It’s the end of the month. The church board is looking to you to print reports that show the financial status of the church. How is that assignment going for you?  Do the words, “Balance Sheet”, “Income & Expense Statement”, “Budget Report”, “Activity Report”, or “Changes in Equity Report” make your head spin?  Perhaps these report names are unfamiliar to you, and you’ve just been doing the best you can to produce good reports for the board. This month’s newsletter is the first in a series. Each month we’ll talk about a different report from PowerChurch. 

Click here to learn more about balance sheets.

Churches and not-for-profit organizations should put a lot of thought and planning into their programs and activities and have policies and procedures in place.

For instance, each organization and church should obtain consent forms from parents authorizing the provision of emergency medical services in the event the parents cannot be located. You should obtain release forms for minors to participate in activities off the premises (example: teen youth choir going on tour, or going to Six Flags). The organization should also obtain release (or “assumption of risk”) forms for adults to participate in any activity that may pose a health hazard, overseas trips, and construction work. To learn more about recommended policies and waivers for your programs and activities, click here.

 

Before you cash that winning ticket, here are some lottery taxation tips to be aware of. First, you should be aware that your lottery winnings are taxable. This is the case for cash winnings and for the fair market value of any noncash prizes you may win, such as a car or vacation. Depending on your other income and the amount of your winnings, your federal tax rate may be as high as 35%. Your lottery winnings may also be subject to state income tax. Thus, depending on where you live, your total tax bill could be near 45%. Click here to learn more about withholdings and when lottery winners are taxed.

At Summit Tax & Accounting, we strive to reach all of our church and clergy members through various communication channels.
This month, we are excited to announce the launch of our Church Accounting Facebook page! Please “like” us on Facebook at www.Facebook.com/SummitTaxAccounting. We encourage you to spread the good word with your friends and family. Check back regularly for tips on church accounting, best practices, FAQs, and much more!

For years, Summit Tax & Accounting, LLC has conducted seminars throughout the state of Illinois, providing comprehensive and timely information in an understandable format for religious and nonprofit organizations.

PowerChurch and Church Accountability by the Book are now available via webinar!

You can access this important information 24 hours a day, 7 days a week from the comfort of your home, office, church or gathering place. And, these webinars can be viewed as many times as needed throughout the year. Subscribe today! Purchase the entire series with a year subscription, or only the chapters you need for review.

Still looking to attend a seminar this year? View our online schedule and register today for a seminar near you!