The vast majority of banks have emerged from one of the most difficult periods in recent history somewhat battered and bruised, but fundamentally sound.
The Internal Revenue Service issued new rules and regulations affecting all 403(b) retirement plans in 2007. Most elements became effective January 1, 2009, with some delayed until January 1, 2010. You should be aware of three important issues about these new regulations as they relate to your church.
If you’re not confident about your financial situation at retirement age, you’re not alone. According to the latest research from the Employee Benefit Research Institute, retirement confidence is at an all-time low. Only 13 percent of workers reported a high confidence about their financial future.
When Crossroads Christian Church in Corona, CA, accumulated $500,000 in debt — in addition to falling behind on their mortgage payments — financial ruin and foreclosure seemed imminent.
Remember when it was easy to manage church finances? Income approximated expenses. New programs were launched to meet people’s needs. Lives were changed; more people came, and expansion became necessary; capital campaigns followed, which met or exceeded expectations. Then the bottom fell out as the economy plunged into a recession unparalleled in our experience.
In recent years the issue of corporate financial accountability has become increasingly important, even for churches. As a result, more and more churches are providing annual financial reports to their congregations. Unfortunately, many of these reports are simply based on business financial reporting models and therefore may not convey the church’s finances as clearly as they could.
When Blackshear Place Baptist Church offered a family finance program, 1,200 people signed up, and trimmed thousands in personal debt.
One of the most significant stewardship responsibilities for a church is managing debt. Churches weigh the decision to incur debt very carefully, and are typically highly focused on the details of the loan.
Cross Timbers Community Church decided to take some exciting steps to respond to this current economic season. A few weeks back, Senior Pastor Toby Slough told the church during our giving time that if anyone that day had a need — because being laid off or other financial challenges — that they were welcome to take out of the plate as it passed by rather than give that week.
Churches often maintain benevolence funds to assist needy individuals in times of financial crisis. However, these churches may not have enough structure in place to provide essential direction and documentation.
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