Practical information for church leaders on financial matters and other stuff
Every church should have one bank account and one investment or money market account. Anything more, except in special circumstances, is unnecessary. Here’s how I feel it should work. The checking account is where all money is deposited as it is … [Continue reading]
The SBA is still working on how PPP loans should be reported back for forgiveness. The SBA made changes to the PPP loan guidelines at 9 p.m. the night before the PPP began; they will continue to make changes to the PPP for the duration of the … [Continue reading]
Changing a church’s fiscal year away from a calendar year is hard. Usually it requires changing the constitution and that alone means multiple presentations to the church membership. It also requires changes in the budget year, the way committees and … [Continue reading]
This came to mind after I wrote the other posts. IF (huge IF) you had planned any major building improvements this year AND IF you have the funds to do them, then I encourage you to do them while your church building is closed. Some churches … [Continue reading]
Every year several hundred churches close their doors permanently. Countless churches are already on wobbly financial grounds and an economic crisis will close more than the usual number. The impending economic crisis forecasted for us is huge: … [Continue reading]
During this time when church buildings are closed, the church can address its finances in a productive way. During the 2008-2010 Great Recession, I advised churches to reduce their budgets by 10%; the churches that did that survived without letting … [Continue reading]
During this time when church buildings are closed, the church can address its finances in a productive way. During the 2008-2010 Great Recession, I advised churches to reduce their budgets by 10%; the churches that did that survived without letting … [Continue reading]
As part of the $2.2 trillion CARES Act, Congress approved the Paycheck Protection Program. This program is aimed at small businesses including churches and religiously affiliated non-profits. It is a rare time when Congress authorizes money to be … [Continue reading]