Ep 51 ~ Record Retention Requirements for the Church

IRS blurb for your annual contribution statements


" Pursuant to Internal Revenue Code requirements for
substantiation of charitable deductions, no goods or services
were provided in return for the Tax Deductible contributions"


For QuickBooks Desktop:


" Unless otherwise noted, the only good or services provided are
intangible religious benefits"


 


Records that should be retained for 5 years:


Offering Envelopes (unless you put a disclaimer advising
members to request any necessary changes within a specified time
period on the annual statement)

Annual contribution statements

Written acknowledgment of charitable contributions

Written verification of participation in short-term mission
projects approved by the church

Substantiation of business related expenses that are a part
of an Accountable Reimbursement Plan

Minister job descriptions and Housing designations

Copies of IRS forms (ex. 941, W-2's, 990-T, W-4's, 1099's)



Records to keep until Jesus comes back :-)


Any and all legal documents for the church (incl. Articles of
Incorporation, Constitution & Bylaws, Tax exemption records)

Church Policies, Job descriptions, Compensation Package data,
Accountable Reimbursement Plans & Safety Net Housing
Allowance docs if you have one

Correspondence from the taxing authorities incl. IRS, State
and local authorities (incl. Form 1023 application, SS-4 EIN
number, Form 8274)



Courageous Obedience Moment:


From Calm Your Anxiety by Robert J. Morgan


"Equipping yourself with Scriptures will help your mind be
trained to move from panic to peace, from worry to worship, and
from anxiety to confident trust. Identify three scriptures that
will help you make these movements. Recite them each day until
you've memorized them."


Be blessed my friend.
xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps    biz owners
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