About Treasury
About Treasury Ministry

“Whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully.”   
2 Corinthians 9:6

Treasury Ministry TM is responsible for managing the finances of the Toronto District and maintaining accurate financial records in conformity with generally accepted accounting principles.

 

Financial Administration, Policy and Guidelines

OBJECTIVES:

             Report to the BLD leadership and members an accurate financial report of the community, keeping up-to-date records of all financial  transactions, financial planning including budgeting and ensuring that the funds are spent properly and prepare and submit any statutory documents that are required by Canada Revenue Agency.

I. Tithes and Love Offerings:

  • Two or more members from the TM should be present when collections are received or collected to properly account for the funds.  
  • Accounting, collection, and balancing of cash receipts should be done no later than the close of every prayer meeting or activity.
  • The TM coordinator should not be involved in the collection of receipts. 
  • Counting and verifying of tithes and love offering must be done in groups of at least three individuals.
  • A couple should never be assigned to count collection by themselves.
  • Cash received without envelopes should be recorded as “unidentified and corresponding envelope should be provided.
  • Collection record form should be prepared for every cash and cheques received, sign and verified for accuracy
  • All cheques received should be hand recorded at the back of the pink copy of the collection report
  • Collection reports should be reconciled with the deposit stamped by the bank. 
  • There should be segregation of duties and responsibilities between the person receiving the funds, the person making the deposits and the person assigned to prepare the monthly bank reconciliations.

II. Disbursements:

  • All disbursements should have the proper back-ups and approved by the DSC in-charge
  • Funds will not be released beyond the budget without prior approval from the DCS in-charge
  • Disbursements for specific community programs/activities should be properly funded and budgeted  
  • Two signatories are required for each disbursement regardless of amounts.
  • All disbursement requisitions should be signed by ministry head and approved by the respective Apostolate Steward and verified by the TM coordinator.
  • Reconcile the bank balance to make sure that it is in agreement with the balance as per the financial records except for properly recognized reconciling items such as outstanding cheques, unrecorded deposits, etc...
  • Bank reconciliations may not be delegated to TM members who handles cash receipts or cash disbursements or who have access to un-issued cheques.
  • Bank Statements, cancelled cheques and other related records received from bank should go directly to the person preparing the bank reconciliation.
  • Segregation of duties and responsibilities between the person receiving the funds, the person making the bank deposits and the person assigned to prepare the monthly bank reconciliation.

III. Others:

Petty Cash:

  • Petty cash funds may be used for making small and reasonable cash purchases on behalf of BLD Covenant Community. Approval and processing of purchases are streamlined by making the payments in cash out of a petty cash fund. The Ministry Coordinator (DLC) takes full responsibility and control of all disbursements from Petty Cash Fund.
  • The control objectives are to ensure that expenses are properly authorized, to ensure that disbursements are recorded completely and accurately and to ensure that cash is safeguarded from theft or loss.
  • Petty Cash fund should be replenished when expenses has reached 60% of the fund in order to avoid personal advances for expenses due depleted funds.  All receipts should be retained and attached to the approved cheque requisition for reimbursement.  
  • Petty Cash Custodian (DLC) is to submit the petty cash reconciliation form to the Treasury Ministry before the end of the year making sure that all receipts and the remaining cash are balanced. Any overage or shortage may be written off  with the approval of the DCS in-charge and the Treasury ministry 
  • The Treasury ministry is responsible for ensuring that Petty Cash records are reconciled and properly recorded and replenishment are done on a timely basis.

IV. Advances and Reporting:

Advances:

  • All advances for community events and special programs must be liquidated within two weeks after the event or activity duly authenticated and certified correct by the Ministry coordinator and the Apostolate Steward in-charge.
  • The liquidation report shall be properly supported by legitimate receipts.

Reporting:

  • Periodic report of the financial condition of the community should be provided to all members.  The TM will maintain supporting detailed records sufficient to prepare the Community’s financial reports.
  • Weekly summary of tithes and love offerings and disbursements must be prepared and e- mailed to the DSL/DCS/DLC who will then disseminate to their ministry members. It will also be displayed via projector before and after each prayer meeting.

 

 



Join us for Corporate Worship

Friday Evenings at 8:00 PM

1st Friday of the month: Eucharistic Celebration with Benediction
Other Fridays: Praise and Worship


Location:

Our Lady of the Assumption Church | 2565 Bathurst Street | Toronto, Ontario M6B 2Z3

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