The deadline for tax-exempt organizations to file their annual reports (form 990-N or 990) to the Internal Revenue Service (IRS) is May 16, 2011.
New in California this year, tax-exempt organizations with gross receipts of $25,000 or less are required to E-file form 199-N with the Franchise Tax Board (FTB) by May 16, 2011.
For more information, please visit the IRS and FTB websites.
Is your parachurch healthy? J. Mack Stiles makes his case for the Nine Marks of a Healthy Parachurch Ministry. Do you agree with him? At ECCU, we encounter many ministries wrestling with Stiles’ Mark 7: The healthy parachurch has a counter-cultural understanding of management and money. If managing ministry money is more than simply running a financially successful organization, what does it look like at your ministry? How do you balance these ideas?
If you have read any of my past blog posts, you have seen me write about taking advantage of a provision in the new Affordable Care Act passed last year. Ministries who qualify have until May 15 to apply to claim the credit of up to 25% of health care premiums paid for your employees. While there is always the “small print” that you need to read and understand, I really want to encourage all our readers to take advantage of this credit.
I also recently found a good video with attorney Richard Hammar that provides an overview of this credit. In addition, Richard will be joining Dan Busby and ECFA to present a webinar covering key health reform issues on May 4.
While it is always good for us to be a little skeptical when we see “free“ or “money back”, in this case, I really encourage you to take the time to see if this credit is something your ministry may qualify for. It may end up being well worth your time.
See the IRS for the applicable forms and information to claim this credit.
Let’s face it. Ministry ideas and needs will arise after you have finalized your annual budget and promised not to stray from it. It’s times like these when you think, “I would love to say yes to the new idea. It would be nice if we had some reserves to work with.”
According to the article Creating a Ministry “R&D” Fund by Joy Skjegstad, ministries should consider creating a research and development (R&D) fund as a way to respond to mid-year opportunities. The R&D fund is a specific application of the important concept of building cash reserves.
To learn more about the process of building adequate cash reserves for your ministry, check out our white paper, Cash Reserves: How Much Is Enough?
Did you know that for 2012 or 2013, depending on staff size, employers will be required to report the value of their health insurance on each employee’s annual form W-2? This is just one of many provisions of the Affordable Care Act passed in March 2010. Mark Jones, money management expert at ECCU, has blogged about the Affordable Care Act in his posts titled How much will your ministry get back for the health care tax credit? and Ministry Implications – The Affordable Care Act.
Evangelical Council for Financial Accountability (ECFA) is hosting a webinar titled Update on Health Reform Issues for Churches on Wednesday, May 4, 2011. Sign up today to join the conversation as attorney and CPA Richard Hammar and ECFA President Dan Busby present more information relating to health reform.
What resources have you used to familiarize yourself with the latest updates to health care?