Maintaining a balance sheet
by Frank Allen
My church is small, and we use a form of fund accounting. One of our members who has had experience in running a business insists that we maintain a balance sheet showing assets, liabilities, and owners' equity). I personally do not see this as being needful, as we give a quarterly accounting of our income and expenditures, and this must always balance to the value of our banking assets. What is your opinion? How should I respond to him?