PIC No. 9:
• Titles: 2022 Church & Nonprofit Tax & Financial Guide (for 2021 returns); 2022 Minister's Tax & Financial Guide (for 2021 returns)
• Author: Michael Martin
• Publisher: ECFAPress (2021, 218 pages)
• Management Bucket #15 of 20: The Budget Bucket
Welcome to Issue No. 9 of PAILS IN COMPARISON, the “little brother” of John Pearson’s Buckets Blog. This blog features my “PICs”—short reviews of helpful books—with comparisons to other books in my 20 management buckets (core competencies) filing system.
“10 Biggest Tax and Financial Mistakes Made by Churches and Nonprofits”
Today is April 15—tax day in the U.S. (except it’s actually April 18 this year). You probably have just enough time to file for an extension—and order one or both of these very helpful tax guides from ECFA.
I’ve reviewed these annual updates for many years. And I’ve recommended them to nonprofit clients and board members, CFOs, pastors, executive pastors, and church board members. I affirm the book’s subtitle, “Easy to use—cutting through the complexity of taxes and finance.”
POP QUIZ! Do you know the “10 Biggest Tax and Financial Mistakes Made by Churches and Nonprofits?” They include:
#1. Not setting up and adequately monitoring an accountable expense reimbursement plan for employees. (Chapter 3)
#5. Failing to file Form 1099-NEC for independent contractors. (Chapter 5)
#6. Weak controls over revenue, including failing to have offerings and other cash and checks controlled by two individuals until the funds are counted. (Chapter 6)
#7. Inadequate controls over disbursements, leaving the ministry at risk for embezzlement. (Chapter 6)
#10. Accepting earmarked gifts with the ministry exercising inadequate control when the gift is disbursed to another ministry or benevolent recipient. (Chapter 8)
BONUS! The nonprofit guide also includes a list of "10 Must-Read Lessons for Nonprofit Board Members!" and "10 More Must-Read Lessons for Nonprofit Board Members!" Plus: "10 Must-Read Lessons from Church Board Members" (Those 10 topics/lessons per book are from the board governance books by Dan Busby and John Pearson. Visit John's Books on the Management Buckets website for more and visit Blogs/Book Reviews for the 40 blogs for each of the three governance books—120 guest blogs in all!)
PAILS IN COMPARISON: Reading this book reminded me of several other must-read books in the Budget Bucket (and other buckets/core competencies):
• Nonprofit Sustainability: Making Strategic Decisions for Financial Viability, by Jeanne Bell, Jan Masaoka and Steve Zimmerman (Read my review.)
• Effectiveness by the Numbers: Counting What Counts in the Church, by William R. Hoyt (Read my review.) Bill Hoyt quotes the cynic who said, “Churches are very willing to change. They will make any change necessary to keep things the same!”
• Wisdom from Lyle E. Schaller: The Elder Statesman of Church Leadership, by Warren Bird (Read my review.)
To order from ECFAPress, click on the titles for 2022 Church & Nonprofit Tax & Financial Guide (for 2021 returns), by Michael Martin, and 2022 Minister's Tax & Financial Guide, (for 2021 returns), by Michael Martin. For more book reviews, visit John Pearson’s Buckets Blog and subscribe to Your Weekly Staff Meeting. (And thanks to ECFA for sending me review copies.)
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