Key Takeaways The IRS has historically applied two revenue guidelines to 501(c)(7) organizations: no more than 35% of gross receipts from sources outside the membership, and no more than 15% from use of facilities by the general public. Exceeding either threshold...
Key Takeaways A minister’s housing allowance must be designated in advance by the church board and cannot exceed the fair rental value of the home, including furnishings and utilities, or the amount actually spent on housing expenses. Clergy hold a dual tax...
Key Takeaways The most extensive ERP work happens before vendor selection, not during implementation. Consolidating and cleaning data, documenting processes, and defining success criteria are what separate an upgrade that delivers from one your team learns to work...
Key Takeaways Church financial controls should split custody, approval, recording, and review so no one person can receive, spend, record, and reconcile funds without an independent check. Small churches can still build meaningful controls by using trained volunteers,...
Key Takeaways ECFA membership requires annual financial statements prepared with independent CPA involvement, and the required level of service depends primarily on annual revenue. Under current ECFA guidance, organizations with annual revenue of approximately $3...
