Big Picture Financial Management: Four Ways to Strengthen Your Ministry
July 15, 2015 10:22 pm Leave your thoughtsBeing responsible for the accounting and financial operations of a ministry is no small task.
Being responsible for the accounting and financial operations of a ministry is no small task.
We’ve put together five tips to help make an audit less painful and provide you with maximum benefit.
We budget so that we can better manage our church’s operations. To effectively manage a budget, it should never be far from our minds.
While churches are tax-exempt organizations by law, local congregations are still affected by many tax issues. These include unrelated business income tax (UBIT), the correct classification of independent contractors, ministerial compensation, and other common tax concerns.
Corporate credit cards can be very useful for church staff, but they need to be used properly, with adequate documentation provided on time.
Whether you are new to your organization or have been there many years, it is important to step back periodically and examine existing organizational philosophies to determine whether they are helping or hindering your ministry’s leadership and objectives.
Even with the challenge of learning a new framework and educating others, this may be an update to welcome.
The AICPA has created a new Not-For-Profit Member Section designed to provide information and resources to those who work in and for this industry.
Rather than thinking of ants and locusts as pests, what if we viewed them as little creatures we can learn and unearth big organizational truths from? After all, Proverbs 30:24 describes ants and locusts as “exceedingly wise.”
Learn how the unrelated business income cost allocation rules of Section 1.512(a)-1(f) of the Income Tax Regulations apply to educational periodicals.