| Business Office |
Accounting The Accounting Office records the financial activities of all entities under the control of the Central Administrative Office of the diocese. As a result of this office's work accurate and timely financial information is reported to various diocesan ministries. At fiscal year end the Accounting Office provides primary support to the Diocesan Fiscal Officer in presenting a report of receipts and expenditures to the Diocesan Finance Council for its approval as required in Canon 494 of The Code of Canon Law. The Accounting Office also assists the Diocesan Fiscal Officer in coordinating budget development for all entities under the control of the Central Administrative Offices of the diocese. Canon 493 of The Code of Canon Law requires the Diocesan Finance Council to prepare a budget of the income and expenditures for the coming year according to the direction of the Bishop. Accounts Payable The Accounts Payable Department processes payments for goods and services obtained by Central Administrative Office departments. Accounts Payable staff also processes payments and electronic transfers of moneys from the Diocesan Loan Account to parishes, schools an other diocesan entities. All payment requests must be submitted in writing by Wednesday, 12:00 noon each week. This includes all savings withdrawal and loan requests for the Deposit & Loan Fund. Supporting documentation must be submitted with payment requests when applicable. For example, any reimbursement for expenses must have accompanying receipts, or any reimbursement for mileage must have an accompanying mileage log. All checks will be written first thing Thursday morning each week and mailed by the end of business on Friday, providing the required signatures are attainable. Any checks over the amount of $5,000.00 require a second signature. If the Diocese should have a Thursday holiday, all checks will be written on Wednesday morning, and accordingly, all payment requests should be submitted by 12:00 noon on Tuesday. Any requests for electronic transfers of money from the Deposit & Loan Fund should follow the same schedule as accounts payable. All requests for the week should be received by 12:00 noon on Wednesday. The requests will be processed on Thursday each week with the accounts payable checks and should reach individual bank accounts within two business days. Accounts Receivable Payments to any of the Diocesan Departments should be made payable to the Diocese of Ogdensburg and submitted to our lockbox at the following address: Diocese of Ogdensburg PO Box 106 All payments are due within 30 days of the invoice date. Please enclose back-up paperwork with each check to be sure that payments are properly credited. Deposit & Loan Fund Any parishes or other diocesan employer within the Diocese of Ogdensburg are welcome to take advantage of the Deposit & Loan Fund. Money can be deposited to or borrowed from this account. Each parish with existing savings accounts should have a deposit/withdrawal form to use when submitting a check for deposit or requesting a withdrawal of funds. This form has all existing accounts listed with corresponding account numbers. If a new account is needed, please submit a request in writing stating the name of the new account along with a check for deposit to open that account. When the new account is setup, the corresponding deposit/withdrawal form will be updated and a copy will be sent to the requesting parish. Interest in the amount of 3% is paid on these saving accounts each quarter. Checks will be mailed to parishes for interest amounts at the end of each quarter, unless arrangements have been made to have the accumulated interest rolled back into a particular account. Loans can also be requested from the Deposit & Loan Fund. The Episcopal Vicar for Diocesan Services should be contacted to discuss any loan requests. He will in turn submit approved paperwork to the Fiscal Office so a check can be written for the loan amount the following Thursday. Statements for loans are mailed to parishes each quarter. This statement will indicate the amount due in principal and interest for the quarter. The principal amount due each quarter will be equal to 2.5% of the amount of the loan with the total loan to be repaid within ten years. The interest amount due will equal 4% of the principal balance at the end of each quarter. The exception to this rule would be in the case of new vehicle loans. These loans are generally five year loans because of the rapid rate of depreciation. |