Financial Management
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Posted on February 21, 2012, 10:41 am | 5 comments
Topics: Financial Management
Our church was hesitant to get into online giving, primarily because of some of the negative connotations associated with credit card giving. Our pastor asked us to explore the possibilities, and this is what we found:
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Posted on February 7, 2012, 9:42 am | 7 comments
Topics: Financial Management
Last May I blogged about the health insurance credit available for small tax-exempt organizations under the Patient Protection and Affordable Care Act. Several US churches applied for this credit as a result of this blog and received checks for thousands of dollars. Your church may qualify for this "health insurance credit" for 2011 also. The credit is up to 25% of the cost of qualifying health insurance premiums. You may qualify if your church has:
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Posted on December 6, 2011, 9:17 am | 6 comments
Topics: Financial Management
Much has been written about the clergy residence deduction (CRD) which is available to clergy and other eligible individuals in Canada. To be eligible, an individual must meet both a status test and a function test.
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Posted on November 28, 2011, 3:07 pm | 1 comment
Topics: Financial Management
Did you know there are books written on the subject of taxes and ministers? The annual paperback I most frequently recommend to a U.S. minister or church who is asking questions is Worth's Income Tax Guide for Ministers by B.J. Worth. This book provides information on income and fringe benefits, parsonage allowance, professional expenses, social security/retirement planning, and overseas missionaries.
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Posted on September 1, 2011, 8:43 am | 1 comment
Topics: Financial Management
Today you are paying bills for the church. You have the statement from an organization that shows seven orders but you only have four different invoices from members to back up the statement. Where are the other three? Who ordered the material? Sunday School? Deacons? Youth Group? Missions? Coffee Break?
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Posted on August 29, 2011, 11:20 am | 6 comments
Topics: Network Buzz, Financial Management
As we sat at a table in the Worship Center with the countdown to worship on the Power Point, I was excited to worship. The music was led well and then the message started with a You Tube video entitled God’s Pie. Once again I was reminded that God uses money and possessions as a test of our faith and trust in Him alone.
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Posted on August 1, 2011, 4:37 pm | 7 comments
Topics: Financial Management
Canadian churches refer to PAR or "Pre-Authorized Remittance" as a way to give through an automatic monthly withdrawal from their bank account to their church. In the US, I usually hear this called "Electronic Funds Transfer."
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Posted on July 25, 2011, 2:55 pm
Topics: Financial Management
We've talked before about some churches who use PayPal as a method for people to give to church. Usually the church sets up the account so the payer will pay the service fee. Do you know anything about an entity built on PayPal called Pay It Square?
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Posted on July 18, 2011, 4:35 pm | 1 comment
Topics: Financial Management
Christianity Today recently posted a story of the hacking of computers and loss of $680,000 from St. Ambrose Cathedral in Des Moines last month. You likely don't have that much money in your church account, but are your bookkeepers and treasurers careful enough so that something like this doesn't happen to your church?
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Posted on June 21, 2011, 10:46 am | 6 comments
Topics: Financial Management
Two years ago your youth pastor asked if the church could cover her cell phone costs related to her church work. You agreed that the youth pastor needed texting and a cell phone and covered the costs. Now your Senior Pastor and Congregational Care Pastor use their cell phones a lot for church related work also. Should the church have a cell phone policy? How much do you cover on each of their cell phones?
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Posted on May 23, 2011, 3:35 pm
Topics: Financial Management
Ministers' Pension Plan church assessments are likely to increase approximately 15% starting July 1 if approved by synod. I immediately thought of what this would do to a mid-year church budget. How is your church planning to handle this proposed increase mid-year?
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Posted on May 9, 2011, 2:32 pm | 11 comments
Topics: Financial Management
US churches may qualify for a "health insurance credit" for 2010 if they file for the refund by May 15, 2011. The credit is up to 25% of the cost of qualifying health insurance premiums. This is defined as the premiums paid directly or reimbursed to church employees.
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Posted on May 3, 2011, 9:05 am | 1 comment
Topics: Financial Management
On Sunday our members received a letter in their mailboxes from Pastor Paul. It started with "I want to share with you a courageous leadership decision made by our Administrative Elders and Deacons and subsequently endorsed by the full Council. In spite of a budget that continues to show deficits, we decided to step out in faith and pay 100% of our pledges
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Posted on April 11, 2011, 4:30 pm | 2 comments
Topics: Financial Management
Your pastor is retiring later this year and your church members would like to collect money from the congregation as a retirement gift. Is this gift from the church taxable to the pastor? Should the members receive a charitable contribution receipt from the church for this gift?
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Posted on March 7, 2011, 5:29 pm | 2 comments
Topics: Financial Management
If you ended your fiscal year on December 31, you probably have your financial reports completed. Did Council review those statements? Did you make them available to the congregation? Have you thought about a financial review or audit each year? Check out the financial review ...
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