Friday, March 09, 2012
ASSEMBLY OF CANONICAL ORTHODOX BISHOPS
OF NORTH AND CENTRAL AMERICA
COMMITTEE FOR FINANCIAL AFFAIRS
2011 Annual Report
Committee Members and Consultants
Committee Activities and Accomplishments
- Fund-Raising/ Development (initial leads - Fr Mark Arey/ Eric Namee): Efforts are underway both (1) to secure initial funding for the Assembly and (2) to locate other individuals with fund raising/development experience to serve on and to lead an active subcommittee. This subcommittee would pursue and oversee annual donations via the website as well as major gifts. In the long term, we would like to have sufficient financial support that the Assembly would need to hire a development person.
- ACOB Activity and Committee Funding (All): Archbishop Antony has sent out to the Committee Chairmen a Budget Questionnaire (developed by the Best Practices subcommittee below) for submission of their desired budgets for the next three years, with the first year anticipated expenditures as the formal budget request, with second and third year numbers for forward planning purposes only. The Secretariat committee liaisons stand ready to assist Committee Chairmen to develop their budgets. In addition, letters will be sent out in the very near future to the heads of the jurisdictions requesting payment of the annual contributions.
- Best Practices (leads - Fr John Troy Mashburn/ Fr Aaron Warwick): One of the responsibilities of this subcommittee is to develop a Delegation of Authority Manual and other procedures for disbursements and other financial transactions. At this time, the near-term objective is to prepare a set of simple procedures for approval and disbursements of advances and reimbursements. A draft of financial ?Policy and Procedures? has been endorsed by the Committee which will now be merged with proposed financial provisions in the Assembly bylaws, now under review. A questionnaire on Member Church Financial Practices will be developed following finalization of the procedures development mentioned above. Efforts continue for the addition of other consultants to this sub-committee.
- Receipt and Investment of Funds (lead - Geofrey Greenleaf): A draft Investment Policy Statement has been developed and is under review (e.g., target earnings objective, place of equities in the investment mix, requirement for liquidity for a certain time period, etc.) Assembly bank accounts have already been established. In addition, a stock brokerage account to receive donations of appreciated stock will be set up in the near future. QuickBooks is being used for the financial accounting and will be considered for recording and organizing the donations that are expected for support of the assembly.
The Committee would like to thank its Consultants for offering their considerable knowledge and experience in numerous fields (e.g., accounting, auditing, financial and business management, law, fund-raising) to the Assembly. We will continue to work together to provide a firm and disciplined foundation for the financial operations of the Assembly.
Archbishop Antony, Chairman
Committee for Financial Affairs