The Diocesan Finance Council is one of the major councils of the Diocese of St. Augustine. It is established by the Bishop, pursuant to the Code of Canon Law, for the purpose of advising and assisting him in financial matters.
Functions and Responsibilities
- The annual budget must be presented to the Diocesan Finance Council each year no later than May 30. While the annual budget is initially to be prepared by the staff of the diocese, final approval and recommendation to the Bishop rests with the Diocesan Finance Council.
- The finance council must examine the annual report of income and expenditures prepared by the Chief Financial Officer. (This examination may take the form of reviewing the annual audited financial statements as presented by the diocesan’s independent auditors).
- The Bishop must obtain consent on the performance of an act of extraordinary administration as defined by the United States Conference of Catholic Bishops (USCCB Complementary Norms) (c. 1277).
- In addition to the requirements outlined above, the Finance Council will also advise the bishop regarding the following:
- Appointment of auditors (In addition, the Finance Council will perform the audit committee oversight role, including oversight of financial management policies and the implementation thereof).
- Employee compensation and benefits
- Insurance and risk management
- Investment policies
- Internal controls
- Development (fund raising) – See USCCB Complementary Norms for Canon 1262 (effective August 15, 2007) and U.S. Catholic Bishops, Principles and Guidelines for Fund Raising in the United States by Arch/Dioceses, Arch/Diocesan Agencies and Religious Institutes (November 16, 1977), available from the USCCB Finance Office