The Sunday school teacher asked, “Now Thomas, tell me frankly, do you say a prayer before eating?”

“No, sir, Thomas replied, “I don’t have to. My mom is a good cook.”

This month’s newsletter is the fourth 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 “Changes in Equity Report”.

Every organization that claims exemption for federal income tax under section 501(c)(3) of the Internal Revenue Code (IRC) and that operate(s), supervises, or controls a private school(s) must file a certification of racial nondiscrimination. If an organization is required to file Form 990 Return of Organization exempt from Income Tax, or Form 990-EZ Short form Return of Organization exempt from Income Tax, either as a separate return or as a part of a group return, the certification must be made on Schedule E (Form 990 or 990-EZ), schools, rather than on the form. For more information on racial nondiscrimination, click here.

What can I deduct? Some items may be deducted you may not have considered. It may result in a tax deduction for you if you itemize your deductions, depending on your adjusted gross income (AGI) and the total of all your miscellaneous items. To learn more about computing your expenses, click here.

We encourage you to watch a free preview of our webinar series. You can access important information regarding your church finances anywhere, and at any time! These convenient webinars can be viewed as many times as needed throughout the year. Learn more about subscription opportunities for you and your church members! Interested in a seminar this year? View our online schedule and register today for a seminar near you!

Join our Church Community on Facebook! “Like” us on Facebook at https://www.facebook.com/SummitTaxAccounting to learn how to successfully manage your church finances. 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!