How Will the Change in the Standard Deduction Impact Ministers?
Original post by ECFA on January 18, 2018 "The impact of the increased standard deduction will greatly vary from one minister to another. So, the answer is, it depends. Here’s what’s changing under the tax reform law: For a married couple filing jointly, the standard deduction increases from $12,700 in 2017 to $24,000 in 2018—it almost doubles. To understand the true impact, let’s look at three of the most common scenarios, assuming married filing jointly:" See full post her
Current Status of Overtime Rule Plus Q&A
Original post by ECFA on December 6, 2016 "It’s the implementation of a new overtime rule that almost was! The new overtime threshold for executive, administrative, and professional staff was scheduled to take effect on December 1, 2016 but on November 22, 2016, a federal judge blocked the implementation, at least temporarily." See full post with Q&A here. #Overtime #QA #ECFA
Figuring Out the Millennial Christian Giver
Original post by Christianity Today on June 12, 2017 "A tip for Christian ministries: Millennials will give you more money if you encourage them to make a “meaningful” gift rather than a “generous” one. The Evangelical Council for Financial Accountability (ECFA) surveyed more than 16,500 people who had recently donated to 17 of its member ministries. Researchers studied both millennial givers and those over the age of 35, comparing the differences in order to draw a profile o
21st Century Cures Act Provides for Small Employer Health Reimbursed Arrangement
"The 21st Century Cures Act, signed into law on December 13, 2016, provides investments in medical technology research to fight certain diseases like Alzheimer’s and cancer as well as mental health issues. In addition to this research, the Act allows eligible small employers the opportunity to make available Health Reimbursement Arrangements (HRAs) to their employee, funded by the employer. The maximum reimbursement under this new plan is $4,950 or $10,000 for family member
Lack of Staff Could Render Nonprofits Vulnerable to Fraud and Scams
Original post by ECFA on August 18, 2015 While most well-intentioned nonprofits make efforts to prevent financial fraud, each year many of these organizations lose millions of dollars due to inadequate safeguards against scams and crime. A newly released Nonprofit Financial Management Survey, by the Evangelical Council for Financial Accountability (ECFA), found that nearly 40 percent of financial management teams lack annual fraud prevention procedures, checklists and similar