If you are on the board of a church, Christian school or other para church ministry, you have a fiduciary responsibility to ensure the financial affairs are conducted in a prudent manner. And if you manage one of these nonprofits, you have direct responsibility for this as well. Through a well functioning independent audit committee, you can ensure your organization’s financial affairs are being properly conducted and your organization’s reputation protected. [read more]
Let’s face it; most of us are either controllers or avoiders. We either want to be in charge of the things that scare us, or ignore them altogether. And nothing can strike fear in the heart like finances. So, when it comes to your church’s finances, are you taking too much control? Or not enough?
According to a Church Central blog post, most ministry leaders either over-function or under-function in this role. How do you know if you’re taking appropriate responsibility? Read What Is Your Responsibility for Church Finances? and let us know where you fall.
A blog post by Sheri Laninga entitled Financial Review at Church? suggests that financial reviews should be conducted even if your ministry finances are in good shape and that financial accountability is important for maintaining a code of honor in the church.
What are some questions you ask in conducting your ministry’s financial review?
In the normal course of ministry, many nonprofit organizations—as well as missionaries and other individuals—maintain foreign bank and financial accounts. If you own or have authority over a foreign account (such as a bank account, brokerage account, mutual fund, or unit trust), read on. You may be required to report the account yearly to the Internal Revenue Service. [read more]
I’d like to add to Mark Jones’ last post on the importance of transparency in your ministry. If you dig a little deeper into the practicalities of transparency, you find an important discipline: Accountability. And accountability is what U.S. Senate Finance Committee member Charles Grassley is after. [read more]