Issued Date: 7/20/2022
Purpose
To define the requirements for Parishes as it relates to the Annual Representation Letter.
Policy
I. Each Parish is required to submit an Annual Representation Letter to the Archdiocese within 120 days after the end of the Fiscal Year in the general format of the attached template.
1) The Annual Representation Letter must include:
a) A statement that the financial statements (statement of activities, statement of financial position, and cash flow statement) of the Parish for the most recently completed Fiscal Year were made available to parishioners, the specific date it was made available, and the manner in which it was made available.
b) A statement that the annual budget of the current Fiscal Year was made available to parishioners, the specific date it was made available, and the manner in which it was made available.
c) A statement that the Parish Finance Council regularly reviewed and discussed the budget and periodic financial statements.
d) A listing of the dates on which the Parish Finance Council has met during the preceding Fiscal Year and since the end of the Fiscal Year.
e) A statement that a 3-year cash flow projection was presented to the Parish Finance Council during the most recently completed Fiscal Year.
f) The names and professional titles of the members of the Parish Finance Council.
2) If during the most recently completed Fiscal Year the Parish had Agreed Upon Procedure or a Financial Audit completed, the Annual Representation Letter must include a statement that the report was presented, reviewed, and discussed by the Parish Finance Council at one of its meetings. Attendance of the Pastor, Trustees, and Parish business administrator (or equivalent position) at such meeting is required and the date of such meeting must be disclosed in the Annual Representation Letter.
