Accounting For Religious Institutions - Numerico

Accounting Services For Religious Institutions | Numerico

Professional accounting for religious institutions is imperative because, although religious organizations are technically classified as nonprofit organizations, they are held to a unique set of accounting rules. Working with an experienced accounting professional, like the ones you’ll find at Numerico, ensures your organization is in compliance with these regulations.

Outsourced Accounting Services For Religious Institutions

At Numerico, we understand that a great deal of effort goes into leading a church ministry. That’s why we offer our outsourced accounting services to religious institutions in Livonia, Canton, Dearborn, Van Buren Charter Township, Farmington Hills, Ann Arbor, Madison Heights, Westland, Novi, Northville, Plymouth, Bloomfield Hills, Auburn Hills and throughout the United States.

As professional accountants, we’re well-versed in the intricacies of accounting for religious organizations. By unloading the burden of accounting for your religious institution, you can focus your attention on the tasks that matter the most.

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Considerations In Accounting For Religious Organizations

Oversight: Religious organizations are often governed by the rules of a larger entity, such as an archdiocese. This oversight body sets its own rules around auditing and financial statements which, if done incorrectly, can affect compliance. Numerico will help your organization satisfy all regulations your church is beholden to.

Payroll: There are special rules regarding payroll within a religious organization. Generally, a religious organization is not required to withhold federal income taxes for ministers. In addition, housing allowances are not taxable to a minister. Let us help you understand your unique payroll requirements.

Taxes: While religious institutions are generally exempt from taxes, some activities the organization undertakes may not be. These include the sale of merchandise, political activity, and selling advertising. Numerico can help you stay in compliance with all relevant tax regulations.

Charitable Contributions: Compliance issues often arise as a result of charitable contributions. For example, any donation to a religious organization that exceeds $250 must be acknowledged with a receipt. Numerico can help you implement a system to track and your charitable contributions so you can utilize your gifts well.

These are just some of the considerations we make when providing accounting services to a religious organization. As rules and regulations shift, Numerico will make sure you stay in compliance so you can continue to serve effectively.

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Numerico: Serving You So You Can Serve Others

Accounting can be complicated. Especially when you don’t have a dedicated internal bookkeeper. At Numerico, we believe you deserve a top-notch financial expert to support your mission of serving others. 

Whether you’re a church, nonprofit, or small business, we make it simple to meet your financial goals with our comprehensive and personalized accounting solutions. We encourage you to learn more about how Numerico, PC can help you by contacting us at (313) 278-8030 or clicking the button below to schedule a consultation.

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