A brief exposition of the functions and roles of elders as found in the Bible:
The elders managed the money (Acts 11:29-30).
Elders were appointed by Apostles or their duly appointed representatives (Acts 14:23). (Elders were not elected.)
Matters of doctrinal dispute were settled by the elders (Acts 15:5-6).
The church was their "flock". They were the "overseers", the supervisors of the church. They were to be the shepherds (Acts 20:28).
The elders laid hands on and provided "prophetic utterances" for those who were being appointed to ministry. It appears that they were the vehicle through which God gifted these appointees (1 Tim. 4:14).
Elders were responsible for preaching and teaching as well as "rule" (1 Tim 5:17).
Elders were in every church (Titus 1:5).
The elders prayed for those in need and administered care. They also bore spiritual responsibility (James 5:14-15).
Peter was an elder who also happened to be an Apostle. His exhortation in 1 Peter 5 is not based on his Apostleship, but on his eldership. Here, as in Acts 20:28, elders were to be the "shepherds". They were the overseers who led by example, not authority. Their primary example was Christ. Elders were to be the authority ("be subject to your elders"), but this is because they were to lead "according to the will of God" and not as a matter of pride (1 Peter 5:1-5).
Two primary negatives for elders: 1) Not for sordid gain and 2) not for the position. Two important positives for elders: 1) Voluntarily, and 2) with eagerness.
Special note: Elders were always plural. There was no "elder" but always "elders" in a church.
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