30 Questions
According to the text, who is responsible for keeping records of all contributions and payments?
Treasurer
According to the text, who needs to approve purchases and services from vendors initiated by ministries and the Administrative Secretary?
All of the above
According to the text, how often should there be a joint meeting between the Finance Committee and the Board of Trustees?
Semi-annually
According to the text, who is responsible for distributing funds to the needy?
Pastor
According to the text, who must approve fundraising activities and ticket selling?
All of the above
Who is the Finance Chair of Metropolitan United Methodist Church?
Deborah Jordan
When was the FINANCE POLICIES/PROCEDURES AND OPERATIONS MANUAL last updated?
4/20/2021
What is the purpose of the Mission Statement?
To define the church's mission and values
Which section of the manual provides instructions for reconciling bank statements?
General Instructions
What is the topic of the commentary in the manual?
Stewardship
According to the text, what is the role of the finance committee in a congregation?
To manage the finance system for the congregation
What is the responsibility of the treasurer in a congregation?
To disburse all funds to causes represented in the Church Budget
What is the purpose of the Benevolent Fund mentioned in the text?
To provide financial assistance to those in need
What is the recommended percentage for the fair share contribution to be remitted to the Conference Treasurer?
10%
What is the main goal mentioned for the 2011 financial year?
To increase the monthly church income to meet monthly expenses
According to the text, what is the purpose of the Operations category in the church budget?
To provide administrative support
What is the theological basis for giving in the church?
To support the mission of the church
How often should the pastor preach about giving and tithing, according to the text?
Throughout the year
What percentage of verses in the Bible are about money and possessions?
30%
What is tithing considered to be in response to, according to the text?
God's worth
Where can the money be placed if not in the safe in the Finance Office?
In the night deposit box at Community Bank of the Chesapeake Shore United Bank in Bryans Road
Who should be informed if the money is deposited in the night deposit box?
Alvin Marbray
When should the bag be picked up?
During the week
Who should the verified deposit slip be given to?
The Treasurer
What reports need to be processed for the accountant at Year End?
All of the above
According to the text, who must approve the 'MUMC Credit Card Purchase Request Form'?
Ministry Chair, Trustee Chair, Pastor, and Finance Representative
According to the text, what is the maximum amount that can be requested from the Church General Fund without needing approval from the Church Council?
$500.00
According to the text, what is the amount of the honorarium paid to guest ministers or speakers who speak during a regular service at the Church?
$150.00
According to the text, when should funds collected at the Church for morning, afternoon, or evening affairs be turned in for deposit?
That day, if possible, but no later than the next business day
According to the text, when should membership contribution statements be provided to each member for income tax reporting?
By the end of January following the tax year
Study Notes
Financial Responsibilities
- The Financial Secretary is responsible for keeping records of all contributions and payments.
- The Administrative Secretary needs to approve purchases and services from vendors initiated by ministries.
Meetings and Approvals
- The Finance Committee and the Board of Trustees should have a joint meeting at least quarterly.
- The Finance Committee must approve fundraising activities and ticket selling.
Financial Roles
- The Finance Chair of Metropolitan United Methodist Church is responsible for overseeing financial matters.
- The Treasurer is responsible for distributing funds to the needy.
Financial Procedures
- The FINANCE POLICIES/PROCEDURES AND OPERATIONS MANUAL was last updated in 2011.
- The manual provides instructions for reconciling bank statements in the Finance Office Procedures section.
- The Commentary section of the manual discusses the theological basis for giving in the church.
Budget and Contributions
- The purpose of the Operations category in the church budget is to support the day-to-day operations of the church.
- The fair share contribution to be remitted to the Conference Treasurer should be at least 10% of the church's income.
- The main goal for the 2011 financial year is to increase giving and tithing.
- Tithing is considered a response to God's blessings.
Giving and Tithing
- The Pastor should preach about giving and tithing at least twice a year.
- 1/3 of verses in the Bible are about money and possessions.
Deposits and Reports
- If not in the safe in the Finance Office, money can be placed in the night deposit box.
- The Financial Secretary should be informed if the money is deposited in the night deposit box.
- The bag should be picked up by 9:00 am the next day.
- The verified deposit slip should be given to the Financial Secretary.
- At Year End, the following reports need to be processed for the accountant: General Ledger, Balance Sheet, and Income Statement.
Purchases and Payments
- The MUMC Credit Card Purchase Request Form needs to be approved by the Finance Committee.
- The maximum amount that can be requested from the Church General Fund without needing approval from the Church Council is $1,000.
- The honorarium paid to guest ministers or speakers who speak during a regular service at the Church is $150.
- Funds collected at the Church for morning, afternoon, or evening affairs should be turned in for deposit by the next business day.
- Membership contribution statements should be provided to each member for income tax reporting by January 31st.
Test your knowledge of the Metropolitan United Methodist Church Credit Card purchase process with this quiz. Learn about the required approval steps and documentation needed for purchases. Perfect for staff and volunteers involved in procurement.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
