Treasurer's Transition Checklist
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The church treasurer is a key administration role in serving Christ. On behalf of your church and the FMCIC, Thank you! The ministry would not be the same without you. The Operations Team at the Ministry Centre is here to help you. If you have any questions, please direct them as follows:
- Payroll – email payroll@fmcic.ca
- Remittances for transferring funds – email finance@fmcic.ca
- Any other questions – email support@fmcic.ca and someone from our team will be in touch with you.
As a new treasurer, we want to help you and have prepared the checklist below as you transition into the role. If you’re an experienced treasurer, this can be a reminder of best practices for you. Our team is here to support you in keeping the financial transactions and reports moving forward, without delays.
Transition and Onboarding
- History Briefing – with previous treasurer (or Board) to go over financial history, processes, and upcoming matters.
- Financial System Process – Overview the financial process and policies for budgeting, cash disbursement handling, counting of offerings (tellers), bank deposit procedure, donation recording, processing of payables, expenses and financial reporting.
- Passwords, Codes & Keys – Change all passwords immediately during the transition, filing the new copies with the Board. Collect all remaining codes, keys, and account access from the outgoing treasurer.
- Signing Authorities – Update signatories for banking, tax receipting, invoice payment authorization, etc. Note: Board Approval should be noted in minutes for any signing authority change.
Contact Information Updates
- Contact Information – Update contact info for all associations, government forms, suppliers etc. It is extremely important that the CRA be updated with the new treasurer information. We recommend all government forms go to the church address and not the Treasurer’s to reduce the risk of missed deadlines or penalties during a transition.
- Notify FMCIC – Send an email to payroll@fmcic.ca from the Board notifying FMCIC of a change in Treasurer including day-time contact information.
- Treasurer Email – If not already created, adopt a treasurer email address that is ‘owned’ by the Board (i.e. ‘treasurer@yourchurch.ca’). This will remain with the church and be passed onto the next treasurer creating important communication history. Password and details should remain with the Board and notify the Ministry Centre the new treasurer’s email.
Financial Operations
- Banking – Review bank fees, overdraft coverage, credit cards, etc.
- Investments – Review what investments are held, for what purpose, term, etc.
- Bank Reconciliations – Audit the bank reconciliation process to guarantee supporting documentation is complete and reporting deadlines are met.
- Existing Loans or Mortgages – Review any church loans and mortgages noting payment and renewal due dates
- Payroll – Review payroll process and records. Note submission due dates to ensure your minister is paid on time and what form may be required for payroll changes.
- FMCIC Remittance Process – Review FMCIC Remittance forms and process, adopting e-transfer if not already in place.
- Restricted Funds – Review both externally and internally restricted funds and the nature of the restrictions (bequests, donor restrictions, government funding, etc.)
- Online Giving – Review digital giving tools and procedures to ensure accurate donor tracking and seamless fund reconciliation.
Compliance and Filings
- Review Government Filings and Deadlines – Ensure all government filings are within deadlines such as the annual T3010, GST/HST rebates and any other reports (e.g. If your church is incorporated), etc. You may want to report/note in the Board minutes upon submission.
- Existing Contracts, Service Arrangements & Supplies – Review and make note of existing contractual and verbal contracts and when they are due. Review any long-term commitments (equipment and rental lease agreements, etc.). Note what dollar amount items are capitalized, rates of depreciation, etc.
- Annual Audit – Review previous audit report and auditors notes and ensure annual audit/financial review is completed
- Backups – Review the computer backup process to ensure data is saved regularly and securely. The last thing you want to deal with is losing all your financial data.
- Insurance – Review church insurance coverage for property, contents and liability etc., keep documentation and contact information on file and easily accessible. Ensure coverage includes Directors Liability with Indemnification is in place.
- Records Retention – Ensure to keep records of governing documents, financial statements, copies of official donation receipts, copies of annual information returns (Form T3010), written agreements, board and staff meeting meetings, annual reports, ledgers, bank statements, expense accounts, inventories, investment agreements, accountant’s working papers, payroll records, copies of promotional and fundraising materials. Books and records also include source documents which support the information in the books and records such as: invoices, contracts, purchase orders and bank deposit slips.
- Policies – Review the policies that are specifically relevant to the Treasurer (e.g. applicable Board and Committee policies, Audit Committee, Benevolence, Designated Giving, Ethics, Gift Evaluation and Acceptance, Investment, Privacy, etc.), the salary review process and have an awareness of all other church policies.
- Past Minutes – Ensure to keep minute copies for the past year and other relevant historical information on record.
- Outstanding Items – Review any upcoming items, legal or other issues either underway nor that might be coming up.
Every local church operates a little differently, so please feel free to tailor this guide to match your unique needs. Remember, you do not have to figure this out alone — our team is always here to support, guide, and answer any questions along the way!
Support
The Operations Team is here to be of service to you – our churches, pastors and ministries. Exploring financial options, or operational solutions? We can help you with all things finance and operation but also help with connecting with all our ministry departments.
Not sure who to contact?
For payroll matters, including Pension and Benefits – email payroll@fmcic.ca
For finance matters – email finance@fmcic.ca
For all other matters… Simply send your question/request to support@fmcic.ca.
Or if you prefer to call,
you can reach us at 905-848-2600 (press ‘0’).
We will make sure your call/message goes to the right person/ministry who can help.
