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Healthy Congregations and Effective Leaders in Every Place Making Disciples of Jesus Christ for the Transformation of the World

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FAQ: Church Finances

Audit

  • When is our church audit report due?
  • Our treasurer prepares a monthly income statement and balance sheet. Is this considered enough review to meet the annual audit requirement?
  • Who can perform our local church audit?
  • What is a local church audit and why should we do one?
  • Can volunteer CPAs provide audit assistance?

Custody of Assets

  • Why do we have to use drop bags as part of our internal controls? It just seems that the Pastor wants us to spend money on those bags, or he/she doesn’t trust us.
  • Does the Pastor have to know what we are spending, or when we are spending the church’s money? We have been doing this before he/she got here.
  • Our Pastor says that the finance officers should not be counting the money, why? We have never had any problems with finance before.
  • Why is Pastor recommending that the check register be kept at the church?

Reconciliations

  • What is the procedure for transferring money out of one church account into another?
  • Why can’t the treasurer reconcile the bank statements and checkbook alone, she has always done it that way?

Record Keeping

  • Should we include direct disbursements from a church member’s IRA account on their year-end giving statement?
  • Is there a process where we could re-designate unused restricted funds to another purpose in our church?
  • What should our church include in the year-end statements we send to our donors?
  • Where do the records need to be kept? By whom?
  • Why do the records need to be at the church?
  • What records must be kept? How long?

Other

  • Can mileage from the parsonage or my pastor’s home to the church be reimbursed as business mileage?
  • Is there a process where we could re-designate unused restricted funds to another purpose in our church?
  • How does our church determine what mileage should be reimbursed for our pastor?
  • Our church sold our parsonage and started giving our pastor a housing allowance instead. Can we use the money from the sale of the parsonage to pay the housing allowance?
  • When is our church audit report due?
  • What should our church include in the year-end statements we send to our donors?
  • Do we need to have W-9 forms on file for all of our vendors?
  • Is there a way our church can receive tithes and offerings from our members by credit card or electronic transfer?
  • Does the Conference recommend certain accounting software for churches to use?
  • Does my church need a federal Employer Identification Number (EIN)?

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GCFA Links

  • GCFA
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Other Links

  • Center for Health Newsletters
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  • Online Data Collection System (OLDCS)
  • PeopleFacts – Background Checks
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  • Vanco Payment Solutions: Church Marketing Center

NC Conference of The United Methodist Church · 700 Waterfield Ridge Place · Garner, NC 27529
Phone: 919.779.6115 · Toll-free: 800.849.4433 · Fax: 919.773.2308

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