Does your ministry allow donors to give online? Research shows that there is a growing usage of technology by donors to support ministries they love. What are some of the key findings and what does it mean for your ministry? [read more]
Question: What is one way to make it easier for someone to cover up fraudulent activity with your church’s finances?
Answer: Create too many church bank accounts.
According to a recent Managing Your Church blog by Matt Branaugh, this is one of five reasons church treasurers should keep accounts to a minimum. In Q&A: Limit the Number of Church Bank Accounts, Branaugh writes that “conventional wisdom in the church finance world is for churches to limit the number of bank accounts the church uses. Ideally, a church should use only one or two.”
The five reasons underscore the importance of accountability and internal controls.
Does your church limit the number of bank accounts? Why or why not?
With recent news about debit card fees and “Bank Transfer Day” just a couple days away, a lot of people have been talking about banking lately. (If you’ve missed all the hype about the grassroots Bank Transfer Day event, there’s a good explanation of how it got started in an online article titled “Can Credit Unions Make a Success of Bank Transfer Day?”)
Some churches have even been in the news lately, promoting to their people the idea of switching banks. What about your church or ministry? Have these events prompted your people to think and talk more about banking? What have they been saying?
In September 2011, many nonprofits experienced a drop in their ratings on Charity Navigator, the nation’s largest and most-utilized evaluator of charities. Charity Navigator’s significant shift in their rating system of nonprofits was the cause of this drop. Their new system, Charity Navigator 2.0, incorporates two new dimensions. In addition to examining financial health, they now examine accountability and transparency. [read more]
To help you know what to expect if you attend the upcoming 2011 Financial Forum for Ministries, I’ve interviewed each of the presenters to find out what they’ll be covering. First up is David Lee, ministry development officer with ECCU. His session is titled, “How to Measure and Communicate the Financial Health of Your Ministry.” [read more]