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PASS THRU FUNDS

by Carol
(Ft. Lauderdale, FL)

We currently collect money as a church on a monthly basis for a benevolent nonprofit organization and mail the checks made out to that organization directly to the organization, the cash we deposit into our account and write out a check for that amount.

Can we set up a liability account and deposit the money into our account and pass this through without recording a liability. The only problem is that it seems that we would be responsible for sending out donation statements for those that give over $250.00. Is this correct?

How would you handle this type of transaction?

Know the answer? Face the same situation? Please post your answer or comment by using the "comment" link below. Thank you!




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PASS THRU FUNDS

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Mar 23, 2011
Rating
starstarstar 		Funds in Transit
by: Glenn

Churches often receive funds destined for another organization. We handled those by categorizing them as "Funds in transit". That fund received monies not belonging to the church and each month (or other appropriate interval), I disbursed those funds to the designated organization which cleared the "Funds in transit" to zero. In fact, any funds received which were not readily identifiable as belonging to another fund were initially deposited to "Funds in transit" and journaled out if/when we were able to identify the correct church fund to receive them.
May 01, 2012
Rating
starstarstarstarstar 		Donor-Designated Benevolences Fund NEW
by: Anonymous

We here at ABC Church encourage and support members in make making extra donations to the church which are designated for the homeless shelter or the local food bank, etc, etc. Members' checks are made out to the ABC Church and members see these contributions recorded on their annual giving statements.
We account for these monies in a pass-through fund which we call the "Donor-Designated Benevolences Fund". By labeling it such and by our very public reporting on the monthly and YTD activity in this fund (donation amounts, the names of the recipient organizations, but no donor names,of course) we are lifting this up to the rest of membership in the hope that others will do the same.

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