Call Today: (202) 789 - 8898
Posted by: Charles P Myrick CPA Posted on: Oct 10 2019

Is Your Church Vulnerable to Fraud?

In my work with church audits, I sometimes have to report evidence of possible fraud – questionable charges, missing money, etc. It's a tough report to make since no one wants to accept that financial fraud takes place in a church. How can church leaders enact measures to prevent internal theft and fraud without making it seem that no one can be trusted?

Read More →
Posted by: Charles P Myrick CPA Posted on: Sep 12 2019

What Do Church Boards Need to be Better Fiscal Managers?

In my work with church leaders, I see clearly the challenges facing church boards. Tasked with guiding and keeping the mission-driven activities on course, board members can lose touch with the day-to-day financial operations. The board's responsibility for the ongoing monitoring of the church's fiscal matters is, however, a fiduciary one. To do so, it must receive regular and accurate financial information.

Read More →
Posted by: Charles P Myrick CPA Posted on: Mar 19 2019

Will Your Church Have to Pay the Parking Lot Tax?

Many of the church leaders I know and work with have been puzzled about an obscure provision in the Tax Cuts and Jobs Act of 2017 known as the parking lot tax. This provision deals with parking provided to employees. Some leaders are concerned that these parking spaces have become a potential tax liability. As frequently happens with a change in the tax code, there is lots of confusion about the intent and its consequence.

Read More →
Posted by: Charles P Myrick CPA Posted on: Feb 12 2019

Is a Cash Reserve a Challenge for Your Church?

For a church, cash flow can make or break its ability to survive. The reliance on member donations increases the need of church leaders to manage finances through revenue peaks and valleys. A cash reserve can be the buffer to carry you through the valleys. Without a cash reserve to draw from, many churches have found themselves scrambling to raise funds when needs come up. 

Read More →
Posted by: Charles P Myrick CPA Posted on: Jan 15 2019

What Do Church Boards Need for Better Fiscal Management?

Church boards serve multiple masters. Tasked with guiding and keeping the mission-driven activities on course, board members can lose touch with the day-to-day financial operations. The board's responsibility for the ongoing monitoring of the church's fiscal matters is a fiduciary one. To do so, it must receive regular and accurate financial information.

Read More →
Posted by: Charles P Myrick CPA Posted on: Sep 25 2018

Is a Budget the Right Tool For Your Church?

A church needs to be financially healthy to carry out its planned mission. A budget is a necessary tool for achieving the congregation's goals. It can serve as a roadmap for planning and decision-making. Here's why:

Read More →
Posted by: Charles P Myrick CPA Posted on: Aug 07 2018

Do Costly Repairs to Your Church Create a Fiscal Crisis?

Church leaders and their congregations know the importance of maintaining the structure that houses their ministry. They want to preserve the value of the building for future generations, protect their assets, and maintain the safe and efficient operations of the facility. Unfortunately, churches frequently find themselves addressing problems of deterioration and safety as they happen, often without the necessary funds.

Read More →
Posted by: Charles P Myrick CPA Posted on: May 22 2018

The Challenge for Churches: A Consistent Cash Flow

As far as nonprofits go, a church is one of the most complex organizations for leadership. Church leaders have to balance the spiritual needs of their congregations with the programmatic needs of the communities their churches serve. Meeting these needs requires resources, both human and financial. When your church income relies on the weekly donations of your congregation, it can be a little tricky to ensure that you have consistent cash flow.

Read More →
Posted by: Charles P Myrick CPA Posted on: May 02 2018

What Is Successful Financial Management For Your Church?

Church leaders have the responsibility to ensure that there is adequate and ongoing funding for the costs of operations and programs. This is often a very challenging task. However, many church financial problems can be avoided by proper planning, consistent budgeting, and accountability for spending.

Read More →
Posted by: Charles P Myrick CPA Posted on: Mar 06 2018

How to Prevent a Budget Shortfall in Your Church

While a church’s budget is set and remains fixed throughout the year, actual income and expense flows are not; in some cases, they can vary widely from month to month. For a church, cash flow can make or break its ability to survive. Leaders of financially healthy churches have learned how to manage through revenue peaks and valleys to avoid the consequences of a budget shortfall.

Read More →