Date: May 19, 2025 Treasurer Communiqué #1
Dear Sisters in the League,
I recently received a communiqué from our Provincial Treasurer, Renée Johnson, outlining some important recommendations and tips for those newly elected to the Treasurer position, as well as for those who have held this position for some time. I would like to share her thoughts with you …
2024 is well behind us. I pray that you had a year filled with blessings and spiritual growth.
I expect that all of you have completed your Financial Statements for the year ended December 31, 2024. I also expect that you will have presented the Financial Statements to your council for approval and inclusion in your council’s records.
I am writing to you because I notice that: a) there are still many councils that do not prepare annual budgets; and b) there are still councils that do not have an outside party reviewing the books and records. If you are diligent in making sure that these things happen each year, thank you very much. If not, please start now.
The “Guidelines for Treasurers” manual, available on the National website under Resources/Manuals (#609), is an excellent resource. I highly recommend that you review it.
The Annual Budget
The Guidelines state that the Treasurer is required, among other duties, to prepare and monitor an annual budget, with projected revenues and expenditures. An annual budget with periodic review of the actual results to the budgeted expectations is necessary to control your council’s financial resources and to plan for future events.
As an example of a future event, Parish Councils will probably at some point host a Diocesan Convention. Your budget should recognize these future responsi-bilities and should plan for them. I recommend that you consider setting aside funds each year in a Dedicated Fund so that you will have a nest egg when it is your turn to host a convention.
Another benefit of preparing and monitoring a budget is that it generates discussion among the members about the priorities of your council. Often very good ideas come from budget discussions.
The Year-End Financial Review
The Guidelines state that the Treasurer is also required to maintain the financial records of the council, and have them appropriately audited or examined annually; and that a review of “the books” should take place at each fiscal year-end (December 31st), either professionally or by someone with accounting or bookkeeping expertise.
I cannot stress how important it is to have an independent review of your financial records each year. This is one of the cornerstones of sound internal control. For most councils, it is not necessary to obtain the services of a professional accountant. Having your financial records reviewed by an independent party with experience as a bookkeeper or as a user of financial information would suffice.
As a council Treasurer for many years, and now as your Diocesan Treasurer, I use a tool which was distributed by the Diocesan Treasurer in October 2021. The tool is called “Recommended Financial Review Guidelines” and is intended to be used in two ways: first, for the Treasurer, to make sure she is following the guidelines in the manual Renée has referenced above, and secondly, for the individual or individuals who have agreed to conduct the annual review of your financial records at year-end (such as members who have bookkeeping experience, members of the Knights of Columbus with financial backgrounds, etc.). The form is intended to be signed and kept with the financial records for the year reviewed. A copy has been enclosed.
In closing, I echo Renée’s words:
“Thank you for your attention to these matters. I pray that St. Matthew, patron of accountants, will ask Our Lord for his grace and blessing on our work for the League. May Our Lady of Good Counsel pray for us, and for our good works.” Amen!
God bless!,
Pat Ellis
Treasurer, Victoria Diocesan CWL