202110 Jun

Managing Church Finances - The Right Way

Summary

In other words, by November the church can’t typically move budget lines around much to try to compensate for the spending overages or shortfall revenues. Additionally, the emergency fund should take into account the church building and how expensive certain components may cost like replacing a roof, furnace, and other large ticket items. Through more than three decades of working with organizations and looking back at my own education, I’m in disbelief that basic financial literacy wasn’t discussed in school or college. Some things that financial literacy teaches that most people don’t understand is • planning for future using insurance as a risk-mitigation tool, • calculating the debt to income ration for the organization, • and so on. Organizations need to focus more on emergency funds, debt management, financial literacy, correctly forecasting revenue, payroll mistakes, and so on.

Source: Google Full Article

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