Article 37 - Financial Administration

Article 37 - Financial Administration

ARTICLE 37

FINANCIAL ADMINISTRATION



37.1 FINANCE


The General Council shall devise appropriate measures to raise funds to meet the various financial commitments
of The Church.


37.2 SOURCES OF FINANCE

The Church shall be financed from tithes and offerings, freewill offerings, missions offerings and any other monies received from other sources.



37.3



(a)CENTRAL FUND


(a)There shall be a Central Fund at The Church's Headquarters into which all monies received from the Area and any other sources shall be paid. Both capital and recurrent expenditure of The Church shall be paid out of the Central Fund


(b)The Central Fund shall be operated for and on behalf of the Finance Board by the Finance and Administration Director appointed by the Executive Council. He shall be responsible to the Executive Council through the General Secretary.



37.4. AREA, DISTRICT AND LOCAL FUNDS
There shall be established Area, District and Loca] Funds. These funds shall be made up of offerings taken d weekdays except offerings made to the Missions;
and such other offerings as shall be specifically requested from the Headquarters.



37.5 MISSIONS FUND
There shall be a Missions Fund into which missions offerings taken every first Sunday of each month after the normal tithe/offerings shall be paid. The Missions Fund shall be used to support missionary work. OTHER FUNDS



37.6 There shall be other funds such as the Women's Ministry Fund, Evangelism Ministry Fund, Children's Ministry Fund, PEMEM Fund, and Pension Fund and such other Funds as may be approved by the General Council which shall be used for the purpose of furthering the work of the Lord.



37.7 AUDITORS AND AUDITS



37,7.1 EXTERNAL AUDIT AND CONTROL


(a) The Executive Council shall have the Accounts of The Church and of its Boards, Committees and legal corporations audited at least once each calendar year and the Auditor shall report upon same to The Executive Council annually. The Auditor's report shall be presented also to the General Council. The Auditor shall also be responsible for the auditing of the Areas and District Accounts. The Auditor shall be under the general direction of the Executive Council.



(b) The Auditor shall audit the books of all such Organs or institutions as shall fall under the Central Fund of The Church




(c) For effective performance of his duties, the Auditor shall
have right of access at all times to all books accounting
records, accounts and vouchers of The Church, its
organs, Boards, Corporations or Committees


(d) The Auditor shall have the right to require from officers
of The Church such information as he may need, in the
performance of his duties


(e) The Auditor shall be appointed by the General Council
on the recommendation of the Executive Council and
paid such fees as may be approved by the General
Council


(f) The External Auditors of The Church shall present the
Audited Accounts of The Church for each year at the
General Council Meeting upon invitation by the Chairman
of The Church. The appointment of the Auditors may be
renewed for further terms based on merit.



37.7.2 INTERNAL AUDIT AND CONTROL


(a) The Church shall maintain an Internal Auditor appointed
by the Executive Council


(b) The Internal Auditor shall ensure effective internal
control and internal audit of all the organs and
institutions of The Church and provide measures to
achieve internal accounting objectives


(c) The Internal Auditor shall be responsible to the
Chairman of The Church


(d) The Internal Auditors report shall be submitted to the
Executive Council through the Chairman.



37.8 BANKING ACCOUNT


Bank Accounts shall be opened at various Local D,stnct, Area and National levels and operated byS agnatancs as may from time to time be approved by the Execute Council, Area, District or Local Presbyter e as the case may be.