The Finance Council is more than just a standing committee of the Pastoral Council. The Finance Council is established by the Code of Canon Law, with concern and some role of authority in the governance of the parish corporation in matters related to finances. For alienating property (by sale or by donation), incurring debt, or expenditures of $5000 or more, the pastor needs the consensus of the Pastoral Council, but he also needs the consent (agreement) of the Finance Council.
The Finance Council also reviews the financial reports of the parish and any group that is under the tax-exempt number of the parish corporation (thus not separately incorporated); establishes an annual budget; establishes and monitors policies for the collection, counting, deposit, and management of parish funds; collaborates on stewardship efforts; and other related tasks. The work of the Finance Council helps to protect the rights and reputation of all parties involved with the financial well-being of the parish.