CONTINUING RESOLUTIONS

OF THE COUNCIL

OF SAINT PAUL LUTHERAN CHURCH

Section 20 - Audit Committee

R20.01. The purpose of this section is to define all of the continuing resolutions concerning the Audit Committee of Saint Paul Lutheran Church.

R20.02. The purpose of the Audit Committee shall be to provide an annual audit of the financial records as of fiscal year end, December 31, and to provide a signed audit report to the Council for later presentation to the Congregation for approval at the May/June Congregation Meeting.

R20.03. The Audit Committee shall be comprised of three congregational members appointed by the Council. Each Auditor will serve a three year term. Each term is staggered such that annually at least one Auditor will be appointed by the Council. If an interim vacancy occurs, the Council will appoint a replacement to fill out the remaining term of commitment.

R20.04. The Council shall ensure that the Audit Committee has whatever financial records that are required to do their audit in a timely manner. The Audit Committee shall work closely with the Treasurer, Financial Secretary and the Operations Board in conducting its audit.

R20.05. The financial audit of the church should include, but is not limited to, a review of the following:

a. Balance Sheet, Income Statement and general ledger reports

b. Budget and Treasurer reports     

c. Bank / investment account(s) and reconciliation

d. Bank Deposit procedures of Sunday collections

e. Financial record-keeping of individual member statements and bequests

f. Check request form and authorization procedures, check register, canceled checks and invoices

g. Insurance policy and documentation of coverage

h. Minutes of Council and Operation Board meetings

i. Record retention procedures including safety of electronically stored data

R20.06. The Audit Committee shall submit an original draft of its findings to the Operations Board for discussion and review prior to issuing its final report to the Council.

R20.07. The Audit Committee shall submit a signed report to the Council at least one month prior to the date for publishing its findings at the May/June Congregation Meeting for congregational approval.

________________________________________________________________________Adopted: April 21, 2008