Accounting 101 by keara

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									Episcopal Diocese of Rochester

Accounting 101
Accounting Requirements for Parishes Call In: 800-569-1949 Participant Code 556038# Information on the Web in Word and Power point Formats March 30, 2007: 4:00-6:00 P.M.
Episcopal Diocese of Rochester

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Accounting Requirements for Parishes Workshop Leaders
 Karen Noble Hanson

Chief Financial Officer, Diocese of Rochester
 Catherine Shoemaker,

Assistant in the Finance Office & Parish Auditor

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HOW WE WILL OPERATE TODAY
 We have mailed your material to you.  It is also on the web at

www.rochesterepiscopaldiocese.org  By Teleconference at Call In Starting 4:00: 800-569-1949 Participant Code 556038#  Please identify yourself so we know who is on the line  At the end of Each Slide, we will invite questions. We will not move on until everyone has their questions answered.
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Accounting Requirements for Parishes
1.

Manual of Business Methods in Church Affairs – Overview Internal Controls Bookkeeping Vestry Reports Annual Reports

6. Payroll Reporting
7.

2. 3. 4. 5.

Tax Guide for Churches

8.
9.

Insurance
Record Retention

10. Computerization
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Manual of Business Methods in Church Affairs – Overview

 The General Convention of the Episcopal Church: Constitution

and Canons: Title I, Canon 7 reads: Of Business Methods in Church Affairs Section 1e: “Books of account shall be so kept as to provide the basis for satisfactory accounting.”
 The Manual of Business Methods in Church Affairs was created

January 1, 2000 to define how to implement Canon 7.
 Contents: Index, I. Financial Management, II. Internal Controls,

III. Bookkeeping, IV. Taxes and the Episcopal Church, V. Clergy Discretionary Funds, VI. Audit Guidelines, VII. Insurance, VIII. Parochial Reports, IX. Records Management X. Computerization
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Internal Controls
 Vestry minutes and Budget authorize the treasurer to act  All funds of the church should flow through the General Ledger  All funds of the church should be consolidated in church         

reporting at all levels: finance committee, vestry, parochial report Segregation of duties: Treasurer, Pledge Clerk, Counters Paper trail: Counter’s sheets, Deposit slips, Invoices Two counters prepare and sign counter’s sheets Pay by check, no blank checks signed, cancel/retain void check Multiple account signers approved by vestry Reconcile bank accounts monthly ALL BANK ACCOUNTS reported to vestry, not just budget accts ALL INVESTMENT ACCOUNTS reported to vestry Records on gift restrictions must be kept & restrictions followed KEY WORD IS DOCUMENTATION!!!
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Bookkeeping
Data Flow
Documents Journal Ledger

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Bookkeeping
Data Flow
 Documents – Counter’s sheets & Deposit slips, Checks backed

by invoices and/or vouchers.

 Journal – Chronological listing of analyses of entire transaction

represented by the documents. Every figure in the journal must be posted to the accounts in the ledger. A simple example of a journal is a checkbook register. transactions. In the ledger, the individual transaction no longer appears as a complete entity. Instead, its component parts are scattered among the accounts. all the transactions noted in the journal.

 Ledger – File of accounts, each showing the effects of

 The total of all the accounts in the ledger will match the total of

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Bookkeeping
Data Flow
 Subsidiary Ledgers may be created to record more detail about

specific accounts or to help the treasurer clarify details of restricted funds. Memorial gifts would have recorded the date and amount of funds, from whom, in memory of whom, for what purpose, when the funds were used, date used, check number. The total of subsidiary accounts should equal the total of the specific fund in the General Ledger Account.

 Once all income flows through the General Ledger, some funds

may be passed through to a separate treasurer approved by the vestry for the purposes of managing the funds. It is more practical for a Nursery School to manage their books on tuition and expenses once the activity is recorded in the Church General Ledger. Regular reports must be made to the vestry on funds managed in this way.
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Bookkeeping
Sources of Funds
 Operating Income

-

Plate Pledge Investment Income Fundraisers for Operations Building Usage Rental Gifts designated for Operations: Flowers, Music Capital Fund Raising Restricted Gifts not for Operations Fundraisers for Mission Projects Designated Gifts: UTO, ER&D, Bishop’s Discretionary
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 Non-operating Income

Bookkeeping
Uses of Funds
 Operating Expense

-

Mission Worship Music Administrative Salaries & Benefits Office Supplies Utilities Capital Improvements Restricted Gifts not for Operations Special Mission Projects Designated : UTO, ER&D, Bishop’s Discretionary
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 Non-operating Expense

Bookkeeping
Chart of Accounts
 Maintain uniformity of classification of transactions from year to

year and congregation to congregation.
 Facilitate the preparation of financial statements on a uniform

basis.
 Provide a tie-in between the accounting records and the

Parochial Report.

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Bookkeeping
Chart of Accounts Standardized Numbering scheme: Categories
1 2 3 4 5 6 7 8 9 Assets: Bank accounts, Investments Liabilities: Loans, Accounts & Payroll Taxes Payable Net Assets: Unrestricted – Undesignated & Designated, Temporarily restricted, Permanently restricted Operating Income or Revenue Accounts Operating Expense or Disbursement Accounts Non-Operating Income or Revenue Accounts Non-Operating Expense or Disbursement Accounts Temporarily restricted Permanently restricted

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Bookkeeping
Chart of Accounts:
Assets (1) Petty Cash Checking Account Savings Account Accounts Receivable Investments Building Contents Building

Subcategories

101 102 105 110 120 130 140

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Bookkeeping
Chart of Accounts:
Liabilities (2) Accounts Payable Pledges for next year Payroll Taxes Payable Loans Payable (Sibley)
Net Assets (3) Unrestricted: Undesignated Designated Contents, Land, Building Temporarily Restricted Permanently Restricted

Subcategories
201 202 210 220

301 305 310 320 330
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Bookkeeping
Chart of Accounts: Subcategories
401 402 403 405 410 420 430 440 450 480

Revenue (Operating Income) (4) Loose Plate Offering Pledge Payments (Signed cards) Other Pledge Payments Special & Initial Offerings Investment Income Fundraisers for Operations Building Usage Rental Gifts used for Operations Other Operating Income Unrestricted bequests (used for operations)

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Bookkeeping
Chart of Accounts: Subcategories
501 505 510 520 530 540 550 560 570

Expense (Operating Expense) (5) Mission Worship Music Education Salaries & Benefits Office Supplies & Equipment Building & Grounds Utilities Insurance

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Bookkeeping
Chart of Accounts: Subcategories
601 610 620 630 640 701 710 720 730 740
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Revenue (Non-operating Income) (6) Capital Fundraising Unrestricted bequests* Restricted Gifts* Fundraisers for Mission Projects Designated Gifts: UTO, ER&D Expense (Non-operating Expense) (7) Capital Purchases Unrestricted bequests* (pass thru)) Restricted Gifts* (pass thru) Mission Project Expense Designated Gifts: UTO, ER&D
* Not for Operations

Bookkeeping
Chart of Accounts: Subcategories
801 810 820

Temporarily Restricted Accounts (8) Guilds Youth Groups Memorials

Permanently Restricted Accounts (9) Bequest – Income only for windows Bequest – Income only for mission Bequest – Income only for any use

901 910 920

Note that your system design would include files with numbers 6 and 7, or 8 or 9. You would choose ONE place to account for these files.
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Bookkeeping
Double Entry Bookkeeping
 Double entry bookkeeping is a method whereby at least two  

 




offsetting entries must be made to record a transaction. Offsetting entries are referred to as debit and credit. Double entry bookkeeping is based on a concept of assets, liabilities, and net assets. Assets are holdings of value such as cash and investments. Liabilities are claims against holdings of value such as unpaid bills and outstanding loans. Net assets are the difference between assets and liabilities and represent net worth. Net assets are increased by income and decreased by expenses. Books may be kept manually or on a computer using this method.
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Bookkeeping
Double Entry Bookkeeping
Asset Debit increase + Credit decrease – = Liability Debit Credit decrease increase – + + Net Assets Debit Credit decrease increase – + Income Expense T-accounts help picture the debit/credit transactions. Each transaction is recorded by an entry on the left side of one account and an equal entry on the right side of another account. This is the essence of double entry bookkeeping. Assets are normally posted as debits, liabilities as credits, income as credits, and expenses as debits. A positive in the net assets would be a credit. Revenue (Income) and Expense accounts are temporary Net Asset accounts used to accumulate the results of operations for one accounting period only. Before the next year's transactions can be posted the existing balances in these accounts must be removed. This is accomplished by closing entries.
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Bookkeeping
Double Entry Bookkeeping
 Year end closing will leave all revenue and expense accounts

with a zero balance. Net assets are adjusted to show the new financial position at year end.
 The model using Assets = Liabilities + Net Assets reflects the

basic content of a balance sheet (statement of financial position.)
 The model using Revenue – Expenses = Net Income is the

operations model reflected by the income statement (statement of operating results.) With the budget added, this becomes the standard monthly vestry report of Revenue & Expense (Profit & Loss.)

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Bookkeeping
Posting Entries – Deposits
Debit: Operating Checking $4000 Account #100100 Asset Credit: Pledge ($3700) Account #400100 Revenue Credit: Plate ($ 150) Account #400050 Revenue Credit: Ash Wednesday ($ 75) Account #401100 Revenue Credit: Building Use ($ 50) Account #400200 Revenue Credit: Non-pledge ($ 25) Account #400110 Revenue

Posting Entries – Disbursements
Credit: Operating Checking ($2500) Account #100100 Asset Debit: Utilities-Gas $2000 Account #520215 Expense Debit: Utilities-Electric $ 500 Account #520205 Expense
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Bookkeeping
Posting Entries – Paychex Payroll
Pay Rector Credit: Operating Checking ($2875) Account Debit: Salary $2300 Account Debit: Housing $1000 Account Debit: SECA Reimburse $ 510 Account Credit: Medical Benefit ($ 125) Account Credit: Federal Tax ($ 700) Account Credit: State Tax ($ 110) Account Pay Taxes Credit: Operating Checking ($810) Account Debit: Federal Tax $ 700 Account Debit: State Tax $ 110 Account Pay Medical to Diocese Credit: Operating Checking ($925) Account Debit: Medical Benefit $ 925 Account

#100100 #500100 #500110 #500115 #500130 #200100 #200130

Asset Expense Expense Expense Expense Liability Liability

#100100 Asset #200100 Liability #200130 Liability #100100 Asset 24 #500130 Expense

Bookkeeping
Month End closing
 Total all journals.  Total individual payroll records and check that they all total to

the payroll journal totals. Verify Paychex totals reported in your vestry report match Paychex reports.
 Reconcile checking account(s).  Verify the balances in all General ledger accounts (checking,

savings, investment) correspond to the reconciled checking account.

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Bookkeeping
End of Quarter
 Total monthly payroll for the current quarterly reports.  Complete quarterly payroll reports comparing amounts with

journals and individual ledgers to verify accuracy.
 File quarterly reports with appropriate taxing authority.
 Verify Paychex reports for accuracy in this same way even

though they create and complete the tax filing for the parish.

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Bookkeeping
End of Year
 Total quarterly payroll. Complete W-2s and W-3. Verify all

amounts on the individual ledgers correspond with the amount recorded on the W-3. Verify Paychex reports in the same way.
 Total all cumulative totals in journals if journals are used for

General Ledger.
 General Ledger, close out all revenue and expense accounts to

appropriate Net Asset account. This will leave zero balances in the income and expense accounts. Verify that all balances in the checking, savings, and investment accounts correspond to actual balances.

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Vestry Reports
Monthly
 Revenue & Expense (Profit & Loss) Reports should be prepared

that state all receipts and disbursements for the month, both operating and non-operating, budgeted and non-budgeted activity. This activity should be compared to the budget listing the difference and/or percent. end reconciled checkbook balance equals the month’s beginning balance plus the Net Income reported on the vestry report. (Income – Expense = Net Income)

 Checkbook should be reconciled monthly to confirm the month

Quarterly
 Balance Sheet should include Investment updates that are

provided to the vestry at least Quarterly.

 Designated and Capital Fund details of activity should be

reported quarterly if not shown on monthly reports.

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Vestry Reports
St. Frances, Our Village Vestry Report Posted to December 31, 2006
Actual as % of Budget

December = 12 months = 100% INCOME: Plate Pledge payments Unpledged giving Total Congregational Offerings Total Special Offerings Total Investment Income Fundraisers (Net of expenses) Building Use Miscellaneous TOTAL OPERATIING INCOME DESIGNATED INCOME: Rector's Discretionary Fund United Thank Offering Food Pantry Other Designated Income TOTAL DESIGNATED INCOME TOTAL INCOME

Actual December

YTD Actual to 12/31/06

2006 Budget

Budget Remaining

436.50 7,527.00 755.00 $ 8,718.50 $ 2,257.60 $ 15,045.63 333.60 125.00 26,480.33

1,873.07 77,457.80 6,723.00 $ 86,053.87 $ 4,977.23 $ 15,382.52 7,786.88 3,453.00 104.00 117,757.50

$ $ $ $ $ $ $ $ $ $

3,000 82,000 7,000 92,000 3,500 15,300 3,500 1,380 100 115,780

62.44% 94.46% 96.04% 93.54% 142.21% 100.54% 222.48% 250.22% 104.00% 101.71%

$ $ $ $ $ $ $ $ $ $

(1,126.93) (4,542.20) (277.00) (5,946.13) 1,477.23 82.52 4,286.88 2,073.00 4.00 1,977.50

65.00 45.00 1,088.55 1,198.55 27,678.88

1,235.00 180.00 3,255.70 21,877.25 26,547.95
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144,305.45

Vestry Reports
St. Frances, Our Village Vestry Report Posted to December 31, 2006
Actual December YTD Actual to 12/31/06 2006 Budget Actual as % of Budget Budget Remaining

December = 12 months = 100% EXPENSE: MISSION EXPENSE Diocesan Pledge Local Mission Rector's Discretionary Fund Bexley Hall -Theological Ed. Total Mission Expense Total Worship Total Music Total Education Total Administrative Support Total Office Expense Total Buildings & Grounds Total Utilities Total Insurance Expense

1,512.50 50.00

18,150.00 1,000.00 600.00 500.00 20,250.00 3,162.91 3,083.39 1,401.76 47,460.01 5,060.99 5,894.66 22,098.17 7,760.32

18,150 1,000 600 500 20,250 2,700 3,000 1,140 48,000 7,450 7,300 23,270 7,670

100.00% 100.00% 100.00% 100.00% 100.00% 117.14% 102.78% 122.96% 98.88% 67.93% 80.75% 94.96% 101.18%

0.00 0.00 0.00 0.00 0.00 462.91 83.39 261.76 (539.99) (2,389.01) (1,405.34) (1,171.83) 90.32

1,562.50 50.00 595.55 373.65 8,497.03 265.22 375.20 2,111.20 131.00

TOTAL OPERATING EXPENSE TOTAL DESIGNATED EXPENSE TOTAL EXPENSE SURPLUS (Deficit)

13,961.35 499.92 14,461.27 13,217.61

116,172.21 26,547.95 142,720.16 1,585.29

120,780

96.18%

(4,607.79)

(5,000)

OPERATING ACCOUNT: Beginning Balance Ending Balance

DECEMBER $9,994.27 $23,211.88

2006 $21,626.59 $23,211.88

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Annual Reports
Financial Statements
 Balance Sheet or Statement of Financial Position should be a

comparative statement. The comparison is with the same date, 12/31, of the prior year, preferably including fund balances.

 Statement of Activities should show a comparison of budget to

actual activity for the current for the year as well as activity in accounts that are not budgeted.

 Budget for the coming year should be presented.

“Full disclosure of all funds of the organization is a must.
This includes other organizations operating under the congregation’s authority, such as discretionary funds and the Episcopal Church Women.”
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Annual Reports
SAMPLE
St. Frances Episcopal Church - Our Village, New York BALANCE SHEET 12/31/05 current year
12/31/2005 ASSETS: Cash in Bank Local Checking Local Savings Local Bank CD Altar Guild Checking Rector's Discretionary Checking Total Cash in Bank Investments - Unrestricted Good Fellow Trust Investments - Restricted Perpetual Income Trust Total Investments Property Value TOTAL ASSETS * $ $ 5,421.41 $ 13,941.80 $ $ 790.00 $ 300.00 $ 20,453.21 $ $ $ $ $ 2,588.90 6,358.37 6,171.39 1,200.00 243.00 $ 16,561.66

prior year
12/31/2004

$ 155,771.30 $ 150,000.00 $ 305,771.30 $ -

$ 142,663.50 $ 150,000.00 $ 292,663.50 $ $ 32

$ 326,224.51

$ 309,225.16

Annual Reports
LIABILITIES: Sibley Loan TOTAL LIABILITIES $ $ $ 3,649.28 $ 3,649.28

FUND BALANCES: Operating Fund Building Fund Memorial Fund Altar Guild Fund Net CD Funds Rector's Discretionary Fund Subtotal Bank Funds Endowment Fund-unrestricted Endowment Fund-restricted Subtotal Endowment Funds Property Fund * TOTAL FUND BALANCES TOTAL LIABILITIES & FUNDS

$ 5,421.41 $ 12,572.26 $ 1,369.54 $ 790.00 $ $ 300.00 $ 20,453.21 $ 155,771.30 $ 150,000.00 $ 305,771.30 $ $ 326,224.51 $ 326,224.51

$ $ $ $ $ $

2,588.90 4,989.95 1,368.42 1,200.00 2,522.11 243.00

$ 12,912.38 $ 142,663.50 $ 150,000.00 $ 292,663.50 $ $ 305,575.88 $ 309,225.16

* Property Value may be listed as a footnote in place of line items to track financial assets separately. PROPERTY VALUE $ 1,897,000 $ 1,897,000
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Annual Reports
St. Frances, Our Village Vestry Report Posted to December 31, 2006
YTD Actual to 12/31/06 2006 Budget Actual as % of Budget Budget Remaining 2007 Budget

December = 12 months = 100% INCOME: Total Congregational Offerings Total Special Offerings Total Investment Income Fundraisers Building Use Miscellaneous TOTAL OPERATIING INCOME DESIGNATED INCOME: Rector's Discretionary Fund United Thank Offering Food Pantry Other Designated Income TOTAL DESIGNATED INCOME TOTAL INCOME (Net of expenses)

86,053.87 4,977.23 15,382.52 7,786.88 3,453.00 104.00 $117,757.50

92,000 3,500 15,300 3,500 1,380 100 $115,780

93.54% 142.21% 100.54% 222.48% 250.22% 104.00% 101.71%

(5,946.13) 1,477.23 82.52 4,286.88 2,073.00 4.00 $1,977.50

91,000 4,500 15,750 4,500 3,000 200 $118,950

1,235.00 180.00 3,255.70 21,877.25 26,547.95 $144,305.45
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Annual Reports
St. Frances, Our Village Vestry Report Posted to December 31, 2006
YTD Actual to 12/31/06 2006 Budget Actual as % of Budget Budget Remaining 2007 Budget

December = 12 months = 100% EXPENSE: Total Mission Expense Total Worship Total Music Total Education Total Administrative Support Total Office Expense Total Buildings & Grounds Total Utilities Total Insurance Expense TOTAL OPERATING EXPENSE TOTAL DESIGNATED EXPENSE TOTAL EXPENSE SURPLUS (Deficit)

20,250.00 3,162.91 3,083.39 1,401.76 47,460.01 5,060.99 5,894.66 22,098.17 7,760.32 $116,172.21 26,547.95 $142,720.16 $1,585.29

20,250 2,700 3,000 1,140 48,000 7,450 7,300 23,270 7,670 $120,780

100.00% 117.14% 102.78% 122.96% 98.88% 67.93% 80.75% 94.96% 101.18% 96.18%

0.00 462.91 83.39 261.76 (539.99) (2,389.01) (1,405.34) (1,171.83) 90.32 (4,607.79)

20,480 3,000 3,000 1,400 48,000 6,000 6,000 23,270 7,800 $118,950

($5,000)

$0.00

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Payroll Reporting
Employee Categories
 Clergy – Self-employed for social security and Medicare which

the clergy file on their personal 1040 form SE, Employee of parish for medical deductions & Flexible Spending Accounts, receives W-2.

 Staff – Employee of parish: Organist and sexton salaries are

exempt from the parish paying New York State Unemployment Insurance (NYSUI), receives W-2.
bookkeepers, custodians & other employees salaries are required to be covered by New York State Unemployment Insurance (NYSUI) if the combined earnings of this group is $1000 or higher each quarter, receives W-2.

 Staff – Employee of parish: Office workers - secretaries,

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Payroll Reporting
Federal reports
 Form 941 – filed quarterly - Taxable portion of clergy income (Salary & SECA) is included in gross income reported on line 2. ( No housing or medical.) - Taxable social security & Medicare wages are for the staff only, clergy is not added to this total on line 5. - Gross income reported on the four 941’s should equal gross income reported on the W-3 which is a total of all W-2s.  W-2 – filed annually - Clergy have Salary & SECA reported in Box 1, Housing Box 14 Salary & SECA Box 16. The remaining boxes are empty unless income tax was withheld, Box 2 & 17. - Staff salary is reported in Box 1, 3, 5, 16 and tax withheld is reported in box 2, 4, 6, 17.  W-3 – filed annually Summary of all W-2s.

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Payroll Reporting
State reports
 Form 100N - “N” is for “Not-for-profit” use only this form. - Used to apply for a New York State Unemployment Insurance (NYSUI) number to use on form NYS-45. - Numbers assigned “86” for paid insurance and “04” to selfinsure (only owe money if there is a claim).

 Form NYS-45 – filed quarterly - Section A reports NYSUI eligible salaries that are detailed in section C. Insurance payments, if due, are calculated here. - Section B reports any state tax withheld. - Section Cc lists employee’s quarterly taxable income. Employees exempt from NYSUI should have “0” listed for the quarter: Clergy, Organist, Sexton. - Section Cd & Ce are completed annually using annual taxable income & state withholding for each employee, matches W-2. - Filing required to record employees of New York State. 38

Tax Guide for Churches
Table of Contents
         

Tax-exempt Status Jeopardizing Tax-exempt Status Unrelated Business Income Tax Employment Tax Special Rules for Compensation of Ministers Payment of Employee Business Expenses Recordkeeping Requirements Filing Requirements Charitable Contributions – Substantiation & Disclosure Rules Special rules limiting IRS Authority to Audit a Church

www.irs.gov
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Insurance
Property & Liability Insurance
     

Property & Liability – Blanket coverage Umbrella Liability Director’s & Officer’s Hired and Non-owned Auto Medical & Accident Treasurer’s Bond/Elected & Appointed Officers $25,000

Employee Payroll Insurance
   

Worker’s Compensation New York State Disability New York State Unemployment (NYSUI) Social Security & Medicare
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Insurance
Employee Payroll Insurance
Worker’s Compensation
   

Required for all staff and clergy File annually with provider listing employee’s salaries Set up separately by Parish, not part of property insurance Talk with Twila Anderson and Church Insurance

Disability Insurance
   

Required for all staff, clergy optional File annually with provider confirming # of employees Set up separately by Parish, not part of property insurance Talk with Church Insurance
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Insurance
Employee Payroll Insurance
NYS Unemployment Insurance (NYSUI)
 Required for all Office staff, Office Custodian, Nursery staff  File form NYS-45 quarterly with New York State  Exempt employees:

1. Clergy, Organist, Church sexton 2. Combined eligible staff quarterly income under $1000
 Options:

1. Pay insurance on eligible payroll 2. Record self-insurance on eligible payroll  Submit Form 100N to get NYSUI number assigned
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Insurance
Employee Payroll Insurance
Federal: Social Security & Medicare – Clergy
 Required payment by clergy, self-employed  Reimbursed by parish at .153 times salary plus housing  Parish SECA* reimbursement to clergy is taxable income to the

clergy  Clergy file1040 Form SE with their taxes each April
*Self-Employment Contributions Act (SECA)

Federal: Social Security & Medicare – Lay
    

Required payment for W-2 lay employees, monthly or quarterly Deduction of .0765 times employee’s salary, matched by parish Parish FICA** match is not taxable to the employee File Federal form 941 quarterly File W-2 annually
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**Federal Insurance Contributions Act (FICA)

Record Retention
Permanent records
             

Act of Incorporation Audit Reports Annual Balance Sheets Bequest & Estate papers Approved & Revised Budgets Bylaws Cashbooks Certificates of Title to Property Certificates of Incorporation Deeds Every Member Canvas Records Annual Financial Statements Invoices & Paid Bills - Major Building Construction Journals - General & Special

              

General Ledgers & Special Funds Legacies Donor Lists Litigation Papers Memorial Gifts Register Minutes Mortgage Deeds Pledge Registers/Ledgers Policy Statements Parish Profiles Specifications for Building & Design Tax Exempt Certificates & Form 990 Title Search Papers Trust Fund Registers Wills, Testaments, Codicils
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Record Retention
Retain until superseded
 Property Appraisals  Proposed Budgets with worksheets  Chart of Accounts  Employee Withholding Form W-4  Employee Form I-9, Immigration

 Insurance Plans
 Inventories of Property & Equipment  Loan Schedules  Operating & Procedural Manuals  Pension Records

 Resource Files
 Warranties
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Record Retention
Retention of 7 years
                

Accounts Payable files Bank Deposit Books Bank Statements Cancelled Checks Cash Journals: Receipts & Disb. Cash Journals: Offering, Pledges Cashbooks: Discretionary Acct Check Register Check Stubs Computer Accounting Records Employment Tax Records Employee Withholding W-2 Insurance Policies (6 years) Invoices, Paid Bills General Acct Journal Entry Sheets Leases Parochial Reports (5 years)

               

Leases (6 years) Paid Bills Payroll Journals Payroll Registers Personnel Files Petty Cash Receipts & Accounts Pledge Cards & Journals Purchase Orders Receipts, General Accounts Sales Slips Specifications for Service/Sales Contracts Tax Forms 1099, 941, NYS-45 Tax returns & Filings Closing Trial Balances Vouchers Worker’s Compensation Claims & Filings
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Computerization
Just to Make a Final Plea! Payroll: No one should be processing payroll today. Paychex, through our National Church is really a necessity. Computerize! There are many software packages
you can use. ACS does offer integrated and powerful software that combines organizational data (names, addresses), pledge history and commitments, accounting, memberships, etc. in one package. But, the most important thing is to create the computer program that allows full disclosure to parishioners, while enabling good management.
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Further Questions After Today
Cathy Shoemaker 585-473-4586 catherine@rochesterepiscopaldiocese.com Twila Anderson 585-473-4083 Karen Noble Hanson 585-473-2977

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