The adoption of a uniformed Financial Management System (FMS) was approved through the action of the 2005 General Assembly aimed to assist the full implementation of the Church’s policy on Centralization of Funds.
The FMS is generally a system that provides control and information on the finances, resources and properties of the Church. It sets the use of uniformed books (daily cash book, cash disbursement book, cash receipts book) and support documents (receipts and vouchers, collection slips, remittance forms, financial reports, service record book) in all local churches. The system also set specific guidelines on accounting, bookkeeping, auditing, reporting, budgeting, and monitoring and evaluation procedures.
A Financial Management System Committee was created by the Church’s Commission on Business and Finance to supervise the implementation of the system. A Manual on the Uniformed Financial Management System was also published to guide the local churches in its implementation.