We have a small non-profit incorporated church/ministry & I am a licenced & ordained minister.
Our board designated a housing allowance years ago & is in our minutes. The ministry is to pay the actual housing expenses.
I keep track of them every month & keep them on a spreadsheet. If the ministry doesn't have the money at the time to pay, it is record as a payable to me & I am paid when the ministry has the money.
The ministry didn't bring in much income in 2010, but my housing allowance adds up to around $18K. I'm confident the ministry will bring in funds in the future above & beyond this amount.
Is it alright to record this $18K housing allowance expense to the ministry for 2010 & offset as a payable to me & receive these funds when the ministry has income in the future?