The role of the Finance Council is to advise the pastor in managing parish finances and operations, in areas such as accounting, budgeting, investing, capital improvements, insurance, legal and regulatory compliance, and financial reporting. The Finance Council is accountable to the Rector, who has ultimate responsibility for all decisions.
The Cathedral of St. Peter the Apostle Finance Council is made up of parishioners and members of the Cathedral Staff. The members are appointed by the Rector, serve for staggered three-year terms, and can be reappointed.
One of the most important functions of the Finance Council is ensuring that accounting controls are in place and followed, such as segregation of duties, and these are periodically evaluated by self-audits. From time to time, the Council may engage independent auditors to review parish internal controls.
Every Catholic parish has a Finance Council. In fact, a Finance Council is the only parish organization mandated by Canon Law. In addition, Canon Law requires that Finance Council members do not have access to records about contributions of individual parishioners or other confidential information, and all matters discussed at meetings are held in confidence.