Author: Scott Thorson

Forget Me Not: Year End Reminders

This article contains your annual end-of-year checklist of financial tasks. Some should be completed before January 1, 2024. Here’s to finishing 2023 strong and getting off to a great start in 2024! Designate housing allowance. Housing allowance should be set at a board meeting before January 1. Housing allowance can only be declared prospectively (that…
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Year-End Giving Campaign

Year-end giving can have a big impact on annual budgets.  Between the joyous spirit of the holiday season and the December 31st deadline for tax-deductible contributions, this time of year is the most popular time for giving to the church.  I have heard it said that churches may receive an average of 30% of their annual donations in…
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Church Budgeting

It’s that time of year again when churches typically prepare (and should) a budget for the next year.  Creating a budget for your church doesn’t have to be complicated.  Below are a few steps and questions to help you prepare your budget: Revisit your vision and plan for achieving your goals.  Estimate the costs associated with any new…
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Got Student Loans?

Student loan forgiveness has been a hot topic in the news over the past couple of years.  One day there will be a promising plan announced, and a few weeks later a delay or roadblock is announced.  So where do we stand at the moment?  I am not an expert on this topic, but I recently came across…
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Insurance Renewal Considerations

Managing the church insurance policies is probably not at the top of most pastors’ priority lists.  Maybe this task is delegated to a board member or an insurance expert within the church, but someone needs to be focusing on ensuring the church has correct insurance coverage to protect its assets and manage risk.  Without proper insurance, a…
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Faith and Finance — Part Two

Last month my article included some thoughts about stewardship and personal financial management.  I believe it is important to understand biblical principles regarding money management and for everyone to have a financial plan, but can one go overboard with money management and become obsessed with planning?   I recently came across an article that suggests “excellence” is…
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Faith and Finance – Part One

We are called by the Bible to be generous stewards of everything entrusted to us by God.  Understanding biblical principles of stewardship and generosity is crucial to our ability to answer that call well.  Managing our own money with a personal financial plan is a tool that can help us be good stewards, but it must be…
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So You Have a New Treasurer?

This time of year, most churches have held their annual meetings and newly elected officers have started to settle into their new positions.  For new treasurers, it can be an overwhelming experience.  Each year about this time I would like to offer a few resources to new treasurers which I believe to be helpful in getting off…
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Free Resources for Treasures

The Evangelical Council for Financial Accountability (ECFA) provides accreditation to Christian nonprofit organizations that demonstrate compliance with established standards for financial accountability, fundraising, and board governance.  Members include Christian ministries, denominations, churches, educational institutions, and other tax-exempt 501(c)(3) organizations.  The Alliance has been a member of the Evangelical Council for Financial Accountability (ECFA) since 1988 and…
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Best Practice – Annual Audit        

Checks and balances (aka internal controls) are procedures that safeguard your church from deliberate or accidental mishandling of money.  They reassure the church leadership team and donors that church finances are being handled with integrity and that reporting is accurate.  Strong internal controls also protect the finance team from accusations of mismanagement.  An annual audit or financial…
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