Problem is, the Pastor and the volunteers may not know how to properly set up an accounting system. As a result, your church may have ineffective bookkeeping.
Our non-profit tax advisers are experienced in working with churches and synagogues to minimize taxes and preserve tax exempt status.
Also, you need to be capable of looking at the bank balance to see at a glance what percentage is designated funds or restricted funds. You will also need to know how much money is remaining to keep the lights on.
We provide our clients with a comprehensive understanding of the unique challenges religious organizations face today. We devote many hours each year to staying abreast with the current regulations and tax laws that will affect our clients (churches, synagogues mosques or church schools, churches daycares and any other religious-based organizations).
Maintaining a check register is not a reliable church bookkeeping system.
Your church has a very important mission. Don't let bookkeeping get in the path of that mission. The right software for church accounting can make it easy to do church bookkeeping accurately and quickly. This will allow you and your administrative staff to get back to what really matters to you ministry.
The Pastor may not consider hiring an "experienced" bookkeeper as a top priority. The Pastor may do the bookkeeping himself or hire a "financial" or organizational member to handle it and turn it over.
Diocesan Canons state that treasurers and other officers of a church parish, mission or other institution be “bonded” according to Episcopal Church Canons. Episcopal Church Canons require that treasurers be “adequately bonded.”
seven years
Financial Records are traditionally kept for seven years. This relates to the laws of tax audits and the number of years back the IRS is allowed to look when determining an organization's tax liability.
The IRS may begin a church tax inquiry only if an appropriate high-level Treasury official reasonably believes, based on a written statement of the facts and circumstances, that the organization: (a) may not qualify for the exemption; or (b) may not be paying tax on unrelated business or other taxable activity.