by Ryan Foust | Dec 5, 2024 | Accounting
While the fundamentals of accounting are similar across industries, the desired outcome of the accounting function does vary depending on the nature of the organization. Unlike the corporate accounting methods used by for-profit businesses, fund accounting focuses on...
by Ryan Foust | Nov 21, 2024 | Accounting
Church accounting is a specialized form of nonprofit accounting that records and tracks the revenue collected, expenditures incurred, assets purchased, and liabilities incurred for churches and their related entities. For over two decades, our team has focused...
by Ryan Foust | Nov 5, 2024 | Accounting
Similar to other nonprofit organizations, churches must fund their mission while complying with a variety of record keeping requirements and laws. This means that they must keep accurate records of revenue collected, expenditures incurred, assets purchased and...
by Ryan Foust | Aug 3, 2012 | Accounting, Tax
The recognition of volunteer labor as non-cash revenue is dictated by FASB ASC 958-605-25-16, Contributed Services. This standard dictates that if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with...
by Ryan Foust | Feb 16, 2012 | Accounting, Tax
One confusing area of church payroll is how to handle Social Security & Medicare taxes for Ordained/Licensed ministers. Ordained/Licensed ministers are considered to be self-employed when it comes to their income from the church. This means that churches are not...
by Ryan Foust | Feb 8, 2012 | Accounting, Tax
One of the things that have been on the IRS’ radar in recent years is employee mis-classification. Companies are tempted to classify workers as contract labor rather than employees because it saves them money on taxes. Others just simply don’t know the difference...
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