The Parish Finance Manual includes nine sections, with supporting information contained in a series of Appendices. Each section covers different subject matter and provides information for a particular audience. When changes in procedures or policies occur, the Director of Finance revises a chapter to reflect these changes.
You can either download a specific Section or Appendix or the complete Parish Finance Manual below.
Contents
Section 1 - ResponsibilitiesThis section gives an overview of the source for the rules governing parishes, covering: 1. Nature of the Responsibilities of Churches within the Diocese 2. Financial Responsibilities
- Section 2 - Accounting and Reporting Systems
In this section, the basics about church accounting and reporting are discussed under the following headings: 1. Division of Funds 2. Chart of Accounts 3. Financial Statements 4. Churchwardens? Parochial Return 5. Cash Management Practices 6. Banking Arrangements
- Section 3 - Budgeting
This section discusses the basics of budgeting under the following headings: 1. Overall Principles 2. Priest Costs and Employees 3. Diocesan Allotment and the Parish Share
- Section 4 - Charitable Status and Charitable Receipting
In this section, basic background information about a church's charitable status is discussed under the following headings: 1. Charitable Status 2. Charity's Annual Information Return – Form T3010 3. Charitable Receipting
- Section 5 - Investing
In this section, investing is discussed under the following headings: 1. Church's Investment Policy 2. The Diocese's Consolidated Funds
- Section 6 - Sales Tax Issues
In this section, information about sales tax is discussed under the following headings: 1. Harmonized Sales Tax (HST) 2. Sales Tax Issues Relating to Multi-point Parishes.
- Section 7 - Insurance
In this section, the requirements for insurance are discussed and relevant contacts provided.
- Section 8 - Audit
In this section, the parishes' annual audit is discussed under the following headings:1. What Is an Audit? 2. Who Can Perform an Audit? 3. Audit Requirement 4. Audit Procedures
- Section 9 - Record Retention
In this section, record retention is discussed regarding Financial/Accounting and Payroll.
Appendices
- Appendix A: Certificate of Status
- Appendix B: Sample Financial Statments
- Appendix C: Internal Control Questionnaire
- Appendix D: Churchwardens' Parochial Returns
- Appendix E: Excerpts from CRA Website: Information for Charities
These are excerpts from the 'Receiving Gifts and Issuing Receipts of the Operating a Registered Charity' section of the CRA website.
- Appendix F, G and H
Appendix F: Letter of Direction Appendix G: Statement of Investment Policies and Procedures Appendix H: Summary of Historical Returns
- Parish Finance Manual
Complete Copy - Revised September 2011 and further amended March 2012 (Audit Section)
(Updated September 2011)
For more information, please contact Michael Joshua, Treasurer and Director of Finance, 416-363-6021 ext. 238 (1-800-668-8932).
