Parish Accounting Newsletter
Approval of Payments and Delegated Authorities
The Parish Accounting team processes all invoices for payment on behalf of the Ministry Units. As an integral part of our controls, we require these invoices to be approved in accordance with the delegated authority of the Ministry Unit.
The delegated authority form tells Trust Management staff who in your Ministry Unit can authorise invoices for payment, and to what level. Delegated authorities are approved by the Vestry and can vary according to the size of the Ministry Unit, etc.
Some examples of delegated authorities are as follows:
Amounts less $1,000 any two signatories including Treasurer, People’s Warden, Vicar’s Warden, Secretary, Vestry Members.
Amounts over $1,000 any three of the above signatories including one Warden.
Amounts less than $3,000 any two of Vicar’s Warden, People’s Warden, Vestry Members, Treasurer, and Office Administrator.
Amounts more than $3,000 any two of the above, plus Vestry resolution to support.
Amounts less than $1,000 any one Council Member.
Amounts between $1,001 and $2,000 any two Council Members
Over $2,001 any two Council Members plus Council resolution to support.
The delegated authority form should include specimen signatures as we check all approvals on the invoices for payments back to the approved delegated authority document.
If there are any changes in personnel, the delegated authority should be updated and re-approved by the Vestry.
Trust Management has added its voice to the engagement initiative promoted by the NZ Super Fund to strengthen controls on social media content.
The number of investors involved in the engagement exceeds 50, and represents total assets under management of more than $4 trillion NZD.
Trust Management’s CEO, Grant Hope, said ‘We see engagement on ESG matters as an important role for investment managers, ensuring that the views of our investors are heard by the companies which they invest in'.
Social Media Content Controls
Data Analytics for Finance Conference
On 12 June 2019, Grace Sun, our Parish Accounting Team Manager attended the conference, “Data Analytics for Finance”, held by the Chartered Accountants Australian and New Zealand in June. The conference covered a wide number of topics, of which risk management of data is the hottest.
Data breaches and hacks become increasingly common. It is estimated that the average cost of a data breach will be over $150 million by 2020, with the global annual cost forecast to be $2.1 trillion. General Data Protection Regulation (GDPR) in Europe has created a golden standard for how data transparency should work. Breaching GDPR can be fined up to €20 million or 4% of the originations’ global turnover.
Early this year, Australia also indicated its intention to increase the penalties for misuse of personal information. If an organisation stores personal information in the cloud using an Australia data centre, or have an Australian presence or “carry on business” in Australia in a way likely to constitute an “Australian link”, Australian privacy law, including the Notifiable Data Breaches Scheme applies.
In comparison, there is very little financial disincentive in New Zealand for poor privacy practices. The NZ Privacy Bill is currently under review and fundamental changes are needed to bring the NZ’s data law in line with GDPR and Australia privacy law.
Udeshika joined the Parish Accounting team over a year ago and looks after 15 Auckland Parishes and 2 Waikato Parishes. She has done an amazing job liaising with her parishes to ensure that the reports that are presented to the Vestries and the Treasurers are relevant and easy to read.
Udeshika has been learning new report writing skills using Crystal Reporting so she can tailor the reports she sends to her parishes to Vestry’s requirements.
Udeshika has the non-profit sector at heart from previously working as the sole charge accountant for the Alliance Francaise in Auckland to supporting a project aiming to provide clean water for those who are suffering due to lack of pure water in rural areas of Sri Lanka.
Outside of work, when she is not studying, Udeshika loves gardening, meditation and reading. She loves to help and assist people who are in need.