Know what regulations pertain to churches and what organization creates them. Understand and know why you cannot keep balances in the revenue and expense accounts. Additionally, liabilities should not have fund balances because liabilities are money owed and not money the organization owns. Does church size matters when it comes to accuracy of church reporting or does the church have to report the financials at all? There are two major repercussions of having bad financials. One is moral and the other is legal. When an organization is out of compliance trust is lost in the community, which is the moral issue and is very hard to recover. The other is the church can lose its tax-exempt status and cannot claim to be a tax-exempt organization legally. Find out where to go to get more information. Tell us what you think.
6 Steps to Maintaining your Church Tax Exempt Status.
This entry was posted on Wednesday, August 31st, 2011 at 8:56 PM and tagged with 117, 95, accounting, ChMS, church management, church software, CPA, exempt status, FASB, fund accounting, IRS, non-profit and posted in Fund Accounting. You can follow any responses to this entry through the RSS 2.0 feed.
Error: Twitter did not respond. Please wait a few minutes and refresh this page.
Church Software95 117 accounting Android API Balance Sheet CCMag ChMS choosing church software church church accounting church community church donation church management church management software church membership church payroll church plant church software church technology cloud computing CMS communication community contribution contributions CPA denomination software district donation donations donation statement donor e-mail integration EFT email FASB fund accounting giving group iconcmo iPad iPhone IRS management media membership messaging mobile mobile apps mobile technology multisite multisite software non-profit not for profit online online donation online payroll payroll people ROI SaaS Security simply giving small group SMS social engagement social media software statement text messaging Vanco visitation web based website