Operations Budget Process As discussed in a previous blog, there are a variety of types of budgets that your church may need to develop. The Operations Budget is the forecast of your day to day…
Every organization has a limited amount of resources. Just like a family, a church must be aware and wise about how and when they spend their funds. Unfortunately, there will always be more need than…
Giving Basics – Church Donation Policy. What Pastor wants to be in the position of telling a member “no” when it comes to accepting a gift of an old gas station property because he knows…
Giving Basics – Providing Donations Receipts. The IRS requires that the DONOR to a church or nonprofit seeking a federal income tax deduction for a charitable gift must produce, if requested, a cancelled check, a…
Giving Basics #2 – Donor-Restricted or Designated Gifts Those troublesome designated funds Donor-restricted gifts, also referred to as Designated Gifts require special accounting and handling by the church. These types of gifts should be minimized.…
Giving #1– Giving Basics. Churches depend on the generous donations by their members to operate. These donations are tax deductible when they are given “to and for the use” of a “qualified” tax-exempt organization AND…
What is it? A dashboard is a financial reporting tool used for quick visual comparative analysis of key performance indicator data, often in the form of a series of side-by-side trend diagrams. Dashboards can distill…
The Statement of Financial Position (Balance Sheet)(and those Pesky Designated Accounts) What is it? This report is a listing of your “permanent” accounts: assets, liabilities and equity. It is a “snapshot” of the financial health…
What is it? The Actual vs. Budget report is probably the most useful financial report for leadership to review on a consistent basis. On this report you will find the same information as reported on…
What is it? The most fundamental report that church leadership will want to review on a consistent basis is the Statement of Financial Activity. Businesses refer to this report as the Profit & Loss Statement.…
