david e. laden february 23, 2019 treasurer becoming an ... · becoming an effective treasurer tool...

Becoming an Effective Treasurer

Tool Kit for Congregational Leaders

Saint Paul Area Synod, ELCA

David E. Laden

February 23, 2019

The materials covered will provide a basic lesson on budgets, expenditures, cash flow, and balancing the books while keeping good stewardship of your congregations’ financial resources in mind. Treasurers and financial administrators encouraged to attend. Description from 2018 workshop titled Introduction to Congregational Finance Trying to make sense of budgets and financial reports can be a daunting and confusing task, and yet understanding these documents gives huge insight into the priorities of a congregation. This workshop will provide an introduction to congregational finances; giving tips for maintaining good fiscal practices as well as a basic lesson on reading and understanding a budget and other essential financial documents. Great for council members, administrators, and anyone involved with or curious about church finances.

Finance and the Church

• Ministry

Now you are the body of Christ, and each one of you is a part of it. And in the church God has appointed first of all apostles, second prophets, third teachers, then workers of miracles, also those having gifts of healing, those able to help others, those with gifts of administration, and those speaking in different kinds of tongues.

(1 Corinthians 12:27-28 NIV)

First, we will cover a bit about the “bottom line”. Role of Treasurer/Financial Administrator – not just a job or a list of responsibilities, but really a ministry Part of the body of Christ, with specific gifts to share. 1 Corinthians 12:27-28 The work you do is in support … First, of Christ’s Church and Ministry Second, the specific ministry to which your congregation has been called. Important to keep this in mind. We don’t do what we do for the sake of preparing a budget or financial statements, for controlling spending or raising money “to keep the lights on”, but rather we do all of these activities to enable ministry to happen. We will be talking about a lot of “mechanics” today, but don’t lose sight of the bit picture, why we are doing this in the first place.

Introductions

• Name

• Congregation

• Role

• Your expectations for this session or a question you hope to have answered during this session

David Laden – a bit about me Served as Treasurer, Saint Paul Area Synod, ELCA 1998-2006, 2017-present Currently serve on Synod Council and Finance Committee of Synod. (Currently) Comptroller, Como Park Lutheran Church I’ve been on staff in part-time capacity since 1987 Director, Non-Sponsored Accounts Receivable University of Minnesota Controller’s Office Includes areas of customer maintenance, billing, cash application, collections, credit/debit card processing, PCI DSS compliance, e-commerce Previously: Team Lead, Accounts Receivable and Billing Enterprise Financial System Project, University of Minnesota Business Analyst, University of Minnesota Extension Service Finance and Planning department Responsibilities include oversight of administrative information systems (accounting and human resources) Analysis, design, and implementation of business processes (how work gets done) Supervise staff in the areas of accounts receivable, transaction processing (purchasing card, vendor payments, expense reimbursement, etc.), and standard reporting

Income

Expenditures

BudgetAccounting

System

Financial Statements

AndManagement

Reports

Congregation

Congregation Council

Audit

Agenda / Topics • Budgets – our plan for the year, authorization to spend • Income and Expenditures – we will look at some best practices around handling income (money

coming in) and expenses (money going out) • Accounting System – we use an accounting system to keep records of our income and expenditures • Financial Statements –the accounting system produces financial statements and management

reports that are used to monitor our finances and communicate with others (such as the congregation council and congregation)

• Audit – part of the checks and balances of handling finances We will also touch on “Internal Controls” throughout our time together and provide some resources at the end of the presentation. As you can see, we will be covering many different topics in the time we have available. My goal is to provide a high level overview of these topics and provide you with some additional resources for your own investigation. This is not a comprehensive training on these topics. We’ll use this as a guide, but I’ll try to tailor the conversation to address your specific expectations and questions.

Internal Controls

• Process • designed to provide reasonable assurance regarding achievement of organizational

objectives such as

• the reliability of financial reporting,

• effective and efficient operations, and

• compliance with laws and regulations.

As I mentioned, we will be covering “Internal Controls” throughout our time together, but just to provide a framework, lets look at the objective and provide a framework. From page 18, Congregational Audit Guide: “The internal control structure is the process that assures the congregation’s operational efficiency and effectiveness, that its financial reporting is reliable, and that its assets are safeguarded.” See Page 3 in ELCA Resource booklet – Separation of Financial Responsibilities “A strong system of internal controls safeguards the assets of the church and protects the character of the individuals handling cash or writing checks.” “This system is intended to provide verification and support of sound practices at every step. Prudent and consistent practices in handling money help maintain a trustful climate and safeguard church assets.” Falls under the category or process of “Internal Controls” The Office of the Treasurer of the ELCA has also issued “Guidelines for Congregations, Internal Control Best Practices”. … to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes … and includes policies and procedures that: • Pertain to the maintenance of records that … accurately and fairly reflect the transactions and dispositions of the assets of the company • … that transactions are recorded as necessary to permit preparation of finacial statements … and that receipts and expenditures of the

company are being made only in accordance with authorization of management and directors of the company • Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s

assets … (From Principles of Auditing & Other Assurance Services Fifteenth Edition by Whittington / Pany, page 659-660.)

Internal Controls Control environment

Identification and analysis of risks

Control activitiesInformation and communication

Monitoring

Internal Control Components •Control environment the people and the environment in which they operate, is the right tone being set (e.g. integrity, ethical values, competence) “Business Ethics and Conflict of Interest Policy” – see page 2 in ELCA Resource booklet Overall policy for how you will conduct the business affairs of the organization, how people in the organization are expected to behave. (At University of Minnesota for example, Code of Conduct Policy) •Identification and analysis of risks can be done by finance committee, congregation council, or audit committee For example, risk of fraud or embezzlement of funds •Control activities How you mitigate or reduce the risks identified. example separation of duties, authorizations for disbursements same person is not handling both receipts and expenditures check signer is not also an authorizer of expenditures For discussion of separation of duties – see page 3 of ELCA Resource booklet •Information and communication within and outside the organization clearly communicate policies and procedures regular (monthly) finance and treasurer’s reports •Monitoring of the process over time, modify as necessary

Budget

First we will take a look at budgets A budget is a tool that can help plan and manage the financial affairs of a congregation.

Budget

• The congregation is authorized to approve the annual budget (C5.03.e)

• Financial plan

• Used to monitor financial activities

• Set guiding principles

• Involve many people in process

Typically, an annual budget is approved by the congregation. (This is actually a required provision of the ELCA Constitution for Congregations) Budget serves several purposes: Serves as a planning tool, it should be rooted in the mission/vision of your congregation and translates that mission/vision into a financial plan. Budget is used to monitor the financial activities of the congregation and (in some cases) it can be used to control costs. See P11-12 Accounting for Churches Purposes of Budget Types: •Same as Last Year •Zero-Based Refer to page 12-13 of ELCA Resource booklet for different “types” of budgets. •Zero-Based •Same as Last Year •Unified •Capital •Program •Line-Item •Debt Retirement Page 14-15 of ELCA Resource booklet for the Budget Process Involve many people in process -Committees, committee chairs -Council -Open budget forums Consider longer term (longer than one year) budgets – not in as much detail, but broad categories so you can spot trends and plan ahead. We will look at a couple types of budgets –both of which are helpful

Line Item Budget

• Income • Offerings• Program Income / Fees• Earned Income (rents, interest)

• Expenditures• Benevolence, Mission Support• Program Expenses (Education, Evangelism, Stewardship, Worship)• Personnel Expenses (Salaries, Benefits, Payroll Taxes)• Building and Grounds (Custodial Supplies, Repairs, Maintenance,

Utilities, Furnishings and Equipment)• Administrative Expenses (Office, Telephone, Computers, Insurance)

First let us consider the line item budget. This is what most people typically think of when they think of a budget. How much will I be receiving in income from all of our different sources; and how much will I be spending in various categories. Talk through the various categories shown on the slide.

Line Item Budget

Narrative Budget

The second example I have is a narrative budget. This gets us out of the details (out of the weeds) and turns the focus to the mission and ministry of the congregation. Here is an example of a narrative budget. This is the Synod’s budget from couple years ago. We didn’t attempt to describe everything that is included in the budget, but rather gave an example, a story, from each of the four ministry areas of the synod.

To summarize, a budget is the financial plan for the year Its approval is authorization to receive and spend money There are many different types of budgets; we looked at the line item budget and a narrative budget.

Income

Now, lets dive into some of the details … we will take a look at income first.

Handling Income

• Typically counting and depositing offerings are handled by someone other than person who pays the bills

• Two unrelated people should be involved

• Several people should be involved on a rotating basis

• Written acknowledgements or statements should be sent to donors

This is one place we can exercise good financial control and have separation of duties – For example, if Treasurer is responsible for paying bills, preparing financial statements, etc., then they should not be involved in handling the income (except for recording this in the accounting system). This is not only for the protection of the congregation, but for the protection of the individuals involved. For example, if two unrelated people are charged with depositing the Sunday morning offering, there is less chance that one of them could be accused of inappropriate activity. Further details on handling of income are outlined on pages 4-5 of the ELCA Resource booklet.

Handling Income

• IRS Donor Record Keeping Rule• For contributions of cash, check or other monetary gifts

• Donor must retain a record of contribution

• Bank record (such as cancelled check)

• Written communication from charity (such as receipt of a letter)

• IRS Substantiation Rules• Single contributions of $250 or more

• “Quid pro quo” contributions of $75 or more

• Donations of property – describe property, but do not state value

Regarding charitable contributions, the IRS has some specific rules that affect the ability of donors to deduct contributions as an itemized deduction. It is important that church Treasurers be aware of these rules. Donor’s own contemporaneous written record is not sufficient for cash contributions. Requirement A donor cannot claim a tax deduction for any contribution of cash, a check or other monetary gift unless the donor maintains a record of the contribution in the form of either a bank record (such as a cancelled check) or a written communication from the charity (such as a receipt or letter) showing the name of the charity, the date of the contribution, and the amount of the contribution. New Donor Recordkeeping Rule – Effective January 1, 2007 Very important for contributions made with currency/coin … if the donor intends to claim a deduction on their tax return. Regarding the written acknowledgements or statements … IRS has some specific rules that affect the ability of donors to deduct contributions as an itemized deduction Single contributions of $250 or more … must have substantiation from the charitable organization Quid Pro quo – payments that are partly contribution and partly a payment for goods or services Gifts of property – it is up to donor to place value on gifts of property. For gifts with potentially large value for which there is not a readily available market (we are not talking stocks here, it is fairly easy to determine value on gifts of stock), an appraisal acceptable to IRS may be necessary. Refer people to their tax preparer or IRS materials. See pages 10-11 in ELCA Resource booklet

Handling Income

• Written Statement should include:• Name of organization

• Amount of cash contribution

• Description (but not the value) of non-cash contribution

• Statement that …• “no goods or services were provided in return for the contribution” OR

• Description and good faith estimate of the value of goods or services provided in return

• Except for “intangible religious benefits”

*IRS Publication 1771, Charitable Contributions Substantiation and

Disclosure

Written Acknowledgment Requirement A donor cannot claim a tax deduction for any single contribution of $250 or more unless the donor obtains a contemporaneous (something occurring at same time), written acknowledgment of the contribution from the recipient organization. An organization that does not acknowledge a contribution incurs no penalty; but, without a written acknowledgment, the donor cannot claim the tax deduction. Although it is a donor’s responsibility to obtain a written acknowledgment, an organization can assist a donor by providing a timely, written statement containing the following information: 1. name of organization 2. amount of cash contribution 3. description (but not the value) of non-cash contribution 4. statement that no goods or services were provided by the organization in return for the contribution, if that was the case 5. description and good faith estimate of the value of goods or services, if any, that an organization provided in return for the contribution 6. statement that goods or services, if any, that an organization provided in return for the contribution consisted entirely of intangible religious benefits (described later in this publication), if that was the case It is not necessary to include either the donor’s social security number or tax identification number on the acknowledgment. A separate acknowledgment may be provided for each single contribution of $250 or more, or one acknowledgment, such as an annual summary, may be used to substantiate several single contributions of $250 or more.

Handling Income

• Designated and Restricted Gifts• Honor donor intent

• Keep track separately

• Have sufficient cash balance to cover these funds

• Grants may have specific reporting requirements and may require return of unspent funds

We’ll come back to this when we talk about accounting systems (e.g. Fund Accounting)

Methods of receiving contributions

• Cash

• Check

• Credit/Debit Card

• Automatic Transfer

• Stock Gifts

• Gifts from Donor Advised Funds

• Qualified Charitable Distribution from IRA

Cash Check Credit/Debit Card (web site, giving kiosk) … be careful, must protect cardholder data Automatic Transfer Stock Gifts Gifts from Donor Advised Funds (donor has already been issued receipt, church should not again provide receipt to donor … but you may acknowledge receipt of the gift from the Donor Advised Fund) Qualified Charitable Distributions from IRA – Must be received directly from the IRA custodian

To summarize, When handling income, need to exercise separation of duties Have procedures to provide written acknowledgements to donors that meet IRS requirements Track designated and restricted gifts separately from unrestricted gifts.

Expenditures

Handling Expenditures

• Supported by proper documentation

• Receiving and approval

• Separation of duties

• Secure blank checks

• Sales tax exemption

Supported by proper documentation -Original invoices, “check request form” documenting justification for expenditure -Do not pay from statements of account, request copy of invoice Receiving and approval -approval mechanism, were expenditures authorized -were goods/services received? -is price charged what was agreed upon? Separation of duties -ideally … requester should be different from approver -person writing check should not be same person requesting and/or approving -person signing check should be different from person writing check See page 6 in ELCA Resource booklet See pages 7-8 in ELCA Resource booklet Sales tax exemption

Use of Credit Cards

• Policy on use of credit card (e.g. what cardholder is authorized to use card for)

• Personal expenses not allowable

• Cash advances not allowable

• Setting reasonable limits (e.g. $1,000 per month)

• Signed agreement with cardholders

Payroll and Taxation

• Employees vs. Independent Contractors

• Ordained ministers have dual status treatment

• Housing allowance for clergy

• Consider using payroll service

Probably the largest expenditure item for a congregation is personnel expenses (e.g. payroll). So, it is important to understand the proper treatment of this category of expenses. See pages 22-26 in ELCA Resource booklet. Employees vs. Independent Contractors: IRS has list of factors used to help make this determination. They can be found on the IRS web site. They are grouped into three categories: Behavioral control, Financial control, and Relationship (see below) Most church staff should be classified as employees. This includes clergy (except that clergy are treated as self-employed for social security reporting purposes … but not for income tax purposes) Congregation responsible for withholding and payroll taxes Filing 941 on quarterly basis Completing W-2’s and 1099’s at end of year See pages 29-32 in ELCA Resource booklet Employee vs. Independent Contractor (from IRS Web Site) Behavioral Control: A worker is an employee when the business has the right to direct and control the work performed by the worker, even if that right is not exercised. Behavioral control categories are: Type of instructions given, such as when and where to work, what tools to use or where to purchase supplies and services. Receiving the types of instructions in these examples may indicate a worker is an employee.

Degree of instruction, more detailed instructions may indicate that the worker is an employee. Less detailed instructions reflects less control, indicating that the worker is more likely an independent contractor. Evaluation systems to measure the details of how the work is done points to an employee. Evaluation systems measuring just the end result point to either an independent contractor or an employee. Training a worker on how to do the job -- or periodic or on-going training about procedures and methods -- is strong evidence that the worker is an employee. Independent contractors ordinarily use their own methods. Financial Control: Does the business have a right to direct or control the financial and business aspects of the worker's job? Consider: Significant investment in the equipment the worker uses in working for someone else. Unreimbursed expenses, independent contractors are more likely to incur unreimbursed expenses than employees. Opportunity for profit or loss is often an indicator of an independent contractor. Services available to the market. Independent contractors are generally free to seek out business opportunities. Method of payment. An employee is generally guaranteed a regular wage amount for an hourly, weekly, or other period of time even when supplemented by a commission. However, independent contractors are most often paid for the job by a flat fee. Relationship: The type of relationship depends upon how the worker and business perceive their interaction with one another. This includes: Written contracts which describe the relationship the parties intend to create. Although a contract stating the worker is an employee or an independent contractor is not sufficient to determine the worker’s status. Benefits. Businesses providing employee-type benefits, such as insurance, a pension plan, vacation pay or sick pay have employees. Businesses generally do not grant these benefits to independent contractors. The permanency of the relationship is important. An expectation that the relationship will continue indefinitely, rather than for a specific project or period, is generally seen as evidence that the intent was to create an employer-employee relationship. Services provided which are a key activity of the business. The extent to which services performed by the worker are seen as a key aspect of the regular business of the company.

Housing Allowance

• Lesser of:• Amounts actually paid for housing and related expenses

• The fair rental value of the home

• The amount actually paid or declared by the congregation as the housing allowance

• Must be requested in writing

• Approved by the official body of the congregation (congregation council)

• Recorded in minutes of meeting.

• Operates prospectively (i.e. declared ahead of actual expenditures)

• Reported on W-2 as information item in box 14.

Housing allowance – see page 27-28 in the ELCA Resource booklet

Lesser of Amounts actually paid for housing and related expenses The fair rental value of the house The amount actually paid or declared by the congregation as the housing allowance

Must be requested in writing by the pastor, approved by official body of congregation (congregation council) and recorded in minutes of meeting. Operates prospectively – declared ahead of actual expenditures Reported on W2 as an information item in box 14.

Expense Reimbursement

• Accountable Plan• Expense must have a business connection

• You must adequately account to your employer within a reasonable period of time

• You must return any excess reimbursement within a reasonable period of time

• Non-Accountable Plan• Must include total reimbursement on W-2

See pages 30-33, IRS Publication 463 Travel, Entertainment, Gift and Car Expenses (2014 edition) See pages 7, 32 in ELCA Resource booklet

Mission Support / Benevolence

• Remit to Synod Office regularly• Sign up for Simply Giving®

• Mission Support• 55% / 45% SPAS / ELCA

• Designated Benevolence• Synodical Ministries

• ELCA Churchwide Ministries

See page 33-34 of the ELCA Resource booklet Also see Frequently Asked Questions sheet from Saint Paul Area Synod The Synod will also set-up your congregation on Simply Giving® and have your monthly Mission Support transferred from your church checking account to the Synod’s account. (Much like automatic bill payment). Each congregation should have received remittance forms. If you don’t have them, there is a generic remittance form on the synod’s web site under Resources > Forms and Reports. www.spas-elca.org

To summarize expenses … covered a lot of ground here … Good to exercise separation of duties, want good procedures and documentation to support expenditures Credit cards can be helpful, but also come with some risk Covered some of the special considerations for clergy (ordained ministers) including their housing allowance And talked about the best way to handle expenses is through an accountable plan

Accounting System

So we have received income and spent money … need a way to track these activities. The Accounting System is where all of the income and expenditures get recorded. It is used to produce financial statements and management reports.

The Accounting System

• Basis of Accounting• Cash

• records contributions & revenue when received

• records expenditures when paid.

• Accrual

• records contributions & revenue when earned

• records expenditures when incurred

The first thing we need to consider when recording income and expenses is the Basis of Accounting. Essentially two methods of recording income and expenses: Cash and Accrual FASB = Financial Accounting Standards Board FASB 93 requires all nonprofit organizations to recognize depreciation FASB 116 prescribes uniform guidelines for recognition of contributions by nonprofit organizations FASB 117 prescribes uniform guidelines for presentation of financial statements by nonprofit organizations. Recommended procedures for church accounting included the use of full accrual basis of accounting including the capitalization of fixed assets and recognition of depreciation, and use of fund accounting techniques. (Accounting for Churches, Page 2) Basis of Accounting: Cash vs. Accrual Pages 2 and 3 Accounting for Churches See page 16, ELCA Resource booklet If you are going to have an outside audit, you will need to use the accrual method of accounting for preparing financial statements. Typically, the auditors will help you with the adjusting entries necessary to show your statements on the accrual basis. The accounting system should handle dual entry bookkeeping (not what may be called “checkbook” accounting) and fund accounting, the ability to track those designated and restricted gifts.

Financial Statements

• Statement of Financial Position (Balance Sheet)

• Statement of Activities(Statement of Revenue, Expenses, and Changes in Fund Balance)

• Management Reports

Financial Statements – page 9-10 Accounting for Churches Statement of Activities aka Income Statement or Profit and Loss Statement See pages 36-39 in ELCA Resource booklet These should be provided to your congregation council or to a finance committee (if the congregation council has delegated financial oversight) on a regular (usually monthly) basis. Annual financial statements should be part of your annual report to the congregation.

Statement of Activities (aka Income Statement)

Statement of Financial Position (aka Balance Sheet)

Management Reports

YTD This Year vs. YTD Last Year + Variance One way to monitor and see if something is out of the ordinary is to compare with the previous year (assuming you have similar programming and activity from one year to the next)

Management Reports

YTD This Year vs. Annual Budget + Remaining Amount Another way to monitor is to compare with your annual budget, and see what the remaining amount is. Probably more useful toward the end of the fiscal year.

Management Reports

YTD This Year vs. YTD Budget + Variance If you want a more detailed comparison to budget, you can break down the annual budget into monthly budgets. Could be 1/12 or if you know the spending patterns of various categories, could enter that information. Gives a more realistic YTD Budget figure.

Fund Accounting

• The church needs to keep track of the specific designations of contributions and ensure that the funds are used for the stated purpose.

• Two different fund groups:• Net assets with donor restrictions

• Net assets without donor restrictions

Page 8-9 Accounting for Churches See pages 16-18 in ELCA Resource booklet Also see pages 8-10 in Congregational Audit Guide Formerly three different fund groups: • Unrestricted • Temporarily Restricted • Permanently Restricted FASB modified not-for-profit accounting rules in August 2016

Accounting Software

• General Accounting Software• Sage 50 (formerly Peachtree)

• QuickBooks

• Church Management Systems• Shepherd’s Staff (Concordia Technology Solutions)

• Shelby Systems

• ACS Technologies

With general accounting software, probably not set-up for “fund accounting”. This can be achieved by using “departments” and then making manual closing entries (so all funds don’t collapse to one “retained earnings” account at the year-end close). Starting to see “cloud” based solutions – like QuickBooks On-line or Concordia Technology Solutions Church 360 Ledger or Church 360 Members *** List no longer there *** More complete list on ELCA Treasurer’s web page (under Information Technology). http://www.elca.org/Resources/Information-Technology

In this section we talked about accounting systems The basis of accounting – cash vs. accrual Financial statements – balance sheet and statement of activities (income statement) We looked at some variations on the statement of activities that can be used for management/monitoring purposes Finally, let’s wrap up by talking about the Audit and some additional topics …

Audit

• An Audit Committee of three voting members shall be elected by the Congregation Council. Audit Committee members shall not be members of the Congregation Council. Term of office shall be three years, with one member elected each year. Members shall be eligible for reelection.

(C13.03)

Usually this will be spelled out in the constitution and bylaws of your congregation. This language is from the ELCA Model Constitution. See pages 40-41 in ELCA Resource booklet Usually an outside audit is not necessary, although in some cases you may want one. If you have an outside audit, you will pay for this. It is recommended you get bids from 2-3 firms. The Office of the Treasurer of the Evangelical Lutheran Church in America has produced a “Congregational Audit Guide”.

Additional topics for consideration

• Insurance

• Financial contingency planning

• Data security

• Identity theft

Insurance - See page32 in ELCA Resource booklet

Key Resource

• Congregational Treasurers’ and Bookkeepers’ Financial and Accounting Guide

• Evangelical Lutheran Church in Americawww.elca.org

• About

• Office of the Treasurer

• View Financial Resources

• Congregations

• Financial and Accounting Guide

A key resource is a publication available from the ELCA Web Site titled “Congregational Treasurers’ and Bookkeepers’ Financial and Accounting Guide”. During the presentation, I may refer to specific pages in this booklet, but will leave reading the details up to you. I encourage you to go to the ELCA web site and download this publication.

Resources

• Evangelical Lutheran Church in AmericaOffice of the Treasurerwww.elca.org

• Congregational Treasurers’ and Bookkeepers’ Financial and Accounting Guide

• Congregational Audit Guide

• Internal Control Best Practices

• Contingency Planning for Congregations

• Administration Matters – An Electronic Newsletter for Church Leaders

Home > News > ELCA Blogs > Administration Matters

A key resource is a publication available from the ELCA Web Site titled “Congregational Treasurers’ and Bookkeepers’ Financial and Accounting Guide”. During the presentation, I may refer to specific pages in this booklet, but will leave reading the details up to you. I encourage you to go to the ELCA web site and download this publication. (Page references are to the September 6, 2013 edition) (Previous version of this resource titled: “Resources for Congregational Treasurers and Bookkeepers”) The next couple of slides include a number of references/resources for further information (as well as the ELCA Resources booklet has a list of references – see page 44). Some other resources available from the ELCA Office of the Treasurer Administration Matters – Newsletter – now available as a blog on the ELCA web site

Resources

• Saint Paul Area Synod, ELCAwww.spas-elca.org

Resources > Forms and Reports• Information for Treasurers and Accountants

• Generic Remittance Form for Directing Money to the Saint Paul Area Synod

• Greg Triplett, Financial [email protected]

Resources > Forms and Reports

Christianity Today

www.christianitytoday.com

www.churchlawandtax.com

Resources

Christianity Today International Resources www.ChristianityToday.com www.churchfinancetoday.com www.ChurchLawToday.com

Church Finance Today* Church Law and Tax Report Church and Clergy Tax Guide Essential Guide to Church Finances * Formerly called Congregational Treasurer’s Alert!

See ELCA Resource booklet Page 45

Resources

• IRS Publications – www.irs.gov• Tax Guide for Churches and Religious Organizations

(Publication 1828)

• Charitable Contributions—Substantiation and Disclosure Requirements (Publication 1771)

• Compliance Guide for 501(c)(3) Public Charities (Publication 4221-PC)

• Travel, Entertainment, Gift, and Car Expenses (Publication 463)

• Business Expenses (Publication 535)

Webinar from July 25, 2012 Churches and Religious Organizations http://www.irsvideos.gov/ChurchesReligiousOrganizations/ Other publications: Publication 517, Social Security and Other Information for Members of the Clergy and Religious Workers Pub. 526, Charitable Contributions Pub. 557, Tax-Exempt Status for Your Organization Pub. 598, Tax on Unrelated Business Income of Exempt Organizations Pub. 3079, Gaming Publication for Exempt Organizations

Finance and the Church

• Ministry

Now you are the body of Christ, and each one of you is a part of it. And in the church God has appointed first of all apostles, second prophets, third teachers, then workers of miracles, also those having gifts of healing, those able to help others, those with gifts of administration, and those speaking in different kinds of tongues.

(1 Corinthians 12:27-28 NIV)

We covered a lot of topics today, tools for your treasurer tool kit. Don’t forget the bigger picture, being an effective Treasurer is more than using these tools, it is a ministry, and it is done to enable ministry to happen. God called you to this position. I hope you leave here today encouraged to use the gifts God has given to you.

Contact Information

• David E. Laden

Como Park Lutheran ChurchE-Mail: [email protected]: 651-646-7127 Ext. 211

or 651-488-6774

david e. laden february 23, 2019 treasurer becoming an ... · becoming an effective treasurer tool...

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