterlystatementsorotheracknowledgementtoalldonors.
TheTreasurerorBookkeeperpromptlyfollowsuponanydiscrepanciesbetweendonorandChurchrecords.
7. SpecialDonations
TheStewardshipCommitteeadministersthepolicyonAcceptanceandManagementofGiftsandDonations(SectionIV).
Donationsofstockareusuallyconvertedtocashimmediatelybythebrokeragefirm(seeSectionIV,C.1“Stocks,MutualFundsandOtherSecurities”).
Donationsofgoodsareinspectedandvaluedforinternalaccountingpurposesonly.
Donationsofprofessionalservicesarevaluedattheirnormalbillingrateandrecordedintheaccountingsystem.
TheTreasurersendsacknowledgementletterstoalldonorsofspecialdonations.
C. Cash Disbursements
1. Checks
ItisthepolicyofFPCtoordinarilypayvendorsbycheckforgoodsorservices. TheTreasurer,corporatePresident,andcorporateVicePresidentarethe
authorizedchecksigners.(SeeTable3fornamesofcurrentofficers.) Checksfor$5,000andovermustbesignedbytwoauthorizedchecksigners. Thedollarlimitshallbeprintedonthechecks. Checksshallalsohave“Notvalidafter90days”printedonthechecks. Voidedchecksaremutilated(signatureportionremoved)andsaved. Nooneisallowedtosignachecktohim/herself.Further,someoneotherthan
therecipientofthepaymentshallalsosigntheauthorizationform.
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Allpaymentrequestsshallhavebackupdocumentationandacheckrequestformproperlycompletedandauthorized.(SeeCheckRequestForm.SeealsoAppendixC“ExpenseReimbursementPlan.”)
W‐9sarerequiredforallcontractorsorvendorsthatarenotincorporated. ThisFinancialPolicyidentifieswhichstaffpersonsandvolunteerleadershave
theresponsibilitytoauthorizepaymentsoutofbudgetedlineitemsorRestricted/Designatedfunds.(SeeSectionVI.E.“BudgetandFundExpenditures”andalsoTables1and2attheendofthisdocument.)
ChecksrequestsanddocumentationaregiventotheBookkeeper,whoentersfullydocumentedrequestsintotheaccountingsystemandcutsthecheck.
TheBookkeepergivestherequestform,backupdocumentation,andchecktothechecksigner.
Thechecksignercomparesthechecktotherequestanddocumentationandsignsthecheck.
Thechecksarethenmailedandthedocumentationfiled.
2. AutomaticElectronicPayments
FPCcurrentlylimitsautomaticpaymentstoutilities,copierserviceandpensionandbenefitspaymentstotheBoardofPension,only.
Anauthorizedchecksignermustapprove/signanyautomaticbankpaymentagreements.
Statementsfromthevendorgotothepersonwhoisauthorizedtomaketheexpenditure(e.g.,utilitybillsgototheFacilitiesManager).Thispersonfillsoutandsignsarequestformandsecuresanyotherauthorizationneeded.
ThestatementandformareturnedintotheBookkeepertocomparewiththebankdraft.
3. PettyCash
TheOfficeManagermaintainsapettycashboxofapproximately$100. Staffandvolunteerswhorequestanadvanceorreimbursementforanexpense
shallprovidetheOfficeManagerwithdocumentationoftheexpense. Pettycashisreconciledwhenadditionalmoneyisneeded,oratleastquarterly. Noreimbursementshallbemadefrompettycash. Personsneedingreimbursementmustsubmitcheckrequestandappropriate
documentation.
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4. CreditCards
FPChasthreeChurchcreditcardsissuedtotheOfficeManager,FacilitiesManager,andCDCDirector.
CreditcardlimitsaresetbySessionuponrecommendationbyFinanceCommittee.
FPCcreditcardsaretobeusedonlyforFPCpurposes—noprivateuseisallowed.
Nocashadvancesareallowed. Onlinepurchaseswillbeaccompaniedbyanorderconfirmationandapacking
slip,asappropriate. Thecreditcardholdersholdreceiptsuntilthestatementcomesin.Theythen
compilethereceiptsandstatementswithapaymentrequestformandsubmittotheBookkeeperbeforethepaymentdeadline.(Thepaymentrequestformmustbesignedbytheperson(s)neededtoauthorizetheexpenses.)
TheBookkeeperreconcilesthereceiptswiththecreditcardstatement. Ifallreceiptsareprovidedandallexpendituresproperlyapproved,the
Bookkeepercutsthecheckanditissignedbyanauthorizedsigner. Toavoidinterestcharges,thecreditcardbalanceshallbepaidinfulleachmonth
priortothedeadline. Allrebatesorrewardsearnedonthecardaccountwillbedepositedinthe
ChurchaccountorotherwiseaccruedtothebenefitoftheChurch.
D. Bank Statements
TheSessionapprovestheestablishmentofnewbankaccounts. TheClerkofSessionopensthebankstatements,reviewsforreasonableness,and
initialseachpageofthestatement. TheClerkofSessionshallensurethathe/shereviewsthestatementfromeach
bankeachmonth. TheBookkeeperreconcilesthebankstatementwiththeaccountingrecords
beforethemonth‐endclosing. TheTreasurerreviewsthereconciliation. Bothreviewerslookforanyunknownvendors,anychecksnotproperlysigned,
anypaymentsthatappeartobeduplicated,anyunexplainedout‐of‐orderchecknumbers,andanythingelsethatappearstobeoutoftheordinary.
Thereviewerswillreviewopenitemsonreconciliations,suchasdepositsonbooksbutnotbankstatements,paymentsonbankstatementsbutnotonbooks,andunreconcileditemsover30daysold.
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E. Vendors
Treasurershallreviewtheestablishmentofnewvendorsandotherpayeesintheaccountingrecordspriortoanyinitialpayment,includingtheverificationofvendorname,address,phone,taxID,email,andbankinginstructions.
Treasurershallreviewlistofapprovedvendorsquarterly,includingamountspaid.
FinanceCommitteeshallreviewthelistofvendors/payeesannually,includingamountspaid.TheCommitteeshallincludethelistinareporttotheSession.
F. Payroll
TheSessionauthorizesanynewhires,includingtheircompensation,andchangesincompensationforexistingstaff.
TheClerkofSessionnotifiesthepayrollclerk,BookkeeperandTreasurerofanysuchchanges.
Payrollishandledbyanoutsidepayrollprocessor. Thepayrollclerks(currentlytheOfficeManagerandCDCDirector)record
changestothepayroll(newhires,compensationchanges,andterminations)ontheonlinepayrollsystem.
Thepayrollclerk(s)phoneinthehoursworkedforeachemployee,vacationused,etc.,forthebiweeklypayroll.
Allemployeetimesheetsshallbesignedbytheemployee’simmediatesupervisor.
Allemployeesreceivepaymentsbyelectronicfundstransfertotheirbankaccounts(exceptforafinalpayment).
Thepayrollprocessorautomaticallysendsrequiredpayrolltaxpaymentstothestateandfederalgovernments.
Otherwithholdings(retirement,etc.)arepromptlyforwardedbytheTreasurertotheappropriatevendor.
TheBookkeeperreceivesthepayrollreportfromthepayrollprocessorandentersdataontotheaccountingsystem.
TheTreasurerreviewsthepayrollentryandthepayrollreportandcomparesittoinformationreceivedregardingpayrollchanges.
G. Investments
ThereisawritteninvestmentpolicyapprovedbySession(seeSectionVandAppendixDandseevendorsinTable4).
TheInvestmentCommitteewillmakerecommendationstotheSessionontheallocationofinvestmentsincompliancewiththeinvestmentpolicy.
OnceSessionhasapprovedtheallocations,theChairoftheInvestmentCommittee,Treasurer,President,andVicePresidentareauthorizedtomove
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fundsinaccordancewithSessionapprovedguidelines.TheTreasurerandChairoftheInvestmentCommitteeeachreceiveemailnotificationsfromthebrokeragefirmconfirminganyfundmovements.
TheInvestmentCommitteereviewsinvestmentstatementsquarterlytodeterminethatinvestmentsareincompliancewithpolicyandtoevaluatetheneedforallocationchanges.
InvestedfundsarewithdrawninaccordwithguidelinessetbySession.ThoseauthorizedtowithdrawfundsarethePresident,VicePresident,andTreasurer.FundswithdrawnaresentbychecktoFPCortransferreddirectlyintoFPC’scheckingaccount.
H. Physical Assets
AcquisitionsanddisposalsofchurchpropertyrecordedasanassetontheChurchfinancialrecordsorinventoriesareapprovedbySession.Managersareauthorizedtodisposeofsupplies.
TheFacilitiesManageroverseesthesecurityofart,furniture,fixtures,andcomputers.
TheFacilitiesManager,workingwiththeHistoryCommittee(fortheart)andtheOfficeManager,makesalistofanyacquisitionsordispositionofsuchassetsthroughouttheyear.
TheFacilitiesManagerandOfficeManagertogether(alongwithaHistoryCommitteememberasappropriate)conductanannualinventoryofart,furniture,fixtures,andcomputers.
TheTreasurerreviewstheresultsoftheinventoryandchanges.
I. Computer Security
TheTreasurershallapprovewhohaswhattypeofaccesstothecomputeraccountingsystems.
TheTreasurerandtheBookkeepershallreviewalistofthosepersonswhoaccessedtheaccountingsystemseachmonth.
TheTreasurershallreviewthelistofpersonnelwithaccesstotheaccountingsystemsannuallyandpresentthelisttotheFinanceCommittee.
TheOfficeManagerisresponsibleforcomputersecurityandworkswithaprofessionalITservicecontractor.
Allcomputerfilesarecontinuallybackedupintothecloud. Thenetworkhasacurrentlyvalidinternetsecuritysoftwarepackage,which
includesanti‐virus,anti‐malware,contentfilteringandfirewallwhichisthefirstlineofdefense.
Eachcomputerhasanti‐virussoftware.
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Networkedcomputersandlaptopsarekeptinlockedrooms. Userswhocanchangedatahaveuniqueloginsandpasswords.
J. Safe
Sessionshallapprovewhohasaccesstoanysafecombination. Safecombinationsshallbechangedannually,andafterdepartureofanyemployee
orvolunteerwhohasaccesstothecombination. TheClerkofSessionshallmaintainthecombinationsinasealedandtapedenvelope
foremergencyuse.
K. Debt
Anyborrowing,withtheexceptionofcreditcarddebtwithinthecreditlimitsofthecardaccount,mustbeapprovedbyactionoftheSessionrecordedinitsminutes.
DetailsonmanagementofdebtisdecidedbySessionattimeofincurrenceofdebt.
L. Bonding
TheSessionmayrequireasuretybondofanyOfficer,Elder,Deacon,orMemberoftheCongregationwhohaveaccessto,orareinchargeof,orcontrolfundsoftheChurch.
TheChurchmaintainsemployeedishonestyinsurancecoveringagainsttheftbyemployeesorvolunteers.
Anyinstancesoftheftthatarediscoveredarereportedtotheinsurancecarrier.
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XI. Insurance and Risk Management
A. Purpose and Scope
TheBookofOrder(G‐3.01112)requireseachSessiontoobtainpropertyandliabilityinsurancecoveragetoprotectitsfacilities,programs,staffandelectedandappointedofficers.Theroleofchurchesischangingandwithittheneedforchurchboardstoreviewwaystoprovideadequateinsuranceforallpropertydamage,accidentandliabilitysituations.Gonearethedayswhenthechurchactivitieswerelimitedtoweekendservices,specialholidayfunctionsandchurchdinners.Today,thechurchisthehubofdiverseactivitiesincludingfundraisingevents,preschoolprograms,socialactiongroups,scoutsandothermeetings.Manychurcheshaverelatedpropertysuchasschools,gymnasiums,nursinghomesandcemeteries.Congregationsareinvolvedinmanyoff‐premisesactivitiessuchascamps,excursions,tours,outingsandretreats,manyofwhichrequiretheuseofbusesandothermotorizedequipment.Inaddition,thereistheexposuretovandalism,riots,bombingsandarson.Withallthisinvolvement,thechurchhasincreasedliabilityoverthechurchof50yearsago.Thetaskofadequatelyinsuringthechurchagainstmanysituationsbecomescomplicated.ResponsibilityforriskmanagementandinsuranceatFPCresideswiththeTreasurerinconsultationwiththeFinanceandFacilitiesCommitteesandtheFacilitiesandOfficeManagers.TheFinanceCommitteeshallrecommendtotheSessionaprogramofinsurancewithapprovedbrokersand/orinsurersdulylicensedinNewMexico.TheFacilitiesManagerisconsideredtheRiskOfficerforFPCandthereforeisresponsibleforissuessuchassecurity,safetyandincidentreporting.ThePC/USAhasanOfficeofLegal/RiskManagementthatwelcomesquestionsatanytimeintheareasofInsuranceforchurches.PC(USA)haspublishedandcontinuestoupdateaManualentitled“LegalResourceManualforthePresbyterianChurch(USA)MiddleGoverningBodiesandChurches.”
B. Delegation of Insurance and Risk Management Functions
SubjecttotheapprovaloftheSession,theFinanceCommitteemaydelegatetoanexternalagent(insurancebrokeroragent)themanagementofthebidprocess.Inenteringintoanysuchdelegation,theSessionandtheFinanceCommitteeshallactingoodfaith,withthecarethatanordinarilyprudentpersoninalikepositionwouldexerciseundersimilarcircumstances,in:
Selectingabrokeroragent.
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Establishingthescopeandtermsofthedelegation,consistentwiththepurposesoftheChurchneedsandriskmanagementpolicies.
Reviewingtheagent’sactionssemi‐annuallyinordertomonitortheagent’sperformanceandcompliancewiththescopeandtermsofthedelegation.
AnyagentappointedbytheChurchshallberequiredtosubmittothejurisdictionofthecourtsofNewMexicoinanyproceedingsarisingfromorrelatedtothedelegationortheperformanceofthedelegatedfunction.
C. General Insurance Guidelines
TheFinanceCommitteeshallreviewandreporttoSessiononFPC’sinsuranceprogramannually.AnnualauditoftheChurchfinancesshallincludeverificationthatinsurancebillshavebeenpaid.Insurancepackagesand/orprogramsshallbebideverythreeyears.InsurersshallbeadmittedintheStateofNewMexicoandcarryanA.M.BestRatingofnotlessthanA‐IX.Non‐admittedinsurersmaybeconsideredwithS&PratingofatleastAAorequivalentwithMoody’sorFitch’s.BrokersshallbeapprovedbySessionandshallhaveexperienceinriskmanagementforchurchesaswellasadequatelicensedstafftoprovideallservicesrequiredbyFPC.BrokerperformanceshallbeperiodicallyreviewedbytheSession.ARiskProfileshallbemaintainedwhichcapturestheexposureinformationforthepurposeofbuyinginsuranceandupdatedeverythreeyearsastoreplacementcostvalues.Schedule5shallbecreatedandmaintainedtoinclude:
Property—Buildings,furniture,fixturesandequipment,suppliesandotherfixedassets.Insuranceshallbeacquiredonareplacementcostbasis,covering“allrisk”orspecialperilsincludingflood,earthquakeandothercatastrophicperilsifsuchexposuresexist.Deductiblesshallnotexceed$25,000,shallbewrittenonablanketvaluebasiswithnocoinsurancepenalties.Aninventoryofallitemswithintheseproperties,eventhosethatarenotthepropertyofthechurch,suchasthepastor’spersonallibraryorequipmentloanedorleased.
FineArts—Musicalinstruments,otherspecialtyitems.Insuranceshallbeobtained
onascheduled,statedvaluebasiswiththesameperilsasontheProperty.Deductiblesshallnotexceed$25,000fortheentireschedule,$5,000eachitem.
BusinessInterruption—ExtraExpense.InsuranceshallbeobtainedtoadequatelycoverthecostofalternatefacilitiesfortheChildDevelopmentCenteraswellasthe
5Anyreferencetolimitamountsand/ordeductiblesisreflectiveofcurrentpolicies,andsuchamountsmaybesubjecttochangebySession(uponadviceoftheFinanceCommitteeand/orBrokers).
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Churchforusualoperations—foraperiodofatleast6months,intheeventacatastropheoccursandthefacilitiesareseverelydamagedordestroyed.
EmployeeDishonesty—CrimePolicy.Appropriatelimitsshallbemaintained.
GeneralLiability—ExcessandUmbrella—AutomobileLiability.Appropriatelevelsofcoverage(notlessthan$5,000,000eachoccurrenceandintheaggregate)forthird‐partyinjuryeitherbodilyinjuryorpropertydamageshallbepurchased.ThecoverageshallextendtoalloperationsandfacilitiesofFPC,includingCDC.
PoliciescoveringotherliabilitiestobeinsuredasspecifiedbytheBookofOrdershallbemaintainedwithadequatelimitsandappropriatedeductibles.Theseinclude:
Directors&OfficersLiability. EmploymentPracticesLiability. SexualMisconduct. ProfessionalLiability(i.e.,PastorsandEducators,Counselors).
StatutoryorRequiredInsuranceshallbemaintained.Theseinclude:
Workers’Compensation—EmployersLiability. EmployeeBenefitsandPension.
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XII. Contracts and Other Agreements
A. Purpose and Scope:
TheThirdAmendedandRestatedBylawsofFPCeffectiveJanuary1,2013,Article6,Section6.1statesthat:“Sessionmayauthorizeanyofficerorofficers,agentoragentstoenterintoanycontractorexecuteanddeliveranyinstrumentinthenameoftheCorporationoronbehalfoftheChurchwhichwillfurtherthepurposeforwhichtheChurchwasestablishedandmaintainsitsexistence.Suchauthoritymaybegeneralorconfinedtospecificinstances.”Article5,Section5.2(A)statesthat:“exceptasotherwiseprovidedbytheSession,thesebylawsorrequiredbylaw,thepresidentshallexecutealllegaldocumentsandinstrumentsonbehalfoftheCorporationwiththesecretary...“.IntheabsenceofthePresident,theVicePresidentshallperformthedutiesofthePresident(Section5.2(B).
B. Legal Documents or Instruments
Theterm“legaldocumentsorinstruments,”asreferencedintheBylawsaboveandrequiringexecutionbythePresident(andtheSecretaryifrequired),isinterpretedbytheSessiontoincludecomplexcontracts,agreementsandotherlegallybindingdocumentssuchasthefollowing:1) Trustagreements.2) Litigationorinvestigatorymatters.3) RealEstateTransactionssuchasdeedsorleaseagreementsthatextendmorethanone
year.4) Agreementsorotherdocumentsrelatingtocorporategovernance,partnerships,
reorganizations,mergers,dissolutionandothersimilarcorporatematters.5) Othercomplexcontracts,agreementsorotherdocumentshavingsignificantimpacton
thefinancesorthemissionoftheChurch,includingbutnotlimitedtocontractsandagreementsthat:a) Areanticipatedtohaveanannualcostofmorethan$5,000.b) WillresultinFPCcommitmentsextendingmorethan1year.c) Includeindemnificationandinsuranceprovisions.d) Arefortheacquisitionofnon‐retailgoodsorservicesnotsoldatpublishedprices.e) HaveapotentialtoresultinsignificantandunanticipatedFPCliabilitiesorcosts.f) InvolveuseofFPCpropertybythirdpartiesformorethan30days.g) Involveacquisitionofaudit,accounting,legal,consultingorotherprofessional
services.h) Involvenegotiatedintellectualpropertyrights.i) CouldexposeFPCtocontroversyorcriticismorwouldbeinconsistentwiththe
missionoftheChurch.
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Inordinarycircumstances,theSessionshallapprovealllegaldocumentsandinstrumentsasdefinedabove.TheAdministrationCommitteeshallberesponsibleforevaluatingandprovidingrecommendationstotheSessiononsuchlegaldocumentsandinstruments.InextraordinarycircumstanceswhereSessionapprovalisnotfeasibleduetotimeconstraints,theAdministrationCommitteeandPresidentshallassumeresponsibilityforfinalapprovalandexecution,andshallreporttheactiontotheSessionatthenextopportunity.
C. ManagementAuthorizations
ThefollowingdefinestheauthorityoftheHeadofStaffandotherFPCmanagerstonegotiateandexecutecontracts,agreementsandotherdocuments.TheHeadofStaff,andsuchFPCmanagersasmaybeproposedbytheHeadofStaffandauthorizedbytheSession,maynegotiateandexecute,withoutSessionapproval,contracts,agreementsandotherdocumentsthatdonotarisetothelevelof“legaldocumentsorinstruments,”asdefinedabove.Theseincluderoutinepurchaseorders,useagreements,serviceagreementsextendingforoneyearorless,supplyorders,shorttermleases(eitherastenantorlandlord,eitherneworrenewal,andforeitherrealestateorequipment)thatfallwithintheirindividualprojectorresponsibilities.ManagersshallfollowallapplicableFPCpoliciesandprocedures,suchastheFacilitiesUsePolicy,PersonnelManualandthisFinancialPoliciesManual.Forcontracts,agreementsordocumentsthatdepartfromorarenotcoveredbyotherFPCpoliciesandprocedures,managersshallconsultwithandseekapprovaloftheAdministrationCommitteeandanyotherappropriateCommitteepriortoexecution.OtherthanelectedofficersofFPC,MembersandotherFPCvolunteersarenotauthorizedtoexecutecontracts,agreementsorotherdocumentsonbehalfofFPC.
D. Documentation and Filing
FPCManagersareresponsibleforacquiringvalidandappropriateCertificatesofInsurancefromanycontractororuserofFPCfacilities,asspecifiedbytheFacilitiesUsePolicy.AnyquestionregardingthisrequirementmaybedirectedtotheTreasurerorFinanceCommittee.Finalcopiesofalllegaldocumentsandinstruments;othercontracts,agreementsordocuments;andCertificatesofInsuranceshallbefiledintheBusinessOfficeorapprovedfilingsystemwithintheArchives.
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XIII. Document Retention and Destruction Policy
A. Purpose and Scope
IncompliancewithThePresbyterianHistoricalSocietyguidelines,FPChasadoptedthefollowingRetentionSchedule.Itisapplicabletobothdigitized,electronicallystoreddocumentaswellaspapercopies.
B. Retention Schedule
Types RetentionPeriodMinutes PermanentRegisters PermanentReports/Annualreports PermanentBylaws/Charters PermanentIncorporateRecords PermanentAnnualbudgets PermanentAnnualaudits PermanentAnnualfinancialstatements PermanentSubjectcorrespondence PermanentManuals/handbooks PermanentNewspapers/newsletters PermanentBrochures/promotionalmaterials(1copy) PermanentPhotographs PermanentPropertyappraisals,recordsofsale 20yearsaftersaleArchitecturaldrawings,plats,plans,blueprints
Permanent
Wills,bequests PermanentLegal/judicialcaserecords PermanentLoanagreements Satisfaction+20yearsContracts Active+3yearsPersonnelrecords/employeerecords Employment+7yearsFICA/W2records 7yearsAccountspayableinvoices 3yearsAccountspayable 7yearsAccountsreceivablerecords 3yearsBankdepositslips 3yearsBankstatements 7yearsCanceledchecks 7yearsCashreceiptrecords 3yearsDataforupdatingmailinglists 1yearMailinglists ActivePeriodicfinancialstatements 2years
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Types RetentionPeriodExpensereports 7yearsGeneral/routinecorrespondence(acknowledgements,requests,travelarrangements,etc.
3years
Invitations 1yearPettycashrecords 7yearsReceiptsofpurchases 7yearsMeetingnotices 1yearTravelplans/arrangements 1yearResourcefiles Active
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Appendices
Appendix A: Responsibilities of Finance-Related Committees and Officers
StewardshipCommittee
TheStewardshipCommitteeshallordinarilybechairedbyaRulingElderservingontheSession.ItisgenerallyresponsibleforoverseeingallfundraisingactivitiesoftheChurch.Inparticular,andsubjecttotheguidanceandapprovaloftheSession,itisresponsiblefor:
Conductingtheannualstewardshipcampaign. Overseeingspecialofferingsandfundraisingcampaigns,includingcapitalcampaigns
asneeded,andincludingtheapprovaloftermsofsolicitationforsuchofferingsandcampaigns.
InteractingwithpotentialdonorswhoexpressinterestingivingtotheChurchbywayofwills,bequests,trusts,memorials,endowments,restrictedgifts,orotherformsofspecialgifts,followingChurchpolicyonacceptanceofgiftsandtheestablishmentofMemorialorEndowmentFunds.
AssistingintheappropriatecategorizationofgiftsasSessionDesignated,DonorRestrictedorUnrestricted.
FinanceCommittee
TheFinanceCommitteeshallordinarilybechairedbyaRulingElderservingontheSession.Itsresponsibilitiesshallinclude:
SupportingpreparationoftheannualoperatingbudgetanditspresentationtotheSessionforapproval.
MakingrecommendationstotheSessionregardingtheestablishmentordissolutionofFunds.
InconsultationwiththePastor,theidentificationofstafforcommitteechairswhohavebudgetand/orFundexpenditureauthority.
PreparationofspendingguidancetoChurchstaffand/orcommitteeshavingexpenditureauthorityoverbudgetlineitemsorFunds,anditspresentationtotheSessionforapproval.
MonitoringofbudgetexecutionandtransactionswithinFundaccounts,bringingvariancestotheattentionofresponsiblepartiesandtheSessionasneeded.
ReviewoffinancialreportsandevaluationofthefinancialconditionoftheChurch,includingitsFunds.
AdministeringtheFPCConflictofInterestPolicy(AppendixB). AdministeringandmaintainingthisFPCFinancialPoliciesManual Appointment,trainingandsupervisionofCounters,throughtheCounters
Coordinator.
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InvestmentCommittee
TheInvestmentCommitteeshallordinarilybechairedbyaRulingElderapprovedbytheSession.Itsresponsibilitiesinclude:
Identifyingandevaluatingpotentialinvestments. PresentingrecommendationstotheSession,consistentwiththeinvestmentpolicies
oftheChurch,withregardtoparticularinvestmentsforChurchfunds. MonitoringandreportingontheperformanceoftheChurch’sinvestmentsona
regularbasisorasrequestedbySession.
Treasurer
TheTreasurer: IselectedbyandreportstotheSession,andmustbeorhavebeenaRulingElder. IsanofficeroftheCorporation. IschargedwiththeresponsibilitiesandauthoritiessetforthintheChurchBylaws
atArt.5,Sec.5.2(D). PerformssuchotherdutiesasmaybeassignedbytheSession. ShallnotbeinvolvedinthecountingordepositingofChurchfunds. Isresponsiblefor:
o TherecordingofandaccountingforfundsandsecuritiesoftheChurchandthepreparationoftheannualbudgetandregularfinancialreportsconsistentwiththeChurch’sFinancialManagementPolicies.
o OverseeingthepreparationofchecksforpaymentandensuringthatallfundsdisbursedarewithintheChurch’sbudgetandlimitationsonFundexpenditures.
o Supervisingdailycashbalancestoensuresufficientfundsaremaintainedtocoverpaymentsandmakingrecommendationsastotheamountoffundsavailableforinvestment.
o Overseeingcountingprocedures.
OtherCorporateOfficers
InadditiontothefunctionsofCorporateOfficerssetforththeFPCBylaws,thefollowingOfficershavethefollowingauthorities:
PresidentandVicePresidentareauthorizedtosignchecksandwithdrawfundsfrombrokerageaccounts.
TheCorporateSecretaryhasauthoritytoopennewbankand/orbrokerageaccountswithSessionapproval.
TheCorporateSecretaryhasresponsibilityforopeningsealedbankstatementsandreviewingtransactions.
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FinancialReviewCommittee
TheFinancialReviewCommitteeshallordinarilybechairedbyaRulingElderapprovedbytheSession.MembersoftheCommitteeshallbeapprovedbytheSession.TheCommitteeshallincludemembersknowledgeableofaccountingprocedurestotheextentfeasible.ItisresponsibleforobservingtherequirementsofsectionG‐3.0113oftheBookofOrderandanyadditionalguidanceprovidedbytheSessionortheChurch’sFinancialManagementPolicy.
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Appendix B: Conflict of Interest Policy
ArticleI—Purpose
ThepurposeofthisConflictofInterestPolicyistoprotecttheinterestsofFirstPresbyterianChurchanditsMembersandotherdonors,againsttheadverseeffectsofactual,potentialorapparentconflictsofinterest(COIs)intheexecutionandadministrationofFPCcontracts,purchaseorders,giftagreementsandothercontractualtransactions.ThisPolicyisalsointendedtoinstillconfidenceinMembersandotherdonorsthattheirgiftsanddonationsaremanagedcompetently,ethically,andtransparently.ThisPolicyisintendedtosupplementbutnotreplaceorconflictwithanyapplicablestateorfederalconflictsofinterestlawsorregulationsapplicabletononprofit,religious,orcharitableorganizations.
ArticleII—Definitions
1.InterestedPerson
AnInterestedPersonisanyFPCemployee,Sessionmember,Elder,corporateofficer,Committeemember,oranyChurchvolunteerwhohasanactual,potentialorapparentFinancialInterestinaproposedorexistingFPCcontractualtransaction,asdefinedbelow.
2.FinancialInterest
ApersonhasFinancialInterestinanactualorproposedtransactionifheorshehas,directlyorindirectly,throughpersonalorfamilybusiness,investment,contractualorownershipinterests:
AnownershiporinvestmentinterestinanyentitywithwhichtheChurchhasaproposedorexistingcontractualtransactionorarrangement;
AcompensationarrangementwiththeChurchorwithanyentityorindividualwithwhichtheChurchhasacontractualarrangement;or
Apotentialownershiporinvestmentinterestin,orcompensationarrangementwith,anyentityorindividualwithwhichtheChurchisnegotiatingacontractualtransactionorarrangement.Compensationincludesdirectandindirectremunerationaswellasgiftsorfavorsthataresubstantial.
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3.SignificantConflictofInterest
ASignificantConflictofInterestisanactual,potentialorapparentCOIthat,inthesoledeterminationoftheSession,posesasignificantrisktotheChurchof:
Financialloss,overcharging,orunacceptableperformanceofacontractualagreement.
Embarrassment. Unlawfulexcessbenefit. Inurementtothebenefitofanyprivateindividual. Anyotherconsequencethatcouldjeopardizethetax‐exemptstatusofthechurch
orthetaxdeductibilityofdonationstothechurch.
ArticleIll—PoliciesandProcedures
1.Overview
NotallFinancialInterestsconstituteaConflictofInterest,andnotallConflictsofInterestarisetothelevelofaSignificantCOI.UnderSections2‐5below,anInterestedPersonbedeemedtohaveaSignificantCOIonlywhensodeterminedbytheSession.
2.DutytoDisclose
AnyInterestedPersonwhoisinapositiontoinfluence,implement,orparticipateinadecisiontoawardanFPCcontractualagreementhasadutytodiscloseanyactual,potentialorapparentCOItotheSessionoranauthorizedCommitteeresponsibleforinvestigatingthematter.
3.ExtentofDisclosure
AnInterestedPersonshalldisclosetheexistenceandnatureofhisorherFinancialInterestandshallbegiventheopportunitytodiscloseallothermaterialfactstotheSessionortothemembersofanyCommitteeauthorizedbytheSessiontoconsiderthematter.
4.DeterminingWhetheraSignificantConflictofInterestExists
Afterdisclosureofthefinancialinterestandallmaterialfacts,andafterdiscussionwiththeInterestedPerson,theSessionorCommitteeshalldiscussthematterintheabsenceoftheInterestedPerson,andshalldeterminewhetheraSignificantCOIisdeemedtoexist.ACommitteeauthorizedtoinvestigatethemattershallreportsitsdeterminationandaproposeddispositionofthemattertotheSession,andthedecisionoftheSessionshallbefinal.
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5.ProceduresforAddressingaSignificantConflictofInterest
IftheSessiondeterminesthatthereisnoSignificantCOI,thematterisclosedandthereshallbenoadverseconsequencetotheInterestedPersonforhavingdisclosedhisorherFinancialInterest.IftheSessiondeterminesthatthereisaSignificantCOI,itmay:
DirectthattheInterestedPersonhavenofurtherinvolvementinanydecisionregardingtheawardoradministrationofthecontractualtransaction;or
DirectthetakingofappropriatemeasurestoeliminateoradequatelymitigatetheCOI;or
Inexceptionalcircumstances,wherethevalueofthecontractualtransactionisdeemedtooutweighthepotentialadverseconsequencesofproceedingdespitetheSignificantCOI,allowtheInterestedPersontoremaininvolvedintheawardand/orimplementationofthecontractualtransaction.
6.Violations
Ifanyemployee,officer,Elder,SessionmemberorCommitteememberhasreasontobelievethataperson,whoisinapositionofinfluenceovertheawardoradministrationofacontractualtransaction,hasfailedtodiscloseanactual,potentialorpotentialapparentCOI,heorsheshallinformtheHeadofStaffofthebasisorsuchbelief,andtheSessionshallaffordtheaccusedpersonanopportunitytoexplaintheallegedfailure.If,afterconsideringtheresponseofapersonsoaccusedandaftermakingfurtherinvestigationaswarrantedbythecircumstances,theSessiondeterminesthattheaccusedpersonfailedtodiscloseanactualorpossibleconflictofinterest,theSessionshalltakeappropriatedisciplinaryandcorrectiveaction.
ArticleIV—RecordsofProceedings
TheminutesoftheSessionandanyCommitteewithSession‐delegatedauthoritytoinvestigateaCOImattershallcontain:
Thename(s)ofanypersonwhodisclosedorotherwisewasfoundtohaveaFinancialInterestinconnectionwithanactual,potentialorapparentconflictofinterest,thenatureoftheFinancialInterest,anyactiontodeterminewhetheraSignificantCOIwaspresent,andtheSession'sdecisionorCommittee'srecommendationastowhetheraSignificantCOIexisted.
Thenamesofthepersonswhowerepresentfordiscussionsandvotesrelatingtothecontractualtransaction,thecontentofthediscussion,includinganyalternativestotheproposedtransactionorarrangement,andarecordofanyvotestakeninconnectionwiththeproceedings.
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ArticleV—COIPoliciesandPracticesRegardingCompensation
WiththeexceptionoftheHeadofStaff,themembersoftheSessionshallnotreceivecompensationfortheirserviceasSessionmembers.However:
AvotingmemberoftheSessionorastaffemployeewhoreceivescompensation,directlyorindirectly,fromtheChurchforanyservicesisprecludedfromvotingonanyCOIdeterminationpertainingtothatperson’scompensationandshallexcludehimself/herselffromalldiscussionsandvotesregardingsuchcompensation.
AvotingmemberofanyCommitteewhosejurisdictionincludescompensationmatters,andmemberwhoreceivescompensationdirectlyorindirectlyfromtheChurchforanyservices,isprecludedfromvotingonmatterspertainingtothatmember'scompensationandshallexcludehimself/herselffromalldiscussionsandvotesonsuchcompensation.
NovotingmemberoftheSessionoraCommitteewhosejurisdictionincludescompensationmatters,orwhoreceivescompensation,directlyorindirectly,fromtheChurchforanyservices,isprohibitedfromprovidinginformationtotheSessionortoanyCommitteeregardinganymatters,includingthemember’scompensation.
ArticleVI—AnnualCOIStatements
EachSessionmember,principalOfficer,Committeemember,orothervolunteerhavingSessiondelegatedauthoritiesinvolvingpurchaseordersorothercontractualagreementsshallannuallysignastatement(seeForms)thataffirmsheorshe:
HasreceivedacopyoftheConflictofInterestpolicy. HasreadandunderstandsthePolicy. HasagreedtocomplywiththePolicy. UnderstandstheChurchisanonprofitcorporationandthat,inordertomaintain
itstax‐exemptstatus,itmustengageprimarilyinactivitiesdirectedtoitstax‐exemptpurposes.
VII—PeriodicReviews
ToensurethattheChurchoperatesinamannerconsistentwithcharitablepurposesanddoesnotengageinactivitiesthatcouldjeopardizeitstax‐exemptstatus,periodicreviewsshallbeconducted.Theperiodicreviewsshall,ataminimum,includethefollowingsubjects:
Whethercompensationarrangementsandbenefitsarereasonable,basedofcompetentsurveyinformation,andtheresultofarm'slengthbargaining;and
Whethercontracts,partnerships,jointventures,andothercontractualarrangementswiththirdpartiesconformtotheChurch'swrittenpoliciesandare:
o Properlyrecorded.
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o Reflectreasonableinvestmentdecisionsorpaymentsforgoodsandservices.
o Advancecharitablepurposesanddonotresultinprivateinurementoranexcessbenefittransaction.
ArticleVIII—UseofOutsideExperts
WhenconductingtheperiodicreviewsasprovidedinArticleVII,theChurchmay,butneednot,useoutsideexpertsasadvisors.Ifoutsideexpertsareused,theiruseshallnotrelievetheSessionofitsresponsibilityforensuringthatperiodicreviewsareconducted.
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Appendix C: Expense Reimbursement Plan
TheFirstPresbyterianChurchmaintainsthisfullyaccountableExpenseReimbursementplanforitspastors,employeesandvolunteers,inaccordancewiththerulesandregulationsoftheInternalRevenueService.Suchrulesandregulationsprovidethatanemployee“neednotreportonhis/hertaxreturn”expensespaidorincurredbytheemployeesolelyforthebenefitoftheChurch,andforwhichsuchemployeeisrequiredtoanddoesaccounttotheChurchandwhicharechargeddirectlyorindirectlytotheChurch.Accordingly,allproperty,goodsandservicespurchasedunderthisaccountableexpensereimbursementplanbelongtotheChurch,nottheindividual.InadditiontotherulesandregulationsoftheIRS,thefollowingrequirementsforexpensereimbursementapply:
a. AllmileageexpenseswillbereimbursedatthepublishedIRSrate.Documentationmustaccompanytherequestthatliststhetimeandplace,odometerreadings,identificationofbusinessandstatementofbusinesspurpose.Commutingmileswillnotbereimbursed.
b. Individualreceiptsarerequiredforreimbursementofexpenses.c. Requestsforreimbursementformealsorotherexpensesmustincludethe
businessrelationshipamongthepartiestosufficientlyexplainthebusinesspurposeandwhytheexpensewasincurredonbehalfofthechurch.GuidelinesfordeterminingreasonablemealexpensesshallgenerallyconformtoIRSperdiemrates.
d. Whennecessary,theChurchwillprovidecashadvancesforallowableandappropriatebusinessexpenses.Byacceptinganadvance,theminister,employee,orvolunteeragreestocomplywiththerequirementsofthisPlanandwilldocumenttheexpensesandreturnanyexcesspaymentswithin60days.
e. Requestsforreimbursementorcashadvanceswillbemadeonanexpensereport,signedbythepayee,approvedinthesamemannerrequiredforallchecksandsubmittedforpayment.Reimbursementrequestsmustbeapprovedbysomeoneotherthanthepayee.
f. Expenseswillbechargedtoaparticularprogramareathatisassociatedwiththereasonfortheexpense.Professionaldevelopmentexpenseswillbechargedtoanappropriatepersonnelaccount.
g. Requestsforreimbursementmustbemadewithin60daysoftheexpense.h. Originalreceiptsanddocumentationoftherequestforreimbursementwillbe
retainedbytheChurchtosubstantiatetheexpense.AsapplicableindividualsseekingreimbursementarerequiredtohavesignedandhaveonfileExpenseReimbursementPlanAcknowledgementform.
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Appendix D: Acceptable Ranges of Investment Categories in the Investment Portfolio
Equities(Stocks)
Therangeofequityinvestmentsshallordinarilyfallbetween40%and65%ofthetotalinvestmentportfolio.Aneutralrangeisbetween50‐60%.Withinequitiesthefollowingcategoriesshouldberepresented:
Largeandmegacapitalization(cap). Smallandmid‐caps. Foreign,includingemergingmarkets. REITs.
Intermsofcapitalization,astrongmajorityoftheequityinvestmentsshouldbeinlargeandmegacaps.Anormalrangeforthemwouldbe65‐80%oftotalequities.Thus,thenormalrangeforsmallandmid‐capswouldbe20‐35%.Inanotherbreakdown,domesticequityrangeshouldbe65‐85%oftotalequities,withforeignfallingbetween15and35%ofthetotalequityinvestment.InvestmentinREITsshouldgenerallybe5%orlessoftotalequityinvestment.
FixedIncome(Debt)Ranges
Fixedincomeinvestmentsshallfallbetween35%and60%ofthetotalinvestmentportfolio.Aneutralrangewouldbe40‐50%.Withinfixedincomethefollowingcategoriesshouldberepresented:
Investmentgrade. Below‐investmentgrade. Foreign,includingemergingmarkets. Duration:short,intermediateandlong.
Qualityrangesshouldbe70‐90%investmentgrade,relativetothetotalallocatedtofixedincomeinvestments.Thusbelow‐investmentgradefixedincomeinvestmentsshouldbebetween10%and30%.Arangeof70‐90%domesticdebtsecuritiesand10‐30%foreignshouldbemaintained.
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Asageneralruleanaveragebonddurationof4‐8years(intermediate)isadvisabletobalanceincomeandpricevolatilityfactors;however,therearetimeswhenashorteraveragedurationisadvisable.
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Appendix E: Cash Handling Policy
TheChurchreceivescashandchecksinitsSundayofferings,TGIFconcerts,socialevents,andChurchsales.AllChurchMemberswhohandlecashareinstructedonbasicinternalcontrolsrelatedtocashreceipts.Cashhandlersarealsoinstructedthattheyarerequiredtokeepallfinancialinformationconfidential.Offeringcountersareexpectedtosignthefollowingagreement.DetailedinstructionstoCountersconsistentwiththesepoliciesareprovidedbytheTreasurerwithapprovaloftheFinanceCommittee
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Appendix F: Special Purpose Fund Identification Documents
A Special Purpose Fund Identification Document shall be created for each Special Purpose Fund proposed for approval by the Session. See the model template for a Special Purpose Fund Identification Document set forth below.
Document Contents
The Special Purpose Fund Identification Document shall contain all pertinent information regarding the proposed Special Purpose Fund, including:
The proposed name of the Special Purpose Fund. The account number of the Fund (assigned by the Treasurer). The purpose of the Fund, specifically including any donor-imposed restrictions,
special conditions or instructions; or any Session-imposed restrictions regarding use or duration of the Special Purpose Fund, carryover of unused funds to subsequent years, retention of income earned on the assets in the Fund, etc.
The initial level of funding and its source (individual donation(s); will, trust, charitable annuity, etc.; special solicitation and collection; Session appropriation of unrestricted funds; or other).
Name(s) and contact information for any donor(s), unless Special Purpose Fund is based on a Church solicitation accompanied by general membership contributions.
The identification and location of any pertinent Gift Instrument (donation agreement, Church solicitation, will, trust, etc.).
Any pertinent information on a donor, or the circumstances of the formation of the Special Purpose Fund, that might assist future Church representatives in the management of the Fund.
Proposed sources of subsequent or continuing funding, if any. The type of Special Purpose Fund (Temporarily Restricted, Permanently Restricted,
or Unrestricted (Session Designated) (see Definitions). The Committee Chair and/or FPC employee having expenditure authority over
Special Purpose Fund. The date of approval by the Session.
Fund Creation
A draft Special Purpose Fund Identification Document shall be prepared in connection with a proposal to the Session to approve a new Special Purpose Fund. The approved Document should be referenced in connection with any subsequent contribution or appropriation of new funding to the Fund, or any request for expenditures from the Special Purpose Fund. The responsible FPC employee or committee chair is responsible for ensuring that there is
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a record of Session approval or delegated expenditure authority to support a proposed disbursement, and for ensuring that the correct account number is referenced.
Existing Funds
The existing funds are presented in a separate document (Special Purpose Funds). These funds are updated by the Finance Committee after appropriate action by the Session. Original source documents, e.g., Session minutes, gift agreements, or bequests documentation, for all Special Purpose Funds in this Table may be found in the Church business files or on shared documents on OneDrive. NOTE: Pages 85-116 have been moved to new document. Since this document is currently under revision, page number 117 through 127 have remained the same.
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Forms
Formsareameanstoexecutethepoliciesestablishedinthisdocument.TheymaybechangedwithoutSessionapproval.Neworrevisedformswillbeincludedinthissectionasnecessary.
FPC Special Purpose Fund Identification Document Template
NameofSpecialPurposeFund:AccountNumber:Purpose:Initialfundinglevel:Initialsourceoffunding:Name(s)andcontactinformationondonor(s),ifany:IdentificationandlocationofpertinentGiftInstrumentorChurchSolicitation:OtherpertinentinformationonsourceorcircumstancesofthecreationoftheSpecialPurposeFund:Proposedsourcesofsubsequentorcontinuingfunding,ifany:TypeofSpecialPurposeFund(TemporarilyRestricted,PermanentlyRestricted,orUnrestricted(SessionDesignated):ResponsibleFPCemployeeorCommitteehavingexpenditureauthority:DateofSessionapproval: ClerkofSession: Date:
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FPC Agreement for Offering Counters
I,____________________________________________,herebyagreeasfollows:
Ihaveread,understandandwillcomplywithChurchpoliciesandproceduresregardingcountingofcollections;
Iwillkeepconfidentialanyandallinformationaboutindividuals’giving,towhichIamexposedasaCounterofcollections;
IwillnotshareordisclosetoothersMemberfinancialinformationoramountsdonatedtotheChurch,exceptingonlyauthorizedChurchfinancialpersonnelhavinganeedforaccesstosuchinformation;
Iwillmakenodisbursementsfrompre‐depositcashcollections; Iwillensurethatallcollectionsarepromptlysecuredinthesafeordepositedinthe
bank;and IwillnotshareordisclosethecombinationoftheChurchsafetoanyotherperson.
AsanFPCCounter,Iwillberesponsibleforensuringthatcollectionsareaccuratelyandcompletelycounted,balancedandreportedtoauthorizedfinancialpersonnel.PrintedName: Signature: Date
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FPC Check Requisition
Pleaseissuethefollowingcheck:DATENEEDED: Vendor# PAYEENAME: ADDRESS: Explanationoncheckvoucher: Remarks: ChargetoAccount#: AccountName: Amount Total $CommitteeChair/ManagerApproval: Signature DateOfficeroftheCorporation/PastorApproval Signature Date__Mailchecktopayee __Putcheckinmybox__Holdcheckforpickup
Rev.1/25/10
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FPC Income Distribution Worksheet
Depositfundsto:Account#andName: DateCounted: Description Amount Quantity TotalCoin $Currency Ones 1.00 $Twos 2.00 $Fives 5.00 $Tens 10.00 $Twenties 20.00 $Fifties 50.00 $Hundreds 100.00 $Other $
CoinandCurrencySubtotal $ChecksSubtotal(makecopiesofALLchecks) $
TOTAL $Countedby: PrintedName/SignatureCountedby: PrintedName/SignatureAdditionalInformation:
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FPC Conflict of Interest Disclosure Statement
ThisConflictofInterestDisclosureStatementisintendedtoensurethatmembersoftheSession,Staff,Officers,CommitteeMembersandanyotherpersonhavingauthoritydelegatedbytheSessiontoinfluence,makeorimplementdecisionsregardingtheexecutionoradministrationofcontractualtransactions,complywiththeConflictofInterestPolicyoftheFirstPresbyterianChurchofSantaFe.Instructions:Pleasereadthecertificationbelowandmarkan"X"inthespacebeforeeitherItemAorItemB,whicheverisappropriate.IfyoumarkItemB,pleaseprovidetheinformationrequested.Pleasethenprintyourname,signanddatethisStatement,andreturnthisformtotheClerkoftheSession.Certification:IhavereceivedacopyoftheConflictofInterestPolicy,havereadandunderstandthePolicy,andIagreetocomplywiththePolicy.IunderstandthattheFirstPresbyterianChurchofSantaFeisanonprofitcorporationandthat,inordertomaintainitstax‐exemptstatus,itmustengageprimarilyinactivitiesthataccomplishoneormoreofitstax‐exemptpurposes.[] A.Iamnotawareofanyrelationship,FinancialInterest,oractualorprospectivecontractualagreementinvolvingmyselforanyfamilymemberoranyotherpersontowhomIamrelated,andanyotherindividualororganization,non‐profitorotherwise,whichconstitutesormayconstituteinanactual,potentialorapparentconflictinterestwithrespecttomyresponsibilitiesasanEmployeeorMemberoftheFirstPresbyterianChurchofSantaFe.[] B.Thefollowingrelationships,FinancialInterests,oractualorprospectivecontractualagreementsinvolvingmyself,afamilymember,orotherindividualtowhomIamrelated,withotherindividualsororganization,whethernonprofitorotherwise,mayconstituteormightresultinanactual,potentialorapparentconflictofinterestwithmyresponsibilitiesasaMembertheFirstPresbyterianChurchofSantaFe.
Financial(contracts,partnerships,contractualagreements,andinvestments):_________________________________________________________________________________________________________________________________________________For‐profitdirectorships,positions,andemployment:_________________________________________________________________________________________________________________________________________________
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Nonprofitdirectorships,positions,andemployment:__________________________________________________________________________________________________________________________________________________Other:_________________________________________________________________________
IwillpromptlynotifytheHeadofStaffoftheFirstPresbyterianChurchofSantaFeofanymaterialchangeinmyrelationships,FinancialInterests,ortransactionsthatwouldconstituteormightresultinanyactual,apparent,orpotentialconflictofinterestwithregardtomyresponsibilitiesasaMemberoremployeeofFirstPresbyterianChurchofSantaFe. Name(Print) Signature Date:
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Expense Reimbursement Plan Acknowledgement
IhavereceivedacopyoftheChurch’sFullyAccountableReimbursementPlanandunderstandthatitprovidesguidelinesandsummaryinformationabouttheChurch’sreimbursementpolicy,proceduresandrulesofconduct.Iunderstandthatitismyresponsibilitytomaintainadequateandaccuraterecordsandforwardallsupportingexpensereports,receiptsanddocumentationtotheChurch. Name(Print) Signature Date
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Tables
Tables1through4providecurrentnamesororganizationsassociatedwithpositionsorfunctionsdescribedinthisdocument.TheymaybeupdatedbytheOfficeManageruponnotificationbytheClerkofSessionfollowingaSessionaction.Table5maybeupdatedbytheOfficeManageruponnotificationbytheChairoftheMissionandSocialJusticeCommittee.
Table 1 - Committee Chair Positions
Thefollowingtableliststhecommitteechairpositionshavingauthoritytoacceptcontributionsto,andinitiateexpendituresfrom,SpecialPurposeFundstotheextentauthorizedinspecialfundidentificationdocuments:
Committee ChairAdultEducation VacantBackPewGallery CarolFallisChildDevelopmentCenterandAdvisory JaneStringfellowChildrenandYouthCE JanisGonzalesColumbarium JennyVellingaCreationCare MaryAnnLundyDeacons MaryBlack/SharonEklundFacilities JohnWhitcombFinance DennisSandersonInvestment DennisSandersonMissionandSocialJustice KarenFinneyPastorNominating (CommitteeInactive)Personnel SharonEklundPrayerShawlMinistry GayHill/BettyKerstingRooftopGarden JuliaHudsonSession(ClerkofSession) JudiHainesStewardship VacantWorshipandMusic JeannieBowman
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Table 2 - Officer/Staff/Volunteer Positions
Thefollowingtableliststheofficer/staff/volunteerleadershippositionsreferredthroughoutthisdocument.
Table 3 – Check Signatories
Thefollowingpersonsareauthorizedtosignchecks:
Position NameTreasurer GaleWrightVicePresident MargaretLyerlyPresident BillEklund
Table 4 – Vendors
ThistablelistscurrentFPCvendorsreferredtothroughoutthisdocument.
ServiceorFunction NameofVendororContractor
Payrollprocessor PayChexITServiceContractor SundanceNetworks,LLCEFT/CreditCardProcessor(online) VancoEFT/CreditCardProcessor(inpersonsales) SquareAccountingsystem QuickBooksMembership&donationssystem ChurchWindowsBankCheckingandSavingsAccounts LosAlamosNationalBankCertificatesofDeposit BankofAmericaInvestmentAccounts Fidelity
Position NamePastor/HeadofStaff HarryEbertsMusicDirector LindaRaneyOfficeManager KristaPetersonFacilitiesManager BillAdrianCDCDirector AnneLileyPresident BillEklundVicePresident MargaretLyerlyTreasurer GaleWrightClerkofSession/CorporateSecretary JudiHainesBookkeeper MariaRomero(Contractor)CountersCoordinator BettyKersting
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Table 5 – Third Party Charities
ThefollowingisalistofthecurrentlyapprovedthirdpartycharitiesassupportedbyFPC:
AliceKingCenterBorderLinksBoysandGirlsClubs,DelNorteCoalitionforPrisoners’RightsCommunityFarmEnvisionSantaFeEsperanzaShelterforBatteredFamiliesFeedingSantaFeFoodDepotGhostRanchGirlsInc.ofSantaFeHabitatforHumanityHEPACInterfaithCommunityShelterInterfaithWorkers’JusticeNMLaFamiliaMedicalCenterLutheranAdvocacyMinistryNMMenaulSchoolNeedandDeedNewMexicanstoPreventGunViolence NoMoreDeathsPastoralCounselingCenterSantaFePublicSchoolsAdelanteProgram/JuntosLosJuevesSolaceCrisisTreatmentCenterSomosunPuebloUnidoSouthsideSoccerClubSt.ElizabethShelter