St. Andrew's Episcopal Church
Ayer, Massachusetts

Faith, Community, and Love

St. Andrew's Episcopal Church - Ayer, Massachusetts

Business and Investment Policy

Part I - Business Practices

Records shall be made of all trusts and permanent funds belonging to the parish, listing the source and date of such trusts or funds, the terms governing the use of principal and income, to whom and how often accounts are to be made and how the trusts or funds are invested. All such records shall be kept at the church office of the parish, provided that a copy of any such records may be made from time to time for the convenience of anyone who is managing investments and funds on behalf of the parish as authorized by the Vestry. Restricted gifts and bequests shall be accounted for in such a way as shall evidence the use of the funds for the purpose specified.

Cash shall be deposited with a Federal or State bank or trust company whose deposits are insured by a Federal or State agency.

All securities and saving deposit books of whatsoever kind or nature shall be held by a bank or trust company or deposited in a safe deposit vault, access to which shall only be had by two persons authorized by the Vestry. Except for balances in money market funds, a vote of the Vestry shall be required to withdraw securities or balances in savings account.

The investment portfolio of the parish shall be managed by such person or persons as may be designated by the Vestry, such person or persons to have standing authority to withdraw securities or balances in savings accounts provided that reports of such activity are presented to the Vestry, audits are conducted in accordance with Part II and such person or persons are covered by the bond referred to in Part III.

The Treasurer will request that statements and other communications relating to the investment portfolio be delivered to the church office, with copies to the person or persons who are managing the investment portfolio pursuant to Section 4 above and to such other person or persons as the Vestry may designate.

The Vestry shall authorize from time to time certain persons, one of whom shall be the Treasurer of the parish, each of whom shall be authorized to sign on behalf of the parish on checks and other financial instruments and documents in accordance with the provisions of this Policy.

Part II - Financial Statements and Audits

Financial records and audit books of account of the parish shall be kept so as to make possible preparation of financial statements periodically. Investment accounts will be consolidated with other assets, liabilities and financial activities in accordance with generally accepted accounting principles for not-for-profit organizations. The fiscal year shall begin January 1st.
All accounts shall be audited annually by accountant(s) or persons with accounting knowledge who are independent of the church's current accounting and bookkeeping process. The rector, vicar, priest-in-charge or priest-in-residence shall deliver to the Bishop or Ecclesiastical Authority of the Diocese on or before September 1st of each year a copy of said audit for the previous fiscal year.

Part III - Bonds and Insurance

Treasurers and all those authorized to sign financial instruments on behalf of the parish, and custodians other than banking institutions, shall be adequately bonded, except Treasurers of funds that do not exceed $500 at any one time during the fiscal year.

All buildings and their contents shall be adequately insured. The church shall maintain property, casualty and liability insurance with limits of coverage prescribed from time to time by the Diocesan Council. The church shall deliver by February 1st in each year to the Diocesan Treasurer's Office a Certificate of Insurance showing the church's coverages and carriers. The Diocese will be named as "additional insured and loss payee" on insurance for comprehensive general and umbrella liability coverage and as "additional insured and loss payee as its interest may appear" on the insurance for all real and tangible personal property falling within the scope of Diocesan Canon 18, Section 1, first sentence.

Adopted by a vote of St. Andrew's Vestry, 10 January 2007.