11. Finances

(11.1) An accounting officer shall be appointed at the annual congregational meeting. His or her duty is to audit and check the finances of the organization.

(11.2) The treasurer’s job is to control the day to day finances of the church. The treasurer shall arrange for all funds – except a reasonable amount of petty cash – to be put into a bank account in the name of the church. The treasurer must also keep proper records of all the finances.

(11.3) Any church bank or other financial accounts shall require two signatures for withdrawals.

(11.4) The financial year of the church ends on the last day of February in each year.

(11.5) Should the church be registered as a Nonprofit Organisation in terms of the Nonprofit Organsations Act, 1997 (NPO Act No. 71 of 1997), the church’s accounting records and reports must be ready and handed to the Director of Nonprofit Organisations at the Department of Social Development within six months after the financial year end.

(11.6) If the church has funds that can be invested, the funds may only be invested with registered financial institutions as listed in Section 1 of the Financial Institutions (Investment of Funds) Act, 1984. Or the church can get securities that are listed on a licensed stock exchanges as set out in the Stock Exchange Control Act, 1985. The church can go to different banks to seek advise on the best way to look after it’s funds.