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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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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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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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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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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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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A disagreement between two individuals at the church turns violent, a stranger strolls into the church office shouting obscenities, and a man carrying a semi-automatic weapon enters the sanctuary during a Sunday morning service. It is common for churches to believe the events mentioned above will never happen at their location. Many churches in the RMD…
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Over the next 25 years, the largest wealth transfer in human history will take place as an estimated $68 trillion will be passed on as the Baby Boomer generation ages. Bequest giving is on the rise and this will be an unprecedented opportunity for planned giving. What is Planned Giving? Planned giving is the term used to…
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As we move through the holiday season and approach year-end, it is common for churches and congregants to recognize pastors and staff with a love offering or some other type of gift. The gift could be a small amount of cash in a Christmas card or an organized collection taken during the worship service. It is important…
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I imagine church fraud is not a high priority discussion item at most of our church board meetings. The thinking is, “This will never happen at our church.” Given the daily duties and demands of church leaders it is not easy to focus on factors that can protect or diminish integrity and reduce the risk…
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