Periodically, Costa & Associates provides educational opportunities to its clients and prospective clients which will be announced here. Typical training topics are outlined below.
CHURCH & MINISTRY FINANCIAL INTENSIVE
Church legal issues, including;
o An overview and new developments in obtaining 501 (c)(3) status.
o Form 1023 - Application for Exemption.
o Ordination or License process through an parent agency versus local Church.
o Articles of Incorporation, why you must incorporate.
o Corporate By-Laws, what they should contain and how often they should be updated.
o Corporate Minute Book, “though shalt” keep minutes and not waste hours.
o The importance of your Board of Directors, and their legal liability.
o Should I get my own Letter of Exemption or be covered by a Group Exemption?
Accounting and bookkeeping, including;
Contributions accounting, including;
Afternoon Sessions;
Fixed assets issues, including;
Payroll tax issues, including;
UBI (i.e. bookstores, coffee shop, daycares and other businesses);
Pastoral tax and legal issues, including;
Church loans and notes, including;
Questions & Answers
CHURCH & MINISTRY FINANCIAL INTENSIVE
Church legal issues, including;
o An overview and new developments in obtaining 501 (c)(3) status.
o Form 1023 - Application for Exemption.
o Ordination or License process through an parent agency versus local Church.
o Articles of Incorporation, why you must incorporate.
o Corporate By-Laws, what they should contain and how often they should be updated.
o Corporate Minute Book, “though shalt” keep minutes and not waste hours.
o The importance of your Board of Directors, and their legal liability.
o Should I get my own Letter of Exemption or be covered by a Group Exemption?
Accounting and bookkeeping, including;
- Approved Double Entry Computerized Accounting Systems.
- Balance Sheet and Statement of Revenue and Expenses.
- Cash Flow Statement, what is it and why do I need it?
- Chart of Accounts.
- Staff qualifications for your Accounting & Bookkeeping Department.
- How to identify and protect against “involuntary benevolence” (i.e. embezzlement)
- Obtaining financing, underwriting standards, three years of books (IRS Statue of Limitations), etc.
- Issues with Church Corporate Cards.
- We believe in (Bank Account) reconciliation.
- Proper petty cash procedures.
- Issues in contributions accounting.
- Hiring an outside CPA and the levels of services they provide.
Contributions accounting, including;
- Importance of Offering Envelopes and what they should contain.
- Approved Contribution Reports for IRS.
- Donations, Benevolence & Mission Offerings.
- Building Fund issues.
Afternoon Sessions;
Fixed assets issues, including;
- Periodic review of all Church Property & Equipment and related fixed asset journals.
- Title and Registration issues for Churches.
- Deed of Trust (for all church land and/or buildings).
Payroll tax issues, including;
- Form 941's (Quarterly Federal Payroll Tax Reports).
- Form 1099's (specifically Non-employee Compensation).
- Deposits of Payroll Tax Trust Fund issues.
- Form 1096's (Transmittal Statements to IRS).
- Forms W-2's & W-3's.
- IRS “excessive compensation” issues and potential solutions.
UBI (i.e. bookstores, coffee shop, daycares and other businesses);
- What is UBI?
- How to tell if you have UBI.
- How do you report UBI?
- Sales Tax issues
Pastoral tax and legal issues, including;
- Housing or Parsonage Allowances in compliance with IRS Code Section 107.
- “Automobile Allowance” or policy for Pastor and Staff.
- Charitable contributions and “effective control” issues.
- Pastoral compensation issues (Pastor & Administrative).
- Reimbursement Policy for IRS compliance.
Church loans and notes, including;
- A discussion Notes & Loan obligations under which the Church is obligated.
Questions & Answers