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The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance
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Ep 67 ~ Mid-Year Review for Your Church: Budget, Contributions, & Minister Housing Allowance
Manage episode 424263660 series 3453775
Вміст надано Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
Episode Date: June 18, 2024
Episode Summary: It is June and it is HOT! That means the year is halfway over, so now is the perfect time to conduct your mid-year review. In today's episode, we discuss the importance of performing a mid-year review for your church and the three key areas that require your attention: Budget, Contributions, and Minister Housing Allowance. Are you ready? Let’s go!
Quote of the Day: Today's quote comes from John Gordon & Alex Demcazk's book, “The Sale”: “A fool thinks only of how his decisions will impact him in the moment, but someone who has wisdom considers the long-term implications of his decisions.”
Episode Highlights:
1. Budget:
- Definition: An estimate of income and expenditures for a set period.
- Importance: Budgets are not set in stone and can be adjusted when needed. With major church activities often occurring in the third and fourth quarters, a mid-year review can help prepare for increased expenses.
- Action Steps:
- Provide each department leader with a year-to-date copy of their budget and expenses.
- Have leaders review their planning schedules for the remainder of the year to determine if they are on target or if adjustments are needed.
- Follow your church's procedures for budget adjustments as outlined in your Financial Policy and Procedure guide.
2. Contributions:
- Mid-Year Contribution Statement: Send a mid-year contribution statement to donors, showing their giving year-to-date along with a Giving Supplement statement highlighting completed ministry projects.
- Methods: Contribution statements can be mailed, picked up at the church office, or accessed via an online giving portal.
- Communication: Include a sampling of ministry accomplishments in your church bulletin or pre-service slides to show the impact of donations.
3. Minister Housing Allowance:
- Understanding the Benefit: Review housing expenses year-to-date. Qualified ministers should take note of any unexpected expenses, such as storm damage or essential repairs.
- Key Point: Housing allowance adjustments must be proactive, not retroactive. Ensure the designation is made before paying for the expenses to include them in the housing allowance.
Call to Action:
- Take the time now to conduct your mid-year review focusing on your church's budget, contributions, and minister housing allowance.
- Share today's episode with other church leaders to help them understand the importance of these mid-year adjustments.
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