Diocesan Finance Council

The Diocesan Finance Council (DFC) is a canonical body mandated by the Code of Canon Law to assist the Diocesan Bishop in the administration of the temporal goods (financial and physical assets) of the diocese. Rooted in both spiritual stewardship and legal accountability, the Council ensures that church resources are managed wisely, transparently, and in alignment with the pastoral mission of the Church.

Canon Law and Purpose of the Diocesan Finance Council

According to Canon 492 of the Code of Canon Law, every diocese must establish a Finance Council. The Diocesan Bishop or his delegate presides over the Council.

The purpose of the Diocesan Finance Council is to provide expert financial counsel, oversight, and collaborative governance. It is composed of Christ’s faithful who are truly expert in financial affairs and civil law, outstanding in integrity, and appointed by the Bishop for a five-year renewable term. Members serve as stewards of the community’s trust, ensuring that the earthly goods entrusted to the diocese are utilized to fulfill Christ’s mission on earth.

The Proper Purposes of Temporal Goods Canon 1254 §2. The proper purposes are principally: to order divine worship, to care for the decent support of the clergy and other ministers, and to exercise works of the sacred apostolate and of charity, especially toward the needy.

Core Responsibilities

The responsibilities of the Diocesan Finance Council are defined by universal Church law and further delineated by local diocesan statutes.

Mandatory Consultation: The Diocesan Bishop must consult the Council before making financial decisions of major importance.
Required Consent: For specific acts of extraordinary administration—such as the alienation of diocesan property or major financial transactions exceeding thresholds set by the Episcopal Conference—the Bishop must obtain the formal consent of both the Finance Council and the College of Consultors to act validly.
Appointment of the Finance Officer: In accordance with Canon 494, the Bishop must consult the Finance Council before appointing or removing the Diocesan Finance Officer (Chancellor or Chief Financial Officer).
Meeting Schedule: The Diocesan Finance Council meets 4 to 5 times per year and as requested by the Bishop.
Chair of the Diocesan Finance Council: Appointed by the Bishop.

Fiscal Accountability Functions

To maintain the highest standards of financial transparency and ethical stewardship, the Council exercises several critical fiscal functions each year:

Budget Preparation and Approval: Each year, according to the directions of the Bishop, the Council reviews and approves the annual operating and capital budgets of the diocese for the upcoming year (Canon 493).
Review of Financial Reports: At the end of the fiscal year, the Council examines the detailed financial statements, balance sheets, and reports of income and expenditures prepared by the Diocesan Finance Officer.
Internal and External Audits: The Council oversees the annual independent external audit process, reviewing the auditor’s findings and ensuring management implements necessary internal controls.
Asset and Investment Management: The Council advises on the prudent investment of diocesan funds, ensuring compliance with both Catholic moral principles (socially responsible investing) and sound financial practices.
Support for Parishes: The Council assists the Bishop in establishing financial policies, reporting guidelines, and internal controls for individual parishes and diocesan institutions, fostering accountability at every level of the local Church.

Through these combined canonical duties, the Diocesan Finance Council acts as a safeguard for diocesan resources, guaranteeing that the generosity of the faithful directly supports the spiritual and charitable works of the Catholic community and its corporal works of mercy.

Council Positions

Bishop of the Diocese of Peterborough

Vicar General of the Diocese of Peterborough

Priest of the Diocese

Director of Finance, Property and Administration

Three to Five Lay Representatives

Current Council Membership

Most Reverend Daniel J. Miehm, D.D., Bishop of Peterborough

Fr. Craig Cruikshank

Deb McRae

Mark Donaldson, CPA, CMA

Kevin Heffernan

Herman van den Berg, MBA, PhD

Andy Wachon