Yes, fraud happens in ministry. Here’s how ECCU helps prevent it.
Fraud in ministry sounds like an oxymoron, doesn’t it? If only it were. The reality is that by some estimates, fraud siphons off 6 percent of all the funds donated to churches each year. [read more]
Cash Flows Well when It’s Managed Wisely
Managing cash flow is a ministry function that nobody notices until you’re suddenly short on cash. It can be a challenge to have adequate cash during a time of year when giving traditionally dips. How can you wisely manage cash this summer? To find out, we asked executive pastors at several churches around the country. Four themes emerged from these conversations. [read more]
Is Your Budget Ready for Summer?
Every season presents unique budget challenges. Decreased giving is a common one when summer hits. The issues that accompany an ill-equipped budget can be acute. For example, what if your air conditioning system fails during a hot spell and you haven’t maintained a facilities maintenance reserve fund to cover that expense? Summer is just a month away. How do you know if your budget will be ready when it arrives? [read more]
This Credit Card Makes Good Stewardship Easier
Managing ministry money in ways that reflect good stewardship is a complex task. You have to handle everything from personal expense reports to annual audits. As your ministry grows, it makes sense to use tools that streamline your financial management efforts. The business credit card is one of them. [read more]
Would your cash management practices help or hurt your loan application?
Last month we talked about how your organization’s cash management practices are one thing lenders look at when deciding whether you qualify for a loan. But exactly what are they looking for? In his article “Three Questions to Ask about Your Church’s Financial Management,” Dan Busby, president of the Evangelical Council for Financial Accountability (ECFA), says the way you answer these questions reveals much about the health of your financial administration. Here are the questions. [read more]
Should you get a loan to help fund your vision?
The process of getting a loan involves asking and answering a lot of questions. The right answers to the right questions can bring clarity and confidence when you approach a lender about financing or refinancing. Here’s what you should be asking. [read more]