“What happens in accounting, stays in accounting.” If your finance team’s motto goes something like this, you might have an internal controls problem. Internal controls are put in place to clearly define proper procedures for finance and accounting team members, to minimize risk, and to alleviate suspicion. Even churches must mitigate risk and ensure that policies and procedures are in place and functioning as intended.
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“Do I buy a car or lease one?” “Do I work to pay for my education — or my children’s — or do I take out a loan?” “Do I rent an apartment or buy a house?” For each of these questions, making the right decision depends on a number of factors that are unique to you. But one financial question leaves us with very few choices: “Do I save for retirement?”
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For church leaders, preparing for a capital campaign “commitment service” is similar to football coaches preparing for the Super Bowl. Here, Paul Gage weighs in on how to maximize this giving experience.
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As the business administrator of a religious institution, you don’t need to be an experienced commercial developer to get a construction loan — you just need an expert ministry bank.
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A few months ago, I sat down for coffee with a young executive pastor. He was technologically savvy, ambitious and full of positivity as his church had seen triple-digit growth in the last few years.
As soon as the topic of church software came up, his countenance changed.
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Many church leaders have realized that data and technology provide new ways of thinking about how they can overcome their increasing financial challenges.
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Depending on your role at the church, you’ll hear the word “audit” and come to one of two conclusions:
If you’re the finance manager, you understand the need for the substantiation of the integrity of the data — even though an audit can add to your already busy workload.
If you’re the pastor, it comes down to one word: “Why?” The financials are written in what appears to be a foreign language, and they don’t seem to help as you try to make good, mission-critical decisions, anyway.
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It’s a rare person who doesn’t feel like they’re navigating rocky terrain when negotiating salary and compensation. This can be especially true for clergypersons.
Read More > Now more than ever, all organizations are exposed to risk, including cyber security breaches and internal fraud. Religious institutions — which strive on building a trusting relationship with their members and employees on the foundation of religious beliefs, coupled with tight budgets and limited financial oversight — are even more vulnerable to fraud and abuse.
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The statistics on Americans and retirement planning are staggering. More than half of us do not know how much we will need to live a comfortable retirement, and 60 percent have saved less than $25,000. For clergy, the economics of retirement can be even more challenging.
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