Assets and Liabilities: Managing Your Church’s Balance Sheet
Church leaders need an understanding of a church’s debts and assets – two major components of the balance sheet. On May 23, experts with the Presbyterian Foundation, Presbyterian Investment and Loan Program, and New Covenant Trust Company shared their knowledge in a webinar, covering three aspects of church finances: understanding your balance sheet, appropriate levels of debt and the process for acquiring debt, and matching assets with time horizons for optimal investment returns. Click here to watch the recording.
Paying guest speakers
As we get to summer and are making plans for Vacation Bible School and other summertime events, I often get asked: “We had someone in to speak at our (fill in the event). They didn’t ask for any money, but we wanted to thank them for their time. That would be a love gift and not taxable to them, right?” The correct answer is, because they performed a service for the love offering, the IRS requires the church to file and send a 1099-NEC if you gave them $600 or more in a calendar year.
Churches and/or nonprofits are required to obtain a completed and signed W-9 from anyone that they give a love offering, honorarium, gift, etc., if some kind of service was performed. You do not have to report reimbursements for travel expenses if mileage and expense information is submitted and reimbursement is at the IRS standard rate. I am happy to discuss your questions about how to handle guest speaker/musician payments and have resources available.
Stewardship Kaleidoscope: Sept. 25-27
Registration is open for this year’s Stewardship Kaleidoscope, featuring more than 30 workshops spanning theology, practical stewardship planning, creative ventures, and legacy programming. Register and explore stewardship in its many colorful dimensions!
Board of Pensions: A report on the Season of Rebuilding
As 2023 opened, the Board of Pensions of the Presbyterian Church (U.S.A.) entered a Season of Rebuilding — a two-year, transformative effort taken in collaboration with the Church to assess and redesign the Benefits Plan of the PC(USA) to better meet the needs of local congregations. Five months into the effort, Board of Pensions leaders have met with over 300 mid council, congregational, and pastoral leaders. This report is intended to update the wider denomination on this important effort, including on feedback received so far, and to outline the steps ahead.
The Season of Rebuilding is an exploration focused on flexibility, choice, and cost control for local churches. The dues structure of the Benefits Plan has not changed in nearly 40 years, while the Church has not stopped changing. Shifting demographics, declining church membership, and rising healthcare costs have resulted in growing numbers of congregations being unable to afford to enroll their pastoral leadership in the plan. The goal of the Season of Rebuilding is to ensure that all pastoral leadership, regardless of installation status, have access to the Benefits Plan of the PC(USA).
2023 IRS Standard Mileage
On December 29, 2022, the IRS announced the following changes to the standard mileage rates. As of January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:
- 65.5 cents per mile for business miles driven, up 3 cents from 2022
- 22 cents per mile driven for medical or moving purposes, up from 18 cents for 2022
- 14 cents per mile driven in service of charitable organizations
2023 Per Capita
The 2023 Per Capita rate will be $30.30 per member, according to the church’s membership in the most recently filed statistical report. The 2023 Per Capita was approved at the August 2022 presbytery meeting. With the total rate at $30.30 per member, the Presbytery of West Virginia will keep $18.05 and sending $9.85 and $2.40 to the General Assembly and Synod of the Trinity, respectively.
Helping us understand the importance of Per Capita to our connectional church is this excellent article from Presbyterians Today, titled (coincidentally enough) “Understanding Per Capita.”
2023 Special Offerings Calendar
Here is this year’s calendar for the four churchwide Special Offerings of the Presbyterian Church (U.S.A.), of which two remain.
PEACE & GLOBAL WITNESS: Sept. 3 to Oct. 1
CHRISTMAS JOY: Dec. 3 to Dec. 24
NOTE: Donations to the four Special Offerings are accepted at any time. The dates above are for times of special emphasis on the offerings. Click here for more information or to order resources, or call the PC(USA) Store at 800-533-4371.