Religious Archives | Wegner CPAs

Posted by: Melodi Bunting 9 months ago

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...

Capturing Institutional Knowledge

Posted by: Hannah Lanser 9 months ago

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 Recap

Posted by: Hannah Lanser 1 year ago

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...

Selecting the Right Retirement Plan for your Church

Posted by: Hannah Lanser 1 year ago

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...

New Revenue Recognition Standard – Will it impact me?

Posted by: Christin Biermeier 2 years ago

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...

Don’t Let Tax Reform Keep You from Major Donor Effectiveness

Posted by: Hannah Lanser 2 years ago

I was recently asked about the impact of the Tax Cuts and Jobs Act that went into effect on January 1, 2018 on major donor giving. In that tax reform, the standard deduction—the amount an individual or couple can claim without justifying it—essentially doubled. The fears of many is that having a higher deduction would limit giving because donors will not get a tax benefit if their deductions do not su...

3 Easy Ways to Safeguard Your Church’s Assets

Posted by: Mike Hablewitz 2 years ago

As church members, we probably do not want to entertain the idea that the people handling the church finances could be dishonest. But, the truth is that fraud is a serious problem in all types of organizations, and churches are certainly not immune. In fact, churches often have limited resources and staff, which makes it difficult to establish adequate internal controls. This creates an opportunity for fr...

Best Practices for Offertory Controls

Posted by: Hannah Lanser 2 years ago

“We have such wonderful staff. They would never do anything.” “Oh, he’s been a volunteer counter for years. We trust Bill.” “Our staff is so small. Thankfully, Jill is able to handle everything.” How many times have you heard statements like these? No matter the person, trust is unfortunately not an internal control. Too many times, fraud occurs with the person most trusted. The perso...

Secrets to a Successful Audit

Posted by: Lisa Lang 2 years ago

Successful audits hinge on communication and documentation. As such, preparing for an audit can either be an easy or daunting task depending on your experience and the state of your financial records. Wegner CPAs is committed to making the audit process be a positive experience. Here are the secrets from an auditor’s perspective Obtain the audit preparation list from your auditor. This is a vital co...

Creating a Meaningful Budget

Posted by: Melodi Bunting 2 years ago

Say the word budget and you may see eyes glaze over, people shrink down in their chair or attention shift to cell phones. The term “budgeting” is often burdened with negative connotations of being restricting, time consuming, useless, and confusing. Budgeting is not a mysterious process done by an accountant in a windowless office, nor is it a futile exercise, but instead it has the ability t...

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