Continuing our discussion regarding minimum wage and overtime rules: The new rules, which are set to take effect on December 1, 2016, might be delayed until June 1, 2017, pending… Click To Read More "Overtime Rules, Continued"
How Do You Measure Up?
I recently read an article on the benefits of financial metrics that every CEO should pay attention to. Some call them KPI’s (key performance indicators). The benefits are the same… Click To Read More "How Do You Measure Up?"
Employee Benefits
This is usually the time of year (tax season) when we are asked what types of benefits that a church can provide to employees that are tax free. Common benefits… Click To Read More "Employee Benefits"
Identity Theft and the IRS
You have probably read about or know someone who has experienced identity theft. Often, someone’s social security number is used to file a fraudulent tax return. Then when the victim… Click To Read More "Identity Theft and the IRS"
Housing Allowance
Ministers can reduce their taxable income by having the church board (or compensation committee) designate a portion of their salary as a housing allowance. A minister cannot designate his own… Click To Read More "Housing Allowance"
Internal Controls and Budgets
We find that most churches do not prepare an annual budget. While it does take some time to properly set one up, there are many benefits to doing so. The… Click To Read More "Internal Controls and Budgets"
Internal Controls, Part 3
Many churches require dual signatures on all checks as a part of their internal control procedures. This is a valid policy to help strengthen internal controls; however, we find that… Click To Read More "Internal Controls, Part 3"
Credit Card Scanners
Many churches now have credit/debit card scanners for accepting donations or for payments at bookstores, coffee shops, youth events, etc. However, you need to be aware that the current method… Click To Read More "Credit Card Scanners"
Electronic Giving
You have likely read the statistics: only 10-25 percent of church members actually tithe and the average Christian only gives 2.5 percent. I recently read that if all Christians increased… Click To Read More "Electronic Giving"
Reducing Church Expenses
When reviewing church financial records to prepare their annual report, we constantly look for ways in which the church can reduce costs. Any area where a cost savings can be… Click To Read More "Reducing Church Expenses"
Reimbursing Expenses (Part 3)
By Delano Sherley Continuing the topic of “accountable reimbursement plan” rules when reimbursing business expenses: Proper documentation is a key requirement for any expense that an employee charges to a… Click To Read More "Reimbursing Expenses (Part 3)"
Year-End Contribution Reports
Since the year is almost over, it is a good time to review the rules for issuing charitable contribution statements. Charitable contributions must be reported/claimed in the year in which… Click To Read More "Year-End Contribution Reports"