We’re bringing up the topic of cash reserves again for one simple reason: It’s important. So important, in fact, that we created a free tool to help you discern if your reserves are adequate. Because inadequate reserves can translate into inability to pursue your ministry’s mission. [read more]
We have had the opportunity to analyze the financial statements of ministries across the U.S. in the past couple of years and we have found some helpful information worth mentioning.
Of those ministries, nearly 20% were deemed to be in financial distress. This meant that these ministry organizations were past due 60 days or more on payments to vendors in the past year. [read more]
It is common for ministries to focus on impacting communities outside our U.S. borders. Often, in order to accomplish this, funds need to be moved across our borders to fund these ministry activities. [read more]
As co-laborers for Christ, we should do everything in our power to protect our brothers and sisters serving internationally. Many of them put their lives at risk daily while spreading the gospel.
Recently, the Internal Revenue Service (IRS) solicited the help of the Evangelical Council for Financial Accountability (ECFA) to gather comments to determine if reporting international activity on Form 990 is a concern for organizations. In response, ECFA will issue a letter to the IRS with signatures from organizations who are opposed to the reporting.
Follow this link for more information or to sign the letter.
I posted a blog on May 3 about a serious form of online fraud called account takeover fraud. An Iowa church appears to be one of the latest victims, to the tune of $660,000.
In a Your Church blog post titled Cyber Crime: Coming to a Church Near You, Matt Brannaugh tells the story, then offers six tips for avoiding a similar attack on your church. One that bears special mention is dual controls. From my earlier post, “This means that if one person authorizes creation of a payment file, a second person must authorize release of that file.”
At ECCU, we feel so strongly about the importance of dual controls that we require ministries to implement it when they set up their online banking.
For more information about how to protect your ministry’s information and funds, you can read our white paper Handling Cash: A Common-Sense Approach to Securing Your Ministry’s Most Liquid Asset.