Southern Baptist Convention Finance Committee

The Southern Baptist Convention (SBC) Finance Committee plays a crucial role in overseeing the financial health and stability of the largest Protestant denomination in the United States. This standing committee, mandated by the SBC’s governing documents, is responsible for a wide range of financial oversight responsibilities.

Responsibilities

The primary responsibilities of the Finance Committee include:

• Budget Oversight: A core function is the development and presentation of the annual operating budget for the SBC Executive Committee, which manages the day-to-day operations of the Convention. The committee meticulously reviews budget requests from various entities and recommends a comprehensive budget for approval by the full Executive Committee.
• Financial Reporting: The committee ensures accurate and transparent financial reporting to the SBC messengers (delegates) at the annual meeting. This includes reviewing audited financial statements and providing summaries of key financial performance indicators. They are tasked with ensuring compliance with generally accepted accounting principles (GAAP) and other relevant regulations.
• Investment Management Oversight: The Finance Committee provides oversight of the investment management activities of the SBC, often working closely with professional investment advisors. They establish and monitor investment policies, ensuring responsible stewardship of the Convention’s assets and adherence to ethical guidelines.
• Internal Controls and Audit: The committee is responsible for overseeing the internal controls framework within the SBC Executive Committee. They work with internal and external auditors to ensure the effectiveness of internal controls and compliance with relevant laws and regulations. They review audit findings and recommendations, and monitor corrective actions.
• Cooperative Program Allocation: While not directly involved in determining the percentage allocation of Cooperative Program funds (the primary channel for funding SBC ministries), the Finance Committee provides critical information and analysis that informs the Executive Committee’s decisions on this vital issue. They analyze the financial needs of various SBC entities and the overall financial health of the Convention.
• Debt Management: The committee oversees any debt obligations of the SBC Executive Committee, ensuring prudent debt management practices and adherence to debt covenants. They analyze potential risks associated with debt and make recommendations to mitigate those risks.
• Risk Management: The committee addresses financial risk management strategies to protect the assets of the SBC. This may involve evaluating insurance coverage, disaster recovery plans, and other measures to mitigate financial losses.

Membership and Operation

The Finance Committee is typically comprised of individuals with expertise in finance, accounting, investment management, and other related fields. Members are usually nominated and elected by the SBC Executive Committee. The committee operates under established bylaws and procedures, ensuring transparency and accountability in its decision-making processes. The committee’s work is vital for maintaining the trust and confidence of Southern Baptists in the financial stewardship of their denomination.

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