“Grandma, was Noah’s wife

called Joan of Ark?”

This month’s newsletter is the third in a series. 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 swim? 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. Each month we’ll talk about a different report from PowerChurch.

Read more to learn about printing and using the Activity Report.

Our church treasurer Sister Fluffy quit! She has been the treasurer for over 20 years and no one else knows how to do her job. They asked me to be the treasurer and I accepted because I wanted to serve the Lord.

When I took over, I was so confused and there was no one there to train me so I tried to follow what Sister Fluffy had always done. I figured it was right since she had been the treasurer for so many years. That was my number one mistake trusting that everything was done right. 

After I had been the treasurer a few months, our church received a letter from the Internal Revenue Service stating that they wanted me to file late 941 reports and pay the tax for the last three years. What am I suppose to do?

To learn how Summit Tax & Accounting can help you every step of the way of your church tax and accounting needs, click here to read the rest of the article.

If you are a volunteer worker for a charity, you should be aware that your generosity may entitle you to some tax breaks. Although no tax deduction is allowed for the value of services you perform for a charitable organization, some deductions are permitted for out-of-pocket costs you incur while performing your services (subject to the deduction limit that generally applies to charitable contributions). To learn more about potential tax breaks, click here.

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

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!

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