Church Finance Archives - Page 3 of 6 - Church Executive


Intelligent church giving: making sense of marketplace mumbo jumbo

Data and technology provide church leaders with new ways of thinking about how to overcome financial challenges or fund growing ministry opportunities. Consequently, there are a lot of new concepts and topics being discussed across ministry circles. Before you write off the ideas as “marketplace mumbo-jumbo,” let’s consider a few reasons why they might be applicable to your ministry.

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Does it make sense to refinance right now? (Even though you might be facing a prepayment penalty)

If you haven’t already heard while listening to the evening news, the 15-year historic graphs indicate that while interest rates are still relatively low, they might have bottomed and be on their way up. While many think rates are likely to increase in the future, no one knows how much they will rise or when. Now might prove to be a good time to refinance existing debt and secure a long-term fixed rate if possible.

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Internal controls keep fraud at bay

“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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Planning for retirement: it’s your choice

“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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PHASE 4: Commitment

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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Religious institution financing truths—regardless of the lending climate

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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Hail Mary or holy moly: there’s got to be a better way to fund ministry

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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Church audits: know the 4 V’s

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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Negotiating compensation without emotion

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.

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Protecting your church and religious organization against fraud

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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