MetroUMC Finance Policy Review quiz

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Questions and Answers

According to the text, who is responsible for keeping records of all contributions and payments?

Chairperson

Finance Secretary

Assistant Treasurer

Treasurer (correct)

According to the text, who needs to approve purchases and services from vendors initiated by ministries and the Administrative Secretary?

Pastor

Finance Chairperson

Church Council

All of the above (correct)

According to the text, how often should there be a joint meeting between the Finance Committee and the Board of Trustees?

Annually

Semi-annually (correct)

Quarterly

Monthly

According to the text, who is responsible for distributing funds to the needy?

Pastor Signup and view all the answers

According to the text, who must approve fundraising activities and ticket selling?

All of the above Signup and view all the answers

Who is the Finance Chair of Metropolitan United Methodist Church?

Deborah Jordan Signup and view all the answers

When was the FINANCE POLICIES/PROCEDURES AND OPERATIONS MANUAL last updated?

4/20/2021 Signup and view all the answers

What is the purpose of the Mission Statement?

To define the church's mission and values Signup and view all the answers

Which section of the manual provides instructions for reconciling bank statements?

General Instructions Signup and view all the answers

What is the topic of the commentary in the manual?

Stewardship Signup and view all the answers

According to the text, what is the role of the finance committee in a congregation?

To manage the finance system for the congregation Signup and view all the answers

What is the responsibility of the treasurer in a congregation?

To disburse all funds to causes represented in the Church Budget Signup and view all the answers

What is the purpose of the Benevolent Fund mentioned in the text?

To provide financial assistance to those in need Signup and view all the answers

What is the recommended percentage for the fair share contribution to be remitted to the Conference Treasurer?

10% Signup and view all the answers

What is the main goal mentioned for the 2011 financial year?

To increase the monthly church income to meet monthly expenses Signup and view all the answers

According to the text, what is the purpose of the Operations category in the church budget?

To provide administrative support Signup and view all the answers

What is the theological basis for giving in the church?

To support the mission of the church Signup and view all the answers

How often should the pastor preach about giving and tithing, according to the text?

Throughout the year Signup and view all the answers

What percentage of verses in the Bible are about money and possessions?

30% Signup and view all the answers

What is tithing considered to be in response to, according to the text?

God's worth Signup and view all the answers

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 Signup and view all the answers

Who should be informed if the money is deposited in the night deposit box?

Alvin Marbray Signup and view all the answers

When should the bag be picked up?

During the week Signup and view all the answers

Who should the verified deposit slip be given to?

The Treasurer Signup and view all the answers

What reports need to be processed for the accountant at Year End?

All of the above Signup and view all the answers

According to the text, who must approve the 'MUMC Credit Card Purchase Request Form'?

Ministry Chair, Trustee Chair, Pastor, and Finance Representative Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

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.

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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.