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Financial Control
Financial control of the St Stephen's Project is the
responsibility of the Parochial Church Council (PCC) of the
Parish of Central Exeter.
The finances associated with the Project are held and
administered separately from the Parish accounts with separate
and dedicated bank
accounts in the name of the Project. The current
account is backed by a dedicated higher-interest saver account.
Procedures to record the payments and receipts associated with
the Project are in place. These procedures contain a number of
checks and balances to ensure that all financial matters are
undertaken appropriately. Responsibility for the Project
finances is given to the Project Co-ordinating Committee* acting
for, and reporting to, the PCC. The day-by-day administration of
the Project finances – including deposits into the bank current
account, requests for transfer between accounts and for payments
– is undertaken by the Project Director*
with the PCC Treasurer providing a watching brief.
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All requests for payment are forwarded to the Project
Director who
ensures appropriate records are kept. Each request must be
accompanied by an invoice and, where appropriate, a
completed claim form and supporting documents.
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If the payment request is associated with any aspect of the
structure of the building or repair costs, the Project
Manager is notified of the claim and any objection or
query sorted out before proceeding further.
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If the claim appears valid, it is forwarded to the PCC Treasurer together with
copies its supporting documentation. The
Project cheque book is held by the PCC Treasurer who issues a cheque
after resolving any queries that may be present.
Unresolved queries are referred to the Project Co-ordinating
Committee.
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The signatories to the Project cheque account are any two of
the PCC Treasurer and the two Churchwardens for St Stephen's
Church. (The Project Director is not a signatory to the Project
cheque account.) The signed cheque is sent to the Project
Director
who forwards it to the payee with a request for a receipt.
All invoices and receipts are kept for possible VAT re-claim
purposes.
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Income in the form of grants and donations is banked by the
Project Director who is also responsible for clearing the public
appeal boxes and arranging claims for Gift Aid and VAT
rebates where appropriate.
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A report of payments and receipts is forwarded to the PCC
Treasurer each calendar month by the Project Director. This is
checked against the bank statements received directly by the PCC Treasurer.
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A financial report is presented to the Project Co-ordinating
Committee at its bi-monthly meetings for forwarding, if
accepted, to the next PCC meeting.
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The annual payments and receipts record for the Project is
audited by the Parish Auditor at the end of the financial
year and presented to the Parish AGM.
The PCC requires that the financial resources to meet the
cost of each identified phase of the Project should be available
before binding financial commitments are made.
*
See the Project management structure
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