Category: Accounting
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Tips to start your next year budget planning
Well it’s June. Summer schedules are getting into full swing, a time for vacations, barbecues and VBS. As we mentioned last week in the article Preparing for the summer cash flow lull, now is the time to plan and budget for what often are lower income months for churches. This is also the perfect time…
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IRS Announces New Mileage Reimbursement Rates
Since most people aren’t anxiously waiting news and updates from the IRS, you like many others may have missed the changes the IRS made to the mileage reimbursement rates for 2013. Starting January 1, the IRS has increased the rate of reimbursement by $0.01 for mileage driven for church-related business purposes. Being aware of this…
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Only 6 Sundays Left…
Only 6 Sundays Left… Before the end of 2011. Pastor, now is the time to begin to remind member’s that their donations must be received by December 31st to be counted in this giving year. December 31st this year is a Saturday. What are you doing to encourage year end giving? Let me suggest five…
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Church Accounting Internal Controls
I just received a link to a news article in the Gaston Gazette from a friend about a couple that embezzled $200,000 from their church. [quote] Oh, that won’t happen to us, Mrs. Smith has been keeping our books for years and she is such a nice lady.[/quote] Unfortunately, that’s what this church thought as…
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Church Financial Backup & Recovery Plan
Have you given thought to what would happen if your bookkeeper got sick or had to be away for an extended period of time? What if heaven forbid something devastating happened to your facility? Do you have sufficient backup & recovery plans in place for your church? [quote]We have a seamless…
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Budget on Faith, Spend on Reason
For many churches, we are coming into the season when it is time to start planning for the upcoming year. That planning includes setting a budget on how to allocate the resources God has provided the church. There are no churches that should be operating without a budget. Even churches that think they are too…
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A Tax Credit for Churches?
The health Care Reform law has some provisions for churches to take advantage of a tax credit for health care premiums paid to employees. There are several contingencies required and it definately benefits smaller organizations but the video is worth watching. The credit is payable in cash since churches generally do not pay taxes. Check…
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Ministers Housing Allowance Possibly Under Attack
In an article orignally posted on www.christianpost.com, Stephanie Samuel discusses how a current court case could affect how churches can compensate pastors pre-tax through the use of a housing allowance. An atheist group is presenting the lawsuit claiming that ministers are unfairly allowed to not pay taxes and the remainder of tax payers are picking…
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Your Virtual Back Office
I saw a commercial last night for a business software program (which will remain nameless) that says it’s like having a ‘virtual back office.’ I was instantly intrigued because, after all, that is a catch phrase we have been using. After watching the commercial, I realized that yes, it is like having a ‘virtual back…
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Maintaining Balance Part 3 – Your Church
Let’s face it. In many cases our modern churches have become much more than just a gathering place to worship. We have added daycare, schools, coffee shops, bookstores, free wi-fi, etc., etc., etc. Now there is nothing inherently bad with these things, and for the most part they are great tools for reaching new people…