A treasurer is elected by the two houses at every regular meeting of General Convention. The treasurer formulates the budget of the Episcopal Church, receives and disburses all money collected under the authority of the convention, and with the approval of the Presiding Bishop invests surplus funds. If the office of treasurer becomes vacant, the Presiding Bishop and the President of the House of Deputies appoints a treasurer until a new election is held. The treasurer of the General Convention and the Executive Council is Kurt Barnes.