The language used in financial discussions can be overwhelming and intimidating.  This is especially true for pastors and congregational volunteers who often come to their jobs without having received any formal financial education.   The area of FINANCE can be broadly described as being founded upon money, time, available alternatives, and liquidity.  While these four areas are each distinct, they are also deeply intertwined with each other.  Also, like any language, the general description...

Clergy are different (the IRS says so) The Internal Revenue Service (“IRS) has a long history of treating the income taxes of ordained clergy differently than other taxpayers.  These special income tax provisions which apply to ordained clergy recognize both the clergy’s often unique employment conditions as well as the many ways in which clergy serve, and thus are paid by, those they minister to.    The flip side of the coin is that many people and business entities intentionally abuse these...

Bill Wiles, Treasurer, Synod of the Sun   In the world of accounting, the term “internal controls” refers to policies, procedures, and structures which organizations put in place to provide accurate information; comply with rules and regulations; safeguard assets; and make fraud or embezzlement more difficult.  The term internal controls broadly includes preventive measures (such as segregation of duties and levels of authorization), detective measures (such as financial review by auditors...