CFM Final - Last Quarter!!

Question 1

Why have an annual stewardship plan?

Answer 1

makes every person in the church aware of their responsibility to God and to be obedient in giving through the church.

Question 2

Why do you need a stewardship plan?

Answer 2

bridges all cultural, spiritual and generational chasms

Question 3

Monthly Reports

Jamieson book

Answer 3

Bank Reconciliation
General Ledger
Fund Activity Report
Financial Statements

Question 4

Purpose of Budgeting

Answer 4

states church plan for a year

road map where they have been and where they are going

Question 5

Budget defintion

Answer 5

tool for disarming the power of money
deeply doctrinal documents
a plan for allocating the resources of the congregation

Question 6

Reasons for budgeting

Answer 6

formalizes planning
reduces emotion-charged discussion as to the use of funds
Basis performance evaluation
Basis for control
Gets members involved
Increases commitment to giving

Question 7

Financial transparency

Answer 7

ways of disarming the power of money

secrecy plays money in a position of power

Question 8

2Principals of Internal Control

And explain importance

Answer 8

physical controls to safeguard assets
segregation of duties
authorization procedures
document transaction trails
reconciliation controls
competent trustworthy employees

Question 9

Fraud Triangle

Answer 9

perceived pressure
perceived opportunity
rationalization

Question 10

Christian Stewardship

Answer 10

responsibility to live wholly for God, managing our resources to give him glory and benefit humanity.

Question 11

Importance of preaching on stewardship

Answer 11

until we surrender every part of our lives, will not fully understand stewardship

Question 12

Biblical view on stewardship

Need a scripture from each OT and NT

Answer 12

OT - grows out of Hebrew view of life in general

NT - depends upon the will of God as revealed in Jesus Christ

Question 13

Parts of a balance sheet

Answer 13

assets
liabilities
net assets

Question 14

Financial reporting basic concepts

Answer 14

statement of financial position
statement of activities
statement of cash flow
budgeted financial statement

Question 15

Fiduciary responsibility

Answer 15

duty to perform responsibilities in good faith and in a manner they believe is the best interests of the corporation

Question 16

Cash flow terms

Answer 16

plot income
plot expenses
look for variations
project

Question 17

Internal Audits

Answer 17

Watch Income
Examine expenses
Checking record keeping
Watching reporting
Presenting reports

Question 18

Three reasons fraud happens at a church

Answer 18

Lack of segregation of duties
Trust
Change

Question 19

Four functions of money management

Explain what they mean

Answer 19

Receiving
Recording
Budgeting
Spending

Question 20

Function of money management

Receiving

Answer 20

receiving, counting, safeguarding and preparing it

income side

Question 21

Function of money management

Recording

Answer 21

physical records, where it is kept, how much is available

Question 22

Function of money management

Budgeting

Answer 22

make decisions about what to do with available income

Question 23

Function of money management

Spending

Answer 23

“outgo” side

Question 24

SA Accounting Periods

Fiscal year

Answer 24

Oct 1 - Sept 30

Question 25

GL

Answer 25

General Ledger

Question 26

AR

Answer 26

Accounts receivable

Question 27

AP

Answer 27

Accounts payable

Question 28

FYE

Answer 28

Fiscal year end

Question 29

YTD

Answer 29

Year to date

Question 30

Shelby Modules

Answer 30

``` Accounts Receivable Accounts Payable General Ledger Bank Reconciliation Contributions ```

Question 31

Shelby Reports Explain what they are used for

Answer 31

``` Balance Sheet Income Sheet (budgeted financial statement) Bank Reconciliation Accounts Receivable Detail Aging Accounts Payable Analysis Report ```

Question 32

2 most important reports

Answer 32

Balance Sheet | Income & expense report (budgeted financial statement)

Question 33

Net assets

Answer 33

Assets - liability

Question 34

Cash balance

Answer 34

funds available

Question 35

Balance sheet

Answer 35

Snap shot of financial position on a given date

Question 36

Dual "management structure"

Answer 36

Professional goals | Financial goals

Question 37

Dual "management structure" | professional goals

Answer 37

reach and make disciples of all people

Question 38

Dual "management structure" | Financial goals

Answer 38

financial planning and control

Question 39

Qualifications for Church leaders

Answer 39

1 Timothy 3:8-13 Titus 1:6-9 Trustworthiness Integrity