The Financial Policies of the Chapel are presented in two parts I and II. Part I entails the following: Financial Responsibilities of the Chapel’s Officers, Revenue, Expenditure, Payment Procedure, Retirement, Bank Account and Cheques. Part II includes: Specific Financial Guidelines on Chapel’s Income and Expenditure, Bank Accounts, Savings, Special Allowances for Chapel’s Staff, Honorarium, Chapel’s Tithe, Students’ Mission Fund, Capital Projects, Chapel’s Cashiers, Residential Buildings, Chapel’s Accounts Officer, Charges to service units, Loan for Chapel’s staff, Tax deduction, Settlement of cash advance, Travel grant, Casual workers, Imprest, Rental of Chapel’s facilities, Sales of items, Financial calendars and Annual budgets.
| 1.01 | The Chairman of Council is responsible for the general supervision Of the account of all units within the Chapel. He is responsible for all Financial transactions of the Chapel Main Account.The Chairman is one of the signatories to the Chapel Main Account. | Chairman of Council |
|---|---|---|
| 1.02 | The Chairman of the Chapel Building and Maintenance Committee is responsible for all financial transactions of the Chapel Building Account. He is one of the signatories to the Chapel Building Account. | Chairman Chapel Building Maintenance Committee |
| 1.03 | The Chapel Treasurer is an officer entrusted with the main custody And disbursement of the Chapel Main Account. He is required to Keep one of the recognized cash books with other books of account as may be prescribed. The Treasurer is one of the signatories to the Chapel Main Account. | Chapel Main Treasurer |
| 1.04 | The Chapel Building and Maintenance Committee Treasurer is entrusted with the custody and disbursement of the Chapel Building Account. He is required to keep the recognized cash books with other books of accounts as may be prescribed. The treasurer is one of the signatories to the Chapel Building and Maintenance Account. | CBMC Treasurer |
| 1.05 | The Financial Secretary is responsible for the completion of the annual financial statements of account and of such other statements of account required. He/she should have free access at all reasonable times to all files, documents and other records relating to the accounts. He shall be entitled to require and receive from members of the congregation such information, reports and explanation as may be deemed necessary for proper functioning. He shall keep the Chapel vote-book which is used to assist the Chairman in regulating financial control. | Chapel Financial Secretary |
| 1.06 | The Auditor is an officer responsible for the audit of the account of all Chapel officers and all persons entrusted with the collection, receipt, custody, issue, or payment of Chapel monies. The Auditor shall examine in such manner as he may think fit the accounts relating to the Chapel funds and property and ascertain whether in his opinion:
a. The accounts have been properly kept. b. All Chapel monies have been fully accounted for and the rules of procedures applied are sufficient to secure an effective check on the assessment/collection – of revenue. c. Monies have been expended for the purpose for which they were appropriated and the expenditure have been made as authorized. |
Auditor |
| 2.01 | All monies received on service days shall be counted by the members of the treasury team at the point of collection. The total amount shall be recorded on form ASC 1 which shall be in duplicate. The original copy shall be handed over to the Financial Secretary with the total money. Forms ASC 1 and ASC 1-1. In triplicate shall be completed in indelible ink. The original copy shall be handed to the Treasurer by the Financial Secretary, the duplicate copy to the chaplaincy and the third copy to be kept by the Financial Secretary. | Procedure |
|---|---|---|
| 2.02 | The Financial Secretary shall append signature on forms ASC 1 & ASC 1-1 and the Treasurer shall counter – sign at the point of collection of the original copy and the money. | Authority to Revenue Cash |
| 2.03 | Alterations on receipts are not permitted. A new receipt shall be prepared. | Alteration |
| 2.04 | The treasurer shall keep the cashbooks in which all receipts will be entered neatly without delay. The revenue cashbooks shall be ruled off and balanced quarterly. | Revenue Cash-Book |
| 2.05 | All monies received are to be paid into the bank account within three days of receipt. | Bank Payment\Money other than cash |
| 2.06 | Cheques received shall be properly recorded with its cheque number, date and the Bank from which the cheque is issued. Foreign currencies shall be paid into a domiciliary account and shall be converted to its naira equivalent at current exchange rate when necessary. | Money other than cash |
| 3.01 | The Treasurers and Financial Secretary are to render quarterly returns of receipt and expenditure to Finance and General Purposes Committee (F&GPC) which report to Council. Copies of the returns shall be given to the Auditor before the F&GPC meeting. | Quarterly Returns |
|---|---|---|
| 3.02 | The Chairman of Council shall be the Approving Officer for the Chapel Main Account while the Chairman, CBMC shall be the Approving Officer for the Chapel Building and Maintenance Account. | Approving Officer |
| 3.03 | On no account shall payment be made without the rules of All Souls’ Chapel Financial Guidelines. All disbursement of money shall be made by the Treasurer on the authority and approval of the Approving Officer with the expenditure of money falling within the vote of charge. Any officer however, making, allowing or directing any disbursement without proper authority may be personally held responsible for any inaccuracy in the account. | Expenditure Control |
| 3.04 | The cash books will be ruled off and balanced monthly by the Treasurer. The balance will be cross-checked and certified by the Financial Secretary. The signature of the Financial Secretary shall be taken as certifying the correctness of the cash book.
The Treasurer shall prepare every month, the Statement of Receipts and Payments as follows: Opening balance (i.e the closing balance of the previous month) Add: total receipt for the month. Deduct: total payment for the month, Cash balance, Signature of Treasurer, The Financial Secretary shall check the statement to confirm its correctness after which he shall endorse the cash book. |
Monthly Cash Book Balance |
| 3.05 | The Bank Reconciliation Statement shall be prepared as follows: With individual item being specified to explain any variation from the balance shown in the cash book. Cash book balance as at (date), Add cheque issued but not presented to bank. Add credit in bank not in cash book. Deduct debit in bank not in cash book. Bank balance as at (date) | Bank Reconciliation Statement |
| 3.06 | No deduction shall be made from any revenue collection by cash before it is paid to bank. All gross amount received must on all occasions, be accounted for in full. | Deduction from Revenue Prohibited |
| 3.07 | It is the duty of the Financial Secretary controlling the vote to watch the expenditure of each head and subhead with the amount provided in the budget. He will keep a vote-book posted up to date in such form as will clearly show the balances in respect of each sub-head. | Chapel Vote-book |
| 3.08 | 1) The space provided at the top of the vote book is for:
a. The amount sanctioned in the Budget for each head and subhead. b. The amount of any additional provision. c. Any deduction should be shown in red ink. 2) In the columns provided in the body of the vote book: a. Date on which the Payment Voucher was raised b. The Payment Voucher (PV). No. c. Particulars of PV d. Expenditure incurred e. The cumulative total f. Balance available g. All Liabilities will be entered as soon as they are known. |
| 4.01 | ||
|---|---|---|
| 4.02 |
| - | ||
|---|---|---|
| - |
| 5.01 | ||
|---|---|---|
| 5.02 |
| 6.01 | ||
|---|---|---|
| 6.02 |
| 7.01 | ||
|---|---|---|
| 7.02 |
| 1.01 | ||
|---|---|---|
| 1.02 |