Financial Policies

1. Restricted Contributions: Contributions are received with the following approved donor imposed restrictions: Deacons Fund. The Deacons Fund is for financial assistance to the membership of Cornerstone and/or regular attendees. The Deacons administer this fund. Other gifts received are either unrestricted or designated (by Session) for certain uses based on donors requests.
2. Designated Contributions: Contributions are received with requests for certain uses. However, these gifts are not considered donor restricted for time or purpose. Cornerstone will receive these gifts as general contributions and attempt to use the funds for the intended purpose, but is not obligated by the designation. Such funds include: Building, Mercy ministry, Missions, Special gifts, Staff Love Offering.
3. Financial statements: Cornerstone closes the books after each month through a process of reconciling the bank statements, reviewing the financial information and preparing financial reports for review and approval by the Session. The monthly financial reports are included in the Session minutes each month. Annual financial statements are provided to the Congregation in January.
4. Budgets: The annual budget is prepared in November, approved by the Session in December, approved by the Congregation in January (or February). Any modification is approved in advance by the Session.

Should you have any questions or would like to discuss these policies further, please contact Jonathan Tucker through the church office.