Treasury and Finance

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Checking Account

  1. The Community treasury is to be a separate bank account from a member’s personal account.
  2. Two signatures are required on the account.

 

Treasury Reports

  1. Monthly Report: Treasurer is to prepare a Treasurer’s Report on a monthly basis and present it at the monthly meetings.  Copies of this report are to be given to the Secretary and the President.
  2. Annual Financial Report: Treasurer will submit an annual financial report to be sent to the Central Office along with the Community’s annual Provincial Council dues per Statutes Section XIV #4.  This is to be submitted by March 31.  A copy of this report is to be given to each member of the Community.
  3. Three-Year Budget: Treasurer, along with the Council, is to create a three-year budget, to be reviewed and updated each July after Community dues are collected, per Statutes Section XIV #1.

Treasury Records

  1. Treasurer should keep seven years of records on file. This includes monthly Treasurer’s reports and bank statements.  Any additional years of records are to be shredded.

 

Finances – annual dues of $175, which covers the following:

  1. Provincial Dues: Each member, including Active, Infirm, and those on Extended Excused Absences is to pay Provincial Council dues of $50.00 per year.  Aspirants do not pay any dues.  These dues are to be sent by the Community’s Treasurer to the Central Office, along with the Annual Financial Report by March 31, per Statutes Section XIV #5.  One check is made payable to the Discalced Carmelite Fathers of Oklahoma.
  2. Community Dues: Each member (with the exception of Aspirants and Infirm) is assessed community dues of $100.00 per year, per Statutes Section XIV #2. Those on Extended Excused Absences are expected to pay Community Dues. Beginning in March of each year, members are to make payment in one lump sum or can establish arrangements directly with the Community’s Treasurer for payments as their budget allows.
  3. Formation Materials: An annual fee of $25 per member covers the cost of all formation materials.

Any member experiencing financial hardship should contact the President of our Council privately.

Mission Support:

  1. Funds collected should include monies to be distributed to help the poor per Statutes Section XIV #3. This Community supports the OCD Mission in Nairobi, Kenya.