Podcast Episode #369
LifeWay research recently released a study of financial issues in the church. Today, we discuss these three issues and ways churches can better prepare themselves financially.
Some highlights from today’s episode include:
- 26% of churches have cash reserves of seven weeks or less.
- Those who give faithfully typically budget their tithe.
- Churches need both a facility reserve fund and a cash reserve fund.
- Too many churches live for the day financially and do not plan for the future.
- The two greatest legal dangers for churches today are child abuse and financial impropriety.
- Having an external bookkeeper helps safeguard certain financial liabilities in a church.
The three financial realities we cover in this episode are:
- The need for cash reserves
- The potential for embezzlement
- The need for annual audits
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