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As many of you know, the Finance Committee is one of three Vestry-appointed advisory committees created to review and direct specific subject areas within our church. In my role as Finance Chair, I wanted to provide a quick window into some of the committee’s recent actions to further professionalize our growing community, and ensure we are the best possible stewards of our resources and financial health.
Already this year, the committee has closely reviewed our books, and made recommendations to the Vestry that would consolidate restricted accounts in a way that would better direct resources where they are most needed, as well as leverage the church's long-held endowments while protecting their value overall.
But I (as a former PwC partner) am perhaps most excited about this year’s financial statement audit. For years, we were audited by sole practitioners - generally retired CPAs - and while they of course understand accounting and did point out a few issues for improvement, there are much more comprehensive models out there. Christ Church has grown into a solidly program-sized church, and as we continue to professionalize our governance and oversight, we owe it to our whole community to seek that stronger model. As such, we retained a small business that many other EDOW parishes use, and they are close to wrapping up our 2023 audit. Our issues include: some of our capital property and other assets have not been recorded in accordance with Generally Accepted Accounting Principles (GAAP); the cemetery isn’t on our books at all, even though we own it; and we are lacking documented operating procedures and internal controls over budgeting, funds coming in, and funds going out. Though they can sound off-putting, I am thankful to receive these professional recommendations so that we can continue to improve upon the financial care and oversight of our shared community.
As we head into stewardship season later this month, I am especially proud of the work the committee has done and will continue to do to ensure the gifts you share are protected and make the largest possible impact, and that the financial resiliency of our church continues well into the future.
Don’t hesitate to reach out to me directly with questions or feedback.
-Karen Wilson Román
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