IPHC Church Manual - Extension Loan Fund

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Bylaws Article V. Financial Guidelines Article V. Financial Guidelines The International Pentecostal Holiness <strong>Church</strong> is committed to the principle of biblical stewardship. We affirm that all resources belong to God and are entrusted to His people for the expansion of His Kingdom. A. General Level 1. Council of Bishops Finance Committee (hereinafter “Finance Committee”) a. The Council of Bishops shall appoint an eight-member Finance Committee based on the recommendation of the Executive Committee. 1) The Finance Committee shall be composed of a) A chairman b) Three (3) Conference Superintendent members of the Council of Bishops c) Two (2) clergy, and d) Two (2) laypersons 2) No member of the Executive Committee or direct subordinate of the Executive Committee or Global Ministry Center employee shall serve on this committee. 3) The Finance Committee Chairman shall meet with the Executive Committee at least once per year to report on the work of the Finance Committee and to receive input from the members of the Executive Committee. 4) The Finance Committee Chairman shall meet with the Council of Bishops at each regular meeting of the Council of Bishops to report on the financial condition of the International Pentecostal Holiness <strong>Church</strong>, Inc., and the work of the Finance 167
Bylaws Article V. Financial Guidelines Committee and to receive input from the members of the Council of Bishops. 5) The term of office for Finance Committee members shall be determined by the Council of Bishops. 6) The Finance Committee in place before a General Conference shall remain in place through December 31 of the year of General Conference. Newly elected members shall assume their duties on January 1 of the year following General Conference. 7) If a vacancy occurs on the committee, the replacement members will be nominated and elected by the same process as the original members. Any member who is absent for two (2) consecutive meetings may be replaced. 8) The Finance Committee shall operate according to policies and procedures approved by the Council of Bishops. Such policies and procedures shall include the Global Ministry Center budgeting process, financial accountability standards, and other financial guidelines. 9) All members of the Executive Committee shall have access to the Finance Committee for the purpose of receiving financial information and giving recommendations and input. b. Authority and Duties of the Finance Committee 1) The Finance Committee shall analyze and evaluate the impact of financial matters and provide counsel in denominational financial affairs. 2) Based on recommendations of the Executive Committee approved and/or amended by the Council of Bishops, the Finance Committee shall review and recommend for approval all Generallevel budgets. Such budgets shall be subject to final approval by the Council of Bishops. 168
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