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?