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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
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…
Read more
A couple of months ago Jonathan, Scott, and I were able to attend a culture and legal update led by Gary Friesen, general counsel of the C&MA. Several very helpful speakers were present including Rev. Boyd Hannold, lead pastor of Princeton (NJ) Alliance Church (PAC). Situated in an area that is exceedingly diverse and irreligious,…
Read more
