Simple Solutions to Managing Your Ministry’s Money
(Originally published as an article within ECCU’s former e-publication, Ministry Banking Today.)
It’s the beginning of the week, and you're checking your ministry's operating account to be sure there are enough funds to cover expenses. Next week it will be the same story. By the end of the month, you’ll be transferring money from savings to cover unexpected expenses or wishing your "cushion" was earning more in a higher-yielding account. Sound familiar?
The tug-of-war between accessible funds and a high rate of return is nothing new to ministries. Fortunately, there are solutions to achieve that balance without constantly monitoring your account. A sweep account may be just the tool your ministry needs because it automatically links your operating account to an investment account. The way it works is simple: You decide how much you need to cover your daily expenses, and at the end of each day anything over that amount automatically "sweeps" into a safe, high-yield investment account. If your operating balance dips, just enough funds to cover the shortfall sweep back from the investment account. Non-sufficient funds and excess operating balances are replaced by peace of mind and a greater return on your money.
If you're concerned not only with the return on your investment but also with how your invested money is used, consider ECCU’s Ministry BonusSM Sweep Account as you research the options available to you. Besides making it easier to manage your ministry's money, this account gives you the satisfaction of knowing your investment is helping other evangelical ministries that share your passion for kingdom impact.
Learn more about the Ministry BonusSM Sweep Account.