TOP TWO QUESTIONS CHURCHES HAVE REGARDING ( COMPLIANCE OR TAXES, ETC.)
Is there any reason why a church should file with the internal Revenue Service for tax exemption?
Yes. Although it is not required, churches that do seek IRS recognition for tax exempt status receive certain obvious benefits. A major benefit is that by establishing the 501 (c) (3) status, the contributions of leaders and members are eligible for tax deductions. Additionally, non-profit grants and benefactors providing large donations require proof that their contributions will be tax deductible.
Source: Department of the Treasury, Publication 1828 Guide for Churches and other Religious Organizations
Should a church have a budget no matter what the size of the congregation?
Yes. Whatever size the church, you can handle the finances without hampering its fellowship or impeding its ministry. People generally want to know seven things about the church finances.
An "Annual Budget" should be clear, correct complete, concise and compelling. Budgets are good tools when constructed correctly and reviewed.
It is an excellent financial tool for the growth of the church ministry.
Source: Marvin Owen of Life Way Christian Resource, Nashville, TN
If you have any questions for which you need answers for your ministry. Please feel free to email me your concern by accessing the Contact File. We will respond to you by email or phone. Thank you and God Bless!