Bryan Baughman describes a number of things you as a ministry leader should make clear with all of your staff. In his post, Is Your Church Exposed, he suggests you should:
Standard question on just about every audit is whether the organization is breaking any laws or regulations. Most perceptive response I ever received was “none that I know of, and that’s what worries me.”
I have written a series of eight posts on the documentation rules for reviews and comps from SSARS 19 on my other blog, www.attestationupdate.com. Those posts have been combined into a single ’page’. This means you can read all the posts in chronological order, which also means they are in logical order. Click here for the page.
“It” is your dream. The thing you wanted to do since you were a kid. That incredible idea in the back of your mind that would change the world, make life better for oh-so-many people, or end the social injustice that fires righteous fury in your heart. Take your pick.
You know what “it” is. Make it happen.
Great post on recording depreciation in a local church by Corey Pfaffe, CPA at his MinistryCPA blog. He suggests using modified cost as the method of accounting so you don’t have to worry about depreciation. Also points out that historical cost should be used instead of current value. Good read. Check it out.
(cross-posted from my other blog for CPAs that stop by here. This is the start of a 3 post series)
All of the SASs are being rewritten. All those new/revised/updated/clarified/etc documents will go into effect on the same day.
Ouch. For us change-phobic CPAs, there is a world of change on the horizon.
Question: What do you call a situation when an independent organization that is not tax-exempt wants a church to process gifts so donors get a tax-deductible receipt?
Perception is reality – I really dislike that statement since it excuses people from trying to understand things they don’t understand, but then that is just my perception (yes, the last phrase is a joke!).
We need to understand the perception of the church world by people outside our communities. Particularly important to consider now are the perceptions of those with regulatory power. The report from Sen. Charles Grassley’s staff of the Senate Finance Committee has opened up discussion of expanded regulation and oversight of churches.
I have written an on-line CPE course on SSARS called Compilation and Review: Practice Issues. It is a 3 hour course covering a variety of practice issues for CPAs providing comps and reviews. It is written at the overview level.
Arriving soon at the CCH Learning Center. When it is available on-line, I’ll give more detail and a link to the course.
I wrote the course in a little more casual voice that you might expect to see in a technical class, but not quite as casual as you see on this blog. If you enjoy the style of writing you see here, you might enjoy the online CPE.
More detail to follow!
Update: 3-hour online CPE course called Compilation and Review: Practice Issues (Third Edition) is now available at the CCH Learning Center website. Course discussed in more detail at this post.
Two great articles on how to analyze the giving data for your church by Chris Gartman of PSK at their blog, Faith-Based Accounting.
The software you use for recording contributions by donor should be able to give you some great data. What can you learn from that information?