The Budget Committee reports to the Deacon Board and the Membership Body of the Church and shall prepare an Annual LCBudget to be used as the Financial Plan for the upcoming fiscal year. The five (5) member Committee shall be comprised of one (1) Elder, one (1) Deacon and three other Members of the Church. The Committee will communicate and cooperate with other Officers, Board Members and the Congregation as needed to accomplish the following duties.
l. Welcome Oversight, Direction and Participation from the Deacon Board and the Membership.
lI. Elect a Chairman to oversee Functioning of the Committee as duties are pursued.
III. The Budget Committee will participate with the Deacon Board in preparation of the LCBudget as follows
A The Board of Deacons will prepare the initial version of the LCBudget based on at least the past two years of historical monthly financial information. This document will
1. duplicate the Line Items of recent Quarterly Balance Sheets
2. create 'Must' and 'Optional' Building Fund Line items based on source of deposits
3. predict Annual and Monthly Income and Expenditures by Line Item for the upcoming year.
4. assign a 'must pay' rank to each Line Item.
5. identify persons authorized to approve spending by Line Item
6. identify 'proof of purchase' - invoice, monthly statement, receipt, etc.
B. The initial version will be presented to the Budget Committee four weeks prior to the Annual Congregational Business Meeting
C. The Budget Committee will Review, Edit and Approve the document and present their approved version in a joint meeting with the Deacon Board two weeks prior to the Annual Congregational Business Meeting
D. The Deacon Board and Budget Committee will meet to jointly Review, Edit and Approve the Budget Committee version for presentation to the members as the final LCBudget.
IV. the Budget Committee will present the final LCBudget to the Members in the Annual Congregational Business Meeting
V. Perform all other duties designated by the Lord’s Chapel Members or pertaining to the office.
The LCBudget process, discussed in #III above is a Joint Venture involving the Budget Committee and the Deacon Board. Portions of the plan that involve the Deacon Board or the Deacon Board and the Budget Committee combined are italicized