Endowment

Is it appropriate for the church finance team to include an endowment fund managed by a separate board of trustees in the church's financial statement?

Comments for Endowment

Click here to add your own comments

Sep 02, 2014

Endowment
by: Lewis in NC

Is the separate board of trustees made up of church members, or are they outside of the church? Were there privacy requirements stipulated when the endowment trust fund was set up?
Usually transparency is a basic requirement when preparing financial statements for an organization.

Sep 02, 2014

Membership question
by: Anonymous

Trustees are members of the church but cannot serve on the governing body or be a staff member. The bylaws of the foundation place full authority for all financial decisions with the trustees of the foundation.

Jul 10, 2015

RE: Endowment
by: Kolaktax

If the endowment use the same EIN as the church, it should by included in overall church's reportings. That is, it is part of church's financial activities. Furthermore, it will reported in Temporarily Restricted and/or Permanently Restricted section of Statement of Fund Balance.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Accounting.

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

Share this page:

What’s this?

Facebook

Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

Click on the HTML link code below.
Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.