Office of the Chief Financial Officer

Shannon Hepp, Controller

Shannon Hepp,
Chief Financial Officer

The office of the Chief Financial Officer is responsible for the oversight of Diocesan accounting and the accounting support of Diocesan parishes and institutions.  Following is a summary of the key areas of responsibility of the Diocesan Accounting and Finance department:

– Analyze and make recommendations pertaining to all major financial decisions and questions facing the diocese and its parishes and other affiliated entities

– Implement and evaluate financial policies and practices of the diocese to ensure that financial goals and objectives are met in accordance with canon law, policies established by the Bishop, and government regulations

– To oversee and monitor all financial and related functions of the diocese including budgeting, accounting, investments, risk management, real estate and facilities, and contracted benefits

– Make recommendations as to available resources and financial limitations; periodically review the budget status with the Bishop, the Presbyteral Council, and the diocesan Finance Council

– Review and monitor all building and renovation projects, all real property purchases and sales, and all leases; maintain liaison with architects, contractors, attorneys, and real estate agents.  Maintain diocesan real property database and real property records

– Ensure accurate diocesan financial statements on a monthly, quarterly and annual basis, and work closely with independent auditors re: our annual financial statements

– Oversee and assist with annual audit and develop and implement internal accounting controls

– Provide accounting support to pastors and parish/institution bookkeepers and maintain accounting and administration handbook for diocesan parishes & institutions.  Provide support to bookkeepers on the use and implementation of parish accounting software

– Record, monitor, and report diocesan receipts and expenditures, payroll and the parish/institution activity within the diocesan Deposit & Loan Fund

– Participate in meetings and monitor activity of the Catholic Education Trust Fund

– Administer, oversee, and participate in meetings of the Knoxville and Chattanooga Catholic School Funds that provide tuition assistance to the diocesan schools

– Review quarterly parish and institution financial statements and advise Bishop of financial status at parishes and institutions; participate in developing strategies to deal with concerns

– Oversee diocesan investments and cash management; act as liaison with investment consultant and bank officials.

– Monitor the diocesan master property, liability, vehicle, and worker’s compensation insurance policies

– Provide oversight on Lay and Priest Pension Plans and the 403(b) plan, including attendance at Lay Retirement and Priest Benefit Foundation meetings

– Monitor financial status of all employee benefits programs — retirement and health, life, disability, and long-term care insurance

– Participate in the completion of grant requests and grantee reports