The Ministry of Helps by Rev. Lawrence C. Spencer

Author:Rev. Lawrence C. Spencer [Spencer, Rev. Lawrence C.]
Language: eng
Format: epub
ISBN: 9781512772777
Publisher: WestBow Press
Published: 2017-02-14T05:00:00+00:00

Various Types of Expenditures

32. Capital expenses: New-building projects, expensive equipment, and the like are major items that last many years. Give long and diligent consideration to all options before deciding on a project. Mistakes can last many years and be very costly.

33. Equipment replacement items: Some equipment has a finite service life. You must budget for replacements as soon as you buy one of these items. Computers, vehicles, and most electronic items fall in this category.

34. Recurring expenses: utilities, mortgages, regular building maintenance, small tools and equipment, and janitorial supplies fall into this category.

35. Your tax professional or your denomination may have or help you develop a list of accounts so they don’t get lumped into a “miscellaneous” account. Accounting professionals recommend that only a tiny percentage of expenditures end up labeled in that manner. Be diligent in accounting properly for every penny of God’s money.

36. Church accounting software is available commercially; purchase one for the church and use it diligently.

37. Staff salaries and benefits. These must be decided upon by the group given this responsibility by your church bylaws. They may or may not be confidential per your church’s bylaws. All salaries and benefits should be in one classification on the financial statement prepared for the congregation. A more-complete and detailed financial statement should be made available to the leaders of the church and to the denomination. Some official group must go over every tiny item so it can be analyzed and either added to or eliminated from the next budget.

38. Meetings of this salary and benefits setting group should be kept private and should be attended by your tax professional or denominational representative to ensure that salaries and benefits are in line with local norms and are realistic given the income of the church. A bank or lending institution would require this information to make sure you are not overpaying staff.

39. The compensation packages mentioned above should include housing allowances and all other amounts paid to staff. Unless the bylaws require disclosure, salaries and benefits are private matters between the staff member and pastor and the church board.

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