Financial Policies
Biblical Basis:
“Having land, sold it, and brought the money, and laid it at the apostles' feet.” Acts 4:37 (KJV) The financial responsibility of the church is to be a wise steward of the resources God has entrusted to this fellowship. Ultimately, the church is responsible to God in the stewardship of its funds. If a financial conflict arises, the instruction in Matthew 18 should be followed as a guiding principle.
Designated Gifts:
Individuals can give designated gifts for the ministry of the church. However, the designated account must be established before the church receives the donation. For example, the church shall not receive designated funds for a new bus, a new building, or new furnishings, etc. until the church approves the establishment of a designated account for such items.
Benevolence (Special Assistance):
Any funds distributed to those who request special assistance must be pre-approved by the deacons. The deacons shall also determine the amount and conditions of such assistance. Funds distributed for special assistance above $500 must be pre-approved by the church.
Special Offerings:
Offerings to offset revival, concert and/or other event expenses, and offerings for special causes such as a department of the Baptist Missionary Association, a missionary or some other ministry may be received with pre-approval by the pastor and deacons.
Memorial Funds:
While the church believes in the importance of memorial funds, the finance ministry team will make the final decision in the usage of the memorial funds.
The finance ministry team will respect the intent of the donors, but the finance ministry team will not be legally bound by the donor’s intent.
Budget Presentation:
The finance ministry team will present a budget for adoption at least one month before September 1 of each year.
Fiscal Year:
The church fiscal year shall begin September 1 and conclude August 31.
Financial Records:
The church will be responsible for maintaining adequate financial records at the church facilities. Church members may review the financial records with a written request to the finance ministry team. Church members may not review the tithing/giving records of individuals.
Financial Reports:
At least monthly, a financial report will be given to church in a business conference.
Review of Financial Records:
The financial records of the church shall be reviewed annually by at least three members of the finance ministry team, other than the treasurer and assistant treasurer. If the three finance ministry team members have a concern over the financial records, then the matter shall be referred to the pastor and deacons.
Fundraising Events:
The normal practice of financial operations of the church is for members to give their tithes and offerings through the general budget of the church. The pastor and deacons must approve other fundraising events. Contribution credit will not be given for items purchased at a fundraising event.
Mission Giving:
The church believes in the biblical basis of mission giving as commissioned by the Lord Jesus Christ in Matthew 28:18-20. The church will commit to give at least ten percent of its general receipts to mission causes through the Ellis-Hill Baptist Missionary Association, the Baptist Missionary Association of Texas, and/or the Baptist Missionary Association of America.
Disbursement of Funds:
The church treasurer and other designated individuals shall be responsible for the disbursement of church funds according to the budget adopted by the church. Likewise, funds shall not be disbursed without an adequate receipt or invoice being provided by the individual requesting the funds. Normally, requests for funds should be given at least one week in advance. Under no circumstances shall cash or a signed blank check be distributed for any reason. No member is to make purchases in the name of the church without proper authorization.
Non-budgeted Expenditures:
Any non-budgeted expenditure exceeding $500 shall require approval by the church. With the exception of love offerings which require approval by the pastor and deacons, any non-budgeted expenditure less than $500 shall require approval of the finance ministry team.
Contribution Statements:
Contribution statements will be provided to each member of the church. Nonmembers will be provided contribution statements if they gave $250 or more annually.
Church Bank Accounts:
The church treasurer in consultation with the finance ministry team will be authorized to open and close church bank accounts under the control and authority of the church. Only bank accounts controlled by the church may be allowed to use the church’s federal identification number.
Reserve Funds:
The goal of the church will be to maintain at least two months of reserve funds to be used in the case of emergency or temporary budget shortfall.
Property and Liability Insurance:
The church will insure the church property at the fair market value. At least every two years, the property and maintenance committee should review the church’s current liability and property coverage. Also, the property and maintenance ministry team should conduct a church safety tour annually.
Church Credit Card Usage:
Only approved individuals may use a church credit card according to the church permitted guidelines.
Accountable Reimbursement Plan:
The church will only reimburse business related expenses with receipts provided by the person seeking reimbursement.
Salaries:
Each year, the pastor and deacons shall review the salaries of all paid personnel to determine any wage increases. Any wage increases shall be reflected in the annual budget proposed by the finance ministry team for church approval in August.
Benefits:
Benefits of all paid personnel of the church shall be agreed upon by the pastor, deacons, finance ministry team and the person to be hired prior to his or her employment. All personnel benefits shall require church approval.
Bonuses:
Each year, subject to approval by the pastor and deacons, all paid personnel shall receive a Christmas bonus equaling one week’s salary. The pastor and deacons may also approve bonuses for volunteer personnel. Bonuses shall not require church approval.
“Having land, sold it, and brought the money, and laid it at the apostles' feet.” Acts 4:37 (KJV) The financial responsibility of the church is to be a wise steward of the resources God has entrusted to this fellowship. Ultimately, the church is responsible to God in the stewardship of its funds. If a financial conflict arises, the instruction in Matthew 18 should be followed as a guiding principle.
Designated Gifts:
Individuals can give designated gifts for the ministry of the church. However, the designated account must be established before the church receives the donation. For example, the church shall not receive designated funds for a new bus, a new building, or new furnishings, etc. until the church approves the establishment of a designated account for such items.
Benevolence (Special Assistance):
Any funds distributed to those who request special assistance must be pre-approved by the deacons. The deacons shall also determine the amount and conditions of such assistance. Funds distributed for special assistance above $500 must be pre-approved by the church.
Special Offerings:
Offerings to offset revival, concert and/or other event expenses, and offerings for special causes such as a department of the Baptist Missionary Association, a missionary or some other ministry may be received with pre-approval by the pastor and deacons.
Memorial Funds:
While the church believes in the importance of memorial funds, the finance ministry team will make the final decision in the usage of the memorial funds.
The finance ministry team will respect the intent of the donors, but the finance ministry team will not be legally bound by the donor’s intent.
Budget Presentation:
The finance ministry team will present a budget for adoption at least one month before September 1 of each year.
Fiscal Year:
The church fiscal year shall begin September 1 and conclude August 31.
Financial Records:
The church will be responsible for maintaining adequate financial records at the church facilities. Church members may review the financial records with a written request to the finance ministry team. Church members may not review the tithing/giving records of individuals.
Financial Reports:
At least monthly, a financial report will be given to church in a business conference.
Review of Financial Records:
The financial records of the church shall be reviewed annually by at least three members of the finance ministry team, other than the treasurer and assistant treasurer. If the three finance ministry team members have a concern over the financial records, then the matter shall be referred to the pastor and deacons.
Fundraising Events:
The normal practice of financial operations of the church is for members to give their tithes and offerings through the general budget of the church. The pastor and deacons must approve other fundraising events. Contribution credit will not be given for items purchased at a fundraising event.
Mission Giving:
The church believes in the biblical basis of mission giving as commissioned by the Lord Jesus Christ in Matthew 28:18-20. The church will commit to give at least ten percent of its general receipts to mission causes through the Ellis-Hill Baptist Missionary Association, the Baptist Missionary Association of Texas, and/or the Baptist Missionary Association of America.
Disbursement of Funds:
The church treasurer and other designated individuals shall be responsible for the disbursement of church funds according to the budget adopted by the church. Likewise, funds shall not be disbursed without an adequate receipt or invoice being provided by the individual requesting the funds. Normally, requests for funds should be given at least one week in advance. Under no circumstances shall cash or a signed blank check be distributed for any reason. No member is to make purchases in the name of the church without proper authorization.
Non-budgeted Expenditures:
Any non-budgeted expenditure exceeding $500 shall require approval by the church. With the exception of love offerings which require approval by the pastor and deacons, any non-budgeted expenditure less than $500 shall require approval of the finance ministry team.
Contribution Statements:
Contribution statements will be provided to each member of the church. Nonmembers will be provided contribution statements if they gave $250 or more annually.
Church Bank Accounts:
The church treasurer in consultation with the finance ministry team will be authorized to open and close church bank accounts under the control and authority of the church. Only bank accounts controlled by the church may be allowed to use the church’s federal identification number.
Reserve Funds:
The goal of the church will be to maintain at least two months of reserve funds to be used in the case of emergency or temporary budget shortfall.
Property and Liability Insurance:
The church will insure the church property at the fair market value. At least every two years, the property and maintenance committee should review the church’s current liability and property coverage. Also, the property and maintenance ministry team should conduct a church safety tour annually.
Church Credit Card Usage:
Only approved individuals may use a church credit card according to the church permitted guidelines.
Accountable Reimbursement Plan:
The church will only reimburse business related expenses with receipts provided by the person seeking reimbursement.
Salaries:
Each year, the pastor and deacons shall review the salaries of all paid personnel to determine any wage increases. Any wage increases shall be reflected in the annual budget proposed by the finance ministry team for church approval in August.
Benefits:
Benefits of all paid personnel of the church shall be agreed upon by the pastor, deacons, finance ministry team and the person to be hired prior to his or her employment. All personnel benefits shall require church approval.
Bonuses:
Each year, subject to approval by the pastor and deacons, all paid personnel shall receive a Christmas bonus equaling one week’s salary. The pastor and deacons may also approve bonuses for volunteer personnel. Bonuses shall not require church approval.
