ECCU Blog

It’s a fact. Ministries are on the lookout for resources and tools to assist them with budgeting. We hear this from our members all the time. So we were excited to present the recent webinar How to Build and Use a Better Budget, and we definitely had reason to be. Hundreds of ministry staff registered to attend. And based on a post-webinar survey, they benefited greatly from it.

Wish you hadn’t missed it? We’ve got you covered. The webinar was recorded and is available to watch. In addition, we have provided more budgeting resources, including:

• Attendee questions with answers from the webinar presenters
• How to Budget in a Changing Economy (ECCU’s newest white paper)
• Samples of annual reports and financial statements
• Links to online budgeting tools and much more

What other budgeting resources have you found helpful?

How do you decide if an event is worth your time? I usually start by asking people who’ve attended before. Since ECCU’s 2011 Financial Forum for Ministries is happening soon, I thought I’d save you some time by interviewing an alumnus.                                                                               

Jim Clark is the associate pastor of business and stewardship at the First Evangelical Free Church in Fullerton, California. Here’s our conversation about the upcoming Forum.

MBG: Have you attended the Financial Forum for Ministries in the past?

Jim: Yes, in fact it is a priority event for my team.

MBG: You’ve signed up again this year. Why?

Jim: We love the partnership of ECCU, CapinCrouse, and ECFA to serve ministries and particularly the local church. We can drive literally a few miles and receive valuable training and legislative updates while networking and being encouraged in our kingdom work. This is the best value of its kind while allowing us to quickly get back to work and apply what we have learned.

MBG: Please talk about the format of the forums. How does it add value to this particular learning opportunity?

Jim: The presenters are always top notch. These are the experts in their fields who are at the forefront of changes that could affect our ministries. The material presented goes deep, but is always done in a format that we can easily apply. The setting is wonderful and the time we have to network with those who we don’t normally get to be with, and share our challenges, is fantastic.

MBG: What’s one reason you’d recommend that others attend the Financial Forum for Ministries?

Jim: We are all looking for ways to stretch our budget dollars while staying current on issues facing our ministries. The ability to stay local, glean expert knowledge, and network is an excellent value and an opportunity to be good stewards for our ministries.

MBG: How can someone who attends make the most of the experience?

Jim: Come ready to learn. Think of who in your organization might benefit from this day. It’s a great opportunity for board members to gain a better understanding of the challenges your ministry faces. There is normally plenty of time for Q & A, so don’t be afraid to ask questions.

Have you attended past financial forums? What was your experience?

Follow this link to learn more and sign up for the financial forum in your area.

Does your budget accurately reflect your ministry’s vision? Are you using that budget effectively?

God provides the financial resources to pursue your ministry’s vision. Your budget should guide the investment of those funds in ministry. To help ensure that your ministry’s budget serves this important role, ECCU is hosting a webinar entitled How to Build and Use a Better Budget.

Date: Tuesday, September 20, 2011
Time: 10:00 a.m. to 11:00 p.m. (PDT)

Our presenters are Jeremy Moore and Denise Craig.

Jeremy specializes in short- and long-term asset management and acquisition planning and execution, as well as creation and implementation of ministry financial strategies. He holds a Bachelor of Arts in history with minors in business and theology from Lee University. He has completed graduate and postgraduate work at Auburn University, Northwestern University, and Colorado State University. His background includes positions as certified financial manager at Merrill Lynch and senior vice president of commercial banking at one the nation’s largest banks. Jeremy is a Christian, husband, and father, and is passionate about making ministries more effective in reaching and developing people.

Denise is a Certified Church Business Administrator through the National Association for Church Business Administration (NACBA). She is also a member of the Manchester Who’s Who Among Executive and Professional Women. Denise just completed a three-year term on NACBA’s Professional Training and Standards Committee and is president of the local chapter. Denise likes to stay in touch with the latest trends in church business administration and serves on the Editorial Advisory Panel for Church Executive magazine. Abba’s House is also a proud member of the Evangelical Council for Financial Accountability (ECFA). She also holds a Bachelors of Science degree in vocal music education from the University of Tennessee at Chattanooga. In her former career, she taught music and theater to secondary students, directed several full-length musicals, plays, and madrigals, and has served on multiple professional music committees. She is married to her soul mate and best friend, Jay Craig. They reside in Hixson with their three blessings—Drew, Christian, and Sophie.

For more information or to register for the webinar, click here.

Here we go again…

The last few weeks have stirred old fears and created some new ones about the ongoing outlook for our economy. The S&P downgrade of U.S. government debt and the ensuing market reaction have heightened concern that we may be in for a double dip or that the growth of the economy could stall in the foreseeable future. It looks like we are in for a long, slow recovery, perhaps longer and slower than once hoped, with unemployment not expected to drop below 8% before 2013.

So what is the one thing your church can work on now to be better prepared for whatever the economy holds in the coming year?

Budgeting is always important, but the frequent monitoring and updating of that budget is now more important than ever. Now is the right time to start involving your financial team in budget discussions to ensure that your money is enabling your mission. Stewardship will be increasingly important—clear, frequent, communication on ministry finances and impact will be crucial to sustainability.

With this in mind, there’s a webinar being held September 20 that may help if you’re looking to build and use a better budget.

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.

Case in point: We recently analyzed the financials from a representative sample of churches across the US, and 32% of ministries that experienced financial distress over the past two years maintained less than 51 days of cash reserves. On the flip side, 92% of ministries who maintained over 51 days of cash reserves didn’t experience any financial distress. (Distressed ministries are those that were past due on payments to vendors 60 days or more.)

That’s where the free tool comes in handy. We created an online recording of our recent webinar to help you understand:

• What makes up cash reserves
• Why reserves are important for your ministry
• How to establish a cash reserves target and begin building adequate reserves to reach it

You’ll also hear from a pastor whose church went through the process of building adequate reserves and how it benefited their ministry.

Not only is the webinar free, it’s easy. Simply visit www.eccu.org/cash-reserves-webinar. After providing some basic contact information, you’ll have an opportunity to view the webinar and to download the ECCU white paper, Cash Reserves: How Much is Enough?

Give it a listen and leave a comment letting us know what you found most helpful.