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Business & Finance

Finance Council

FINANCE COUNCIL

Archbishop Thomas Wenski

Bishop Peter Baldacchino

Sr. Elizabeth Worley, SSJ

Msgr. Tomás Marín

Father Paul Vuturo

Father David Zirilli

Mr. Thomas E. Beier

Mr. William G. Benson

Mrs. Christina Brochin

Mr. Sean Clancy

Mr. Albert A. Del Castillo

The finance council gives counsel to the bishop on the following:

  • Appointment of a finance officer (c. 494)
  • Removal of the finance officer (c. 494)
  • Imposition of taxes, either ordinary or extraordinary (c. 1263)
  • Decisions relative to the more important acts of administration(c. 1277)
  • Determination of the meaning of acts of extraordinary administration for institutes subject to his control if the statutes are not specific (c. 1281.2)
  • Review of annual reports submitted to him by clerical and lay administrators of any ecclesiastical goods(c. 1287.1)
  • Investment of tangible and intangible property assigned to an endowment (c. 1305)
  • Modification of the obligations imposed in executing last wills for pious causes if such obligations cannot be fulfilled (c. 1310.2)
  • The finance council must give or withhold consent to the bishop on the performance of an act of extraordinary administration as defined by the United States Conference of Catholic Bishops (USCCB) (c. 1277): Alienation of property at or above an amount established by the USCCB (c. 1292 § 1) (effective March 31, 2004 , $1,000,000 for dioceses with Catholic populations of half a million persons or more; $500,000 for all other dioceses)
  • In addition to alienation, the entering into any transaction that worsens the financial condition of the diocese (c. 1295)

Consent must also be obtained from the Holy See for alienation of property and for transactions that worsen the overall financial condition of the diocese in the following amounts:

  • $10,000,000 or more for dioceses with Catholic populations of half a million persons or more
  • $5,000,000 or more for all other dioceses

In addition to the canon law requirements, diocesan bishops should consider consulting with their finance councils on the following:

  • Appointment of auditors
  • Appointment of legal counsel
  • Employee compensation and benefits
  • Insurance and risk management
  • Property management
  • Construction management
  • Investment policies
  • Internal controls
  • Development (fundraising)
  • Banking arrangements
  • Leasing of ecclesiastical property

Note

For more information on the duties and responsibilities of finance councils, go to: www.usccb.org/bishops/dfi/councils.htm