SFC FOUNDATIONS. UNDERSTANDING THE FINANCIAL SUMMARY FORM Key Components

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Lawrence Dorsey
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1 SFC FOUNDATIONS UNDERSTANDING THE FINANCIAL SUMMARY FORM Key Components Each of you should use whatever gift you have received to serve others, as faithful stewards of God s grace in its various forms. 1 Peter 4:10, NIV SFC 301

2 Stonecroft exists so that women are reconciled to God through Jesus Christ.

3 The Financial Summary Form

4 Financial Summary Form Highlights Local Income Non-Receiptable items Deposits List all deposits (send most current bank statement also) Local Expenses Report all disbursements Sign & Date the Form - Two signatures needed for verification

Completing the Receiptable Contributions Section of the Financial Summary The Financial Summary Form --- Receipts for Contributions Please record all receiptable gifts given by check, cash, and

5 Completing the Receiptable Contributions Section of the Financial Summary The Financial Summary Form --- Receipts for Contributions Please record all receiptable gifts given by check, cash, and credit card. Complete all name and address information so that donors are receipted promptly and properly. List all contribution checks in Column A for Friends of Stonecroft. Use Column B for a specific national ministry designation; be sure to write specific designation above the amount. If donor specifies the gift for a local designation, place in Column C. Total Columns A and B and transfer that total to Page 1, line 19 of the Financial Summary form. Transfer the total for Column C to Page 1, line 8.

6 Tips: o Count the ticket money in a location out of the flow of traffic. Tips for Accurate Counting The Financial Summary Form --- Tips o o For accountability purposes, two people must be involved in counting funds and preparing the Financial Summary form (typically the Financial Coordinator and Administrative Assistant). Be sure to write the amount of cash on the envelope as you remove the cash from a donation envelope.

7 The Financial Summary Form --- Group Ministry Information Stonecroft exists so that women are reconciled to God through Jesus Christ. Inviting first-time guests leads to an increasing number of decisions for Christ, a boost in overall attendance, and beginning more Stonecroft Bible Studies! Help us share your successes by completing the Group Ministry Section!

8 The Ticket Report section of the Financial Summary is designed to ensure your group is charging the correct amount for tickets. The ticket price should cover all expenses pertaining to the event and your local group reserve. Examples of expenses are: the venue, food, speaker/guests costs, decorations, child care, printing, and postage. The Financial Summary Form --- Ticket Report Charging the correct ticket price is a key component of having a financially solid Group and avoiding a ticket shortage amount on Page 1, line 15 or 16 of the Financial Summary form. Let s take a closer look at calculating the ticket price.

9 Calculating the Ticket Price A simple formula for calculating the ticket price is: Step One: Calculate the cost of the venue (this includes meal price, tax, gratuity, room rental). Example: Meal cost is $13.50 per person and total attendance is 70 Meal cost per person $13.50 x 70 = $ Tax 8.5 percent $80.33 Gratuity 15 percent $ Room charge/microphone and setup fee $75.00 Total cost paid to venue $1, The Financial Summary Form Ticket Calculation Step Two: In the above example, the total paid to the venue is $1, Divide that amount by the total attendance.

10 Calculating the Ticket Price Venue amount $1, divided by the attendance of 70 = $17.74 per person Step Three: To cover local expenses, we need to round up the ticket price to $20.00 When fewer people attend/pay for a ticket, the cost per person increases for the event. The $20.00 ticket price we calculated does not include your guests, speaker, special feature, and musician as they do not pay for a ticket. So, the total number paying in this example would be 67. The Financial Summary Form --- Ticket Calculation Breaking it Down: The total number of people paying is 67 x $20.00 = $1, So, your total ticket income would be: $1, Total Expense to the venue would be: $1, Balance remaining to use on expense: $97.92 This applies to your speaker cost, decorations, child care, printing, postage, or any other local expense that would occur for that month s event. Visit stonecroft.org, Women s Connection Resources to download a copy of this example.

11 Your Money and Time Well-Invested can be found on stonecroft.org under Women s Connection Resources Where does the money go we send to Stonecroft?

12 What Should I Send to Stonecroft? Your packet to Stonecroft should include: Completed Financial Summary Form Most Current Bank Statement The Group Check and Credit Card Slips/Envelopes Send packet to:

13 Let s Summarize: Important Things to Remember! Send packet to Stonecroft within three days of your event. Bank Statements Include the most recent bank statement with your Financial Summary packet. No meeting held? You still need to send the Financial Summary report and most current bank statement to Stonecroft. Write no event on the Financial Summary form. Mail or scan and these forms to Stonecroft at groupfinances@stonecroft.org Please keep reports current!

14 Ministry Support Group Finances Work willingly at whatever you do, as though you were working for the Lord rather than for people. Remember that the Lord will give you an inheritance as your reward, and that the Master you are serving is Christ. Colossians 3:23-24, NLT

September 3, Dear District Affiliated Church,

September 3, Dear District Affiliated Church, September 3, 2009 Dear District Affiliated Church, Recently our office was called upon to perform accounting services for a struggling church. It quickly became apparent the church was in major financial