Blogging Beyond the Numbers

Wouldn’t it be great if you could find a document on your computer without having to hunt around or open several files before you found what you were looking for? More than ever before we need to be able to function digitally for work, and that includes storing and accessing your accounting records. The goal of naming files is to ensure that the document is not only easy to find but that you can also ...

“If we rent out our church building, is that taxable income?” First, it’s important to determine whether the rental activity itself is substantially related to your tax-exempt purpose and mission. If it’s related, the income is tax-exempt. If the rental activity is not related to your mission, then the rental income would be taxable in these situations: If more than 50% of the rent is for ...

The Internal Revenue Service has released the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable and medical purposes. [table id=12 /] The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the...

1. Budget As you budget for the rest of your fiscal year or the next, the best practice right now is to create multiple scenario budgets ranging from most to least likely. Take into consideration giving trends from previous years compared to this year, variable and fixed costs, PPP loans (if applicable), and timing of expenditures. The regular budgeting process is just not very practical these days. ...

Auditors love internal controls so it should come as no surprise that despite our current COVID environment, internal controls are still top of mind. Risk has always been a part of developing a strong internal control structure, but risk is becoming an even bigger player during this season. Unfortunately, we’ve already seen headlines of checks being stolen out of mailboxes as one example. Now, more than ...

Churches and all places of worship are expected to demonstrate integrity and accountability. Thus, headlines regarding misconduct, sexual abuse, cover-up, or fraud may severely damage the church’s reputation and future actions. How can a church protect against these situations and ensure they are complying with legal and insurance requirements? It starts with identifying and assessing the risks. Only wit...

Institutional knowledge. What your staff knows is one of the most valuable intangible assets of every organization. It’s often taken for granted and losing it is costly, frustrating, and inefficient. The concept of business continuity is more than having a disaster recovery plan for natural disasters or technology failure. It should also include personnel transitions, which are much more common. How ...

Faith in Numbers was created as an educational offering to churches and religious organizations in the Midwest region. Additionally, we wanted to provide an opportunity to gather with similar organizations to network, share insights and solutions, and act as resources for each other. As such, we want to reiterate our gratitude to the speakers, sponsors, and attendees who made Faith in Numbers 2018 a success...

Have you heard of the 403(b)(9) plan? This type of plan, as opposed to an IRA, 403(b), 403(b)(7) or a 401(k) plan, has two key benefits for ministers described in greater detail below. Many churches are using one of the other categories of plans as opposed to the more advantageous 403(b)(9). There are multiple reasons for this. Typically, the retirement plan vendor of choice is either a local financial repr...

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made.  This ASU will impact all organizations that receive or make contributions of cash or other assets. This ASU includes specific criteria to consider when determining whether a contract or agreeme...