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"
Internal Controls, Part 2
By Delano Sherley Here are some additional internal controls to implement in order to safeguard church assets: Segregation of duties is important for proper internal controls. The person receiving the… Click To Read More "Internal Controls, Part 2"
Internal Controls
Maintaining control of church assets, particularly cash, is a critical function of a church financial system. Having the proper procedures in place protects not only the church, but also protects… Click To Read More "Internal Controls"
Health Reimbursement Arrangements
Recently, I wrote about changes in health care benefits as a result of the Affordable Care Act (ACA). Many churches also reimburse or pay directly for out-of-pocket (oop) medical expenses… Click To Read More "Health Reimbursement Arrangements"
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"
Health Insurance Benefits
Under the Affordable Care Act, employers that have more than one full-time employee can no longer pay or reimburse for individual health insurance premiums. If you have more than one… Click To Read More "Health Insurance Benefits"
Preparing for a Loan
If you have tried to get approved for a loan lately, you probably discovered that it takes more time to complete and is a bit more difficult than it used… Click To Read More "Preparing for a Loan"
IRS Phone Scam
If you receive a telephone call from someone claiming to be from the IRS, it is a scam. The IRS recently issued a warning to taxpayers to be on alert.… Click To Read More "IRS Phone Scam"