Wednesday, August 8, 2012

Finance Leadership

  Book of Discipline ¶ 259.4 - Finance Committee

4. There shall be a committee on finance, elected annually by the charge conference upon recommendation by the committee on lay leadership or from the floor, composed of the chairperson; the pastor(s); a lay member of the annual conference; the chairperson of the church council; the chairperson or representative of the committee on pastor-parish relations; a representative of the trustees to be selected by the trustees; the chairperson of the ministry group on stewardship; the lay leader; the financial secretary; the treasurer; the church business administrator; and other members to be added as the charge conference may determine. It is recommended that the chairperson of the committee on finance shall be a member of the church council. The financial secretary, treasurer, and church business administrator, if paid employees, shall be members without vote.

Read more about the role of the Finance Committee in the local church

Guidelines 2005-2008 Finance
Funding ministries that nurture persons in their faith
 
501(c)3 Resources for Finance leaders: Department of the Treasury: 501(c)(3)
 
EQUITABLE COMPENSATION

For churches requesting Equitable Comp, due September 14, 2012 for 2013 calendar year.  Please click on the link below, fill out the form, and email it to: epaumccec@gmail.com
2013 Equitable Compensation Form

Salary/Benefits Recommendations for 2013
The minimum salaries as approved by the 2012 Annual Conference:

  • Full Connection - $38,300
  • Transitional Deacons and Commissioned toward Deacon or Elder - $35,500
  • Associate Members - $34,650
  • Full-Time Local Pastors - $32,800
IRS Tax Information

Change in the 2011 Social Security Taxes

 In 2011, the social security rate for employees will be reduced to 4.2%; a reduction of 2% from the 2010 rate of 6.2%.

The maximum wage base of $106,800 remains unchanged.

As a result, individuals could end up with a payroll tax savings of up to $2,136 in 2011.

The self-employed will pay 10.4% in 2011 instead of the 12.4% paid in 2010. Self-employed pay the full 6.2% of the employer contribution, plus 4.2% of the employee contribution.

ASSESS YOUR CHURCH'S FINANCIAL HEALTH - Resource from UM Communications (click here for a 4-page document you can print on your own computer.

 

 

IRS Increases Mileage Rate to 56.5 Cents per Mile
 

 

The IRS has announced that the business standard mileage rate for transportation expenses paid or incurred beginning January 1, 2013, will be 56.5 cents per mile, up one penny from the rate in effect during 2012 [Notice 2012-72, released 11-21-12; www.irs.gov/pub/irs-drop/n-12-72.pdf].
 

The mileage rate may be used to compute the amount to reimburse employees who are using their own cars for business purposes. It may also be used by employers that elect to use the "cents-per-mile" valuation method for purposes of determining the amount that needs to be imputed to an employee's income for personal use of certain company-owned or leased non luxury vehicles (see The Payroll Source®, p. 3-22).
 

In addition, the 2013 standard rate for miles driven for medical or moving purposes will increase to 24 cents per mile, up from the 23 cents-per-mile rate in effect during 2012.
Finally, the standard mileage rate for operating a passenger car for charitable purposes, which is set by law, will stay at 14 cents per mile in 2013.

 

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