Business & Finance
NEW IRS REQUIREMENT
The Treasury Department issued a new regulation (T.D. 9617) requiring each organization with an EIN to update the name of its Responsible Party.
Download memo from LCMS Director of Tax & Compliance.
2014 IRS Mileage Rates
Effective 1/1/2014, the IRS standard business mileage rate is 56¢ per mile. The standard medical and moving mileage rate has changed to 23.5¢ per mile. These new rates apply to mileage reimbursements paid to an employee on or after January 1, 2014 with respect to transportation expenses paid or incurred by the employee on or after January 1, 2014.
Congregational Treasurer's Manual
Available on the LCMS website, the Congregational Treasurer's Manual provides information on various aspects of the duties of congregational treasurer: http://www.lcms.org/ctm.
The treasurer’s position for a church or school is one of the most time-consuming and responsible jobs in a not-for-profit organization. The intent of this manual is to assist the congregational or school treasurer and any other person responsible for financial or administrative matters. The manual presents tax, payroll, insurance, finance and administrative matters that every church addresses at one time or another. It is written so every treasurer, no matter what the level of expertise, will be able to gain something from it.
The manual is organized into two volumes, containing six major sections: “Employment Issues”; “Federal and State Tax Matters”; “Establishing and Administering the Organization”; “Supporting Organizations”; “Accounting and Finance”; and “Insurance.”
The chapters of payroll and bookkeeping are the most technical chapters and address tax and accounting issues that are common for the organization and its employees.
The sections on employment issues and accounting and finance are designed to provide a more practical approach to the job through outlines on “how to” and examples of filled-in forms and records. First Lutheran Church of St. Louis, a congregation operating a school, and with a budgeted income of $852,100, is used to illustrate a bookkeeping system and a complete example of all payroll forms and reports that must be filed in one year.
Volume 1 of this manual will be updated annually. Volume 2 will be updated and reprinted only as needed. Updates will be available through the district office, in printed matter and on CD. It is also available on the Internet at www.lcms.org/ctm.