Financial. Statement. Apostolic Assembly of the Faith in Christ Jesus. Year Ended December 31. The Official Church Year End Financial Report

Transcription

1 Financial 2012 Statement Year Ended December 31 The Official Church Year End Financial Report Church s Name: Pastor: District: Church Code:

2 IMPORTANT DATES TO REMEMBER FEBRUARY 15, 2013 All local churches must turn in their P&L s and supporting documents to their respective districts. They must include the following original forms: Church Information form, EIN, Income Statement, Balance Sheet, Church Mortgage Information, Real Estate Schedule, Other Loan Information, Year End Mortgage Statement, and Bank Statements. Churches that have been trained to use the online P&L system, may submit their reports online. MARCH 1, 2013 Each District representative must input local church financial information into the Apostolic Assembly web based system. Districts on the web based system will need to verify if the church posted all their financial information. The District must insured that all information requested on the financial statements have been completed with all applicable attachments. MARCH 15, 2013 Districts need to turn in all completed P&L s and supporting documents to the Headquarters.

3 FINANCIAL REPORT CHECKLIST Church Information EIN Income Statement Real Estate Schedule Other Loan Information (Credit cards, auto loans, etc.) Balance Sheet PLEASE SUBMIT THE FOLLOWING ITEMS Year End Mortgage Statement from the Bank Check box if property is debt free December 2012 & January 2013 Bank Statement for all church accounts PASTORAL AND TREASURER SIGNATURES Pastor s Signature: Date: Telephone number: ( ) Cell No. ( ) Treasurers Signature: Date: Telephone number: ( ) Cell No. ( )

4 CHURCH INFORMATION Church s Name: Pastor: District: Church EIN or Tax ID No: Physical Address: (Address) (City) (State) (Zip Code) Church Contact Information: Church Phone Number ( ) Church Website:

5 INCOME STATEMENT CHURCH S NAME: PASTOR: INCOME General Contributions Tithes Offerings Designated Contributions Building Missionary General Income Other Interest Rental Total Income EXPENSES Administrative Automobile Tithes to HQ Education Insurance Mortgage Interest Mortgage Principal Salaries (Office) Salaries (Pastors, Ministers) Payroll Taxes Building Rent Repairs Property Taxes Utilities Designated Expenses Building Flor Azul Total Expenses INCOME MINUS EXPENSES

6 INCOME INCOME STATEMENT DESCRIPTIONS Tithes - Total tithes contribution for the year. Offerings - Total offerings including special offerings and love offerings (exclude building fund offerings and offerings for missions). Building - All building fund contributions, including fund raisers and pledges Missions/Flor Azul - All missionary offerings, fund raisers, Flor Azul, and other missionary related income. General This is income in general that is not designated as tithes, offerings, building pledges, missions, rental or interest. This may include commissions, general fundraisers, or any other income activities that are not designated. Interest - Interest earned on investments Rental - Income of rentals include: wedding or banquet hall rentals, and rental of property, building or parsonage to other organizations. EXPENSES Administrative - Administrative expenses are regular occurring expenses to run the day to day business operations of the church. This includes but not limited to: office supplies, janitorial supplies, telephone, printing, office equipment rentals, computers, love offerings, etc. ALL UNDESIGNATED EXPENSES WILL BE CONSIDERED ADMINISTRATIVE EXPENSES. IF YOU DO NOT SEE THE EXPENSE ON THE INCOME STATEMENT, IT IS ADMINISTRATIVE EXPENSE. Automobile - This includes payments made for cars, vans, or buses. Tithes to HQ - Tithes of the tithes sent to the General Offices. Education - Educational expenses are those expenses such as books, literature for the use of the ministerial body, seminars, reimbursement for school tuition and books and any other expense related to Christian and secular education that benefits the church. Insurance - Insurance expenses include: fire, liability, workers compensation, and auto insurance Mortgage Interest - This is only for the total interest paid on loans or mortgages for the entire year. Mortgage Principal - This is the total amount of payments made toward the principal for all loans or mortgages for the entire year. Salaries (Office) - These salaries are for all paid church office staff, musicians, janitors, etc. Salaries (Pastors) - This only includes the pastor s salary and housing allowance Payroll Taxes - This is for taxes paid by churches who have employees on payroll Building Rent - Building rent or lease payments. Repairs - General building repairs or maintenance. Property Taxes - This is for taxes paid for property owned. Utilities - This is for electricity, gas, water, waste management. Building - This is for major projects such as building renovations. Missions/Flor Azul - Contributions to mission or Flor Azul.

7 Balance Sheet CHURCH NAME: PASTOR: Assets Current Assets Liabilities Current Liabilities Cash (General) Accounts Payable Cash (Building Fund/ Flor Azul) Accounts Receivable Loans Receivable Notes Payable Loans Payable Payroll Taxes Payable Prepaid Expenses Total Current Liabilities Total Current Assets Non-Current Liabilities Non-Current Assets Buildings Building Improvements Land Furniture/Fixtures Mortgage Payable Second Mortgage Payable Notes Payable Loans Payable Church Equipment Total Non-Current Liabilities Vehicles Notes Receivable Total Liabilities Security Deposits Total Non-Current Assets Total Assets Net Assets Unrestricted (General) Temporarily restricted (Flor Azul Building Fund) Total Net Assets Total Liabilities and Net Assets

8 BALANCE SHEET DESCRIPTIONS CURRENT ASSETS Cash Total cash and cash equivalent from all funds, including cash on hand, bank account balances as of the end of the year. Pledge Receivable - Contributions you expect to receive within one year, for example, building fund pledges, etc. Prepaid Expenses Prepaid expenses are those expenses that you pay ahead of time, for example, rent if you paid 6 months of rent this is an asset to the church, this balance is reduced every month when you incur the expense. Other prepaid expenses are general liability and workers compensation insurance these are often large amounts that need to be expensed throughout the year. Security Deposits These deposits include deposits for electricity service, disposal service, or rent deposit. NON CURRENT ASSETS Building - The total of all buildings owned by the church such as church building, parsonage, and other buildings. The amounts should be stated at cost which you should be able to get this information from your grant deed and the paperwork of the original purchase. Do not include your buildings if you are leasing or renting. Building Improvements These are major projects such as new roofing and room additions. If you are leasing your building, any improvements made to the building should be listed here. Building improvements should be depreciated for the life of the lease. Land Include all land owned by the church, at cost, this includes the land where the church building is located. Furniture & Fixtures Include major purchases over 5,000 such as pews, seating, tables, office furniture, etc. Church Equipment Include major purchases over 5,000 such as sound systems, musical instruments, presentation equipment, kitchen equipment and appliances, etc. Vehicles Includes any autos, bus, truck owned by the church, list those items at cost. Notes Receivable These are loans or notes that you expect to receive in a period of more than one (1) year, for example, you loan money to another church and they agree to pay it back in five (5) years; this is considered a long term loan. (This balance will be reduced by the payments made on the principal, any interest you charge, must be recognized as an income and therefore needs to be included in the Income Statement under Interest ). CURRENT LIABILITIES Accounts Payable Includes purchases made on credit such as office supplies on credit. Notes Payable (Short Term) Notes or Loans that need to be paid within a period of one year. Loans Payable (Short Term) - Notes or Loans that need to be paid within a period of one year. Payroll Taxes Payable This is a tax liability that the employers pay on behalf of their employees. If you have employees, you ll probably have a liability at the end of the year (taxes owed that have not been paid). NON CURRENT LIABILITIES Mortgages Payable This is the mortgage balance at the end of the year. You can get this info from your lending institution. Notes Payable These are loans that are payable in a period of over one year such as, a two or five year loan. Loans Payable - These are loans that are payable in a period of over one year such as, a two or five year loan. Fund Balance It is your total assets minus your total liabilities.

9 SCHEDULE OF REAL ESTATE 1 CHURCH PROPERTY: Own Debt Free Buying (Have Mortgage) Rent Property Description: Property titled to Apostolic Assembly, Inc. or Other: Church Address: City: State: Zip Code: County: Do you have a copy of the Grant Deed in your files: Yes No Original Purchase Date: Original Purchase Cost: Estimated Market Value of Property: CHURCH MORTGAGE INFORMATION (If not debt free) Mortgage Loan With (Name of Company or Private Party): Address: City: State: Zip Code: Loan/account #: Balance Owed: Loan Amount: Loan Term: Loan Rate:

10 SCHEDULE OF REAL ESTATE USE ADDITIONAL SHEETS IF REQUIRED 2 CHURCH PROPERTY: Own Debt Free Buying (Have Mortgage) Rent Property Description: Property titled to Apostolic Assembly, Inc. or Other: Church Address: City: State: Zip Code: County: Do you have a copy of the Grant Deed in your files: Yes No Original Purchase Date: Original Purchase Cost: Estimated Market Value of Property: CHURCH MORTGAGE INFORMATION (If not debt free) Mortgage Loan With (Name of Company or Private Party): Address: City: State: Zip Code: Loan/account #: Balance Owed: Loan Amount: Loan Term: Loan Rate:

11 Other Financial Information OTHER LOANS (CREDIT CARDS, AUTO LOANS, ETC) CHURCH NAME: PASTOR: 1 Loan Description : Lender Name : Address: Account number: Loan Date: Loan Amount: Current Balance Interest Rate: Term: 2 Loan Description : Lender Name : Address: Account number: Loan Date: Loan Amount: Current Balance Interest Rate: Term: 3 Loan Description : Lender Name : Address: Account number: Loan Date: Loan Amount: Current Balance Interest Rate: Term: