Take advantage of low rates
In recent months the Federal Reserve has been uncommonly explicit regarding their intentions
Read More >FINANCE Archives - Page 4 of 5 - Church Executive
When to change your auditor
Should you change audit firms? If so, when? Neither not-for-profit nor public companies are required to change firms at set intervals.
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Manage expansion uncertainty
Last month we held our Grand Opening and Dedication Service for our new expanded and renovated facility. In early 2008, we made the decision to move forward with an $8 million construction project even as the signs of recession were popping up everywhere.
Read More >Construction audits of billings and payments can save money
With church facilities under construction, you want to ensure that your money is wisely spent, while at the same time being viewed by your contractor as a cooperative business partner. Fulfilling your financial oversight responsibilities while fostering smooth working relations is a diplomatic endeavor.
Read More >How one church recovered from the brink of financial disaster
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.
Read More >Does the church bake sale threaten your tax-exempt status?
In this modern era, many churches are offering more and more services to its congregants to attract new members, retain established members and create revenue to operate the church or fund its programs. Common examples may include a bookstore or coffee bar. As a general rule, a church is not taxed on its income or revenues from an activity that is substantially related to the religious or charitable purposes of the organization.
Read More >The altered landscape of giving has both good and bad news
People of faith are renowned for their charitable generosity. Amidst what economists are calling the “Great Recession,” giving to religion is the one subsector of charitable giving that grew in 2008. While charitable giving as a whole decreased from 2007 to 2008 by 2 percent (-5.7 percent when adjusted for inflation) and individual giving dropped 2.7 percent (-6.3 percent when adjusted for inflation) contributions to religion increased by 5.5 percent (+1.5 percent when adjusted for inflation).
Read More >Avoid the foibles in preparing church financial statements
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.
Read More >Dirt’s flying, but pledges are down. What can we do?
The pastor of “Hometown” Community Church noted in a casual way one Sunday that the pledges for the new worship center and classroom buildings were coming in only at a 50 percent rate.
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