Proverbs 24:3 Consulting

Proverbs 24:3 Consulting We provide Accounting, Bookkeeping and Consulting services to Nonprofit organizations and small businesses
Proverbs 24:3 Consulting provides unparalleled personalized accounting services to broad range nonprofit organizations across the United States. Our staff is comprised of accountants, bookkeepers and administrative assistants that are experts in nonprofit accounting, bookkeeping and payroll, and as experts we help your nonprofit organization make financial decisions that are made carefully and with your best interests in mind.
(1)

We provide accounting and bookkeeping services for nonprofits and small business

https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-clarifies-eligibility-faith-based-organiz...
04/11/2020
SBA Clarifies Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs | The U.S. Small Business Administration | SBA.gov

https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-clarifies-eligibility-faith-based-organizations-participate-paycheck-protection-and-economic?leavingSBA

WASHINGTON – SBA Administrator Jovita Carranza today announced that SBA issued guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restriction...

Timeline Photos
07/17/2019

Timeline Photos

06/06/2019

It has been almost five years since Proverbs 24:3 Consulting was formed and open for business. Prior to that I was a pastor of a small church, and while holding that office we often faced the challenge of finding the right software to not only manage our church, its members,

For churches or any size, a solid understanding of your finances is important, it is especially important for small or m...
03/07/2019

For churches or any size, a solid understanding of your finances is important, it is especially important for small or medium and growing churches. To fully understand the financial position the current bank balance does not “paint “the full picture. The current bank balance or bank statement only shows transactions for the statement period. For a church or ministry to make good financial decisions we need to look at the overall big picture of the finances. To help with that process a basic understanding of the financial reports will help pastors, and church leaders have a better understanding of the over financial health of their church or ministry. Below are reports that should be reviewed at least quarterly and what information they collect and display.

Balance Sheet (Statement of Financial Position)

The balance sheet, known as the statement of financial position for churches, illustrates an accounting equation and shows a snapshot of your organization’s financial health. It can also show you the current balance of each of your funds if you have been doing true fund accounting. The accounting equation is:

Assets = Liability + Equity

What you own – what you owe = what you are worth

Income Statement (Statement of Activities)

The income statement, known as the statement of activities for nonprofits, shows this:

Income – Expense = Net Income / Net Loss

Statement of functional expenses. (statement of cash flow )

This report, if entries are made accurately breaks each expense down by fund and category.

Cash Balance by Fund
This report will show you the current balance for each your funds for a date range, tracking the income and expenses tied to the fund, and then see the ending balance of that fund at the end of the date range.

Please feel free to reach out to us for any questions you may have

Proverbs 24:3 Consulting's cover photo
03/04/2019

Proverbs 24:3 Consulting's cover photo

Starting a new church takes a lot of hard work. I know because I have done it 3 times. While one church plant went well,...
12/19/2018

Starting a new church takes a lot of hard work. I know because I have done it 3 times. While one church plant went well, the other two did not. It was during the planting phase of one of the less successful church plants that I took to Google to explore different strategies and philosophies on church planting. One strategy caught my attention, and upon further reading immediacy dismissed. The strategy goes like this; partner with one or more existing churches to help with the new church start. While this theory seems perfectly logical, and a fast way to church growth, it does pose a rather unpleasant and unexpected outcome that many church plants do not take into account is that the IRS has very distinct requirements for churches, and that is that the members can only belong to one church. In other words, using this model, if you have 100 members of a church plant, and those members are from other churches and do not transfer membership, at least until the church plant grows to a point it can sustain itself, then the church has the chance of being reclassified by the IRS as a ministry or other religious organization. The general rule is that the majority of the members of a church has to be a member of ONLY that church, if this is reversed and the majority of congregation belongs to another church, it is considered a ministry and will have to apply for its own 501c3 status as well as file an annual 990 report.

Proverbs 24:3 Consulting's cover photo
12/11/2018

Proverbs 24:3 Consulting's cover photo

12/11/2018
12/11/2018
KIngdom Media Conference 2018
12/11/2018

KIngdom Media Conference 2018

Michael receiving his Doctorate
12/11/2018

Michael receiving his Doctorate

12/11/2018
Michael with Dr. Kost
12/11/2018

Michael with Dr. Kost

03/19/2018

Recently I ran into a situation that involved filing a “tax return “for a nonprofit (actual term is tax exempt) organization that has not yet filed for its tax exempt status. This lead to the question of what is the proper form to file PRIOR to filing for tax exempt status. By the nature of a tax exempt organization they are corporations with a board of directors, and corporations are required to file an 1120 series tax return. However these forms are for “for profit” (actual term, non-exempt) organizations.

Here is what the IRS says regarding this issue: When a tax exempt organization obtains their EIN as a tax exempt organization they are to file a 990 form each year. These are due on the 15th day of the 5th month after the end of the tax year. For example if the tax year is Jan- Dec. then the 990 is due by May 15th. Which brings us back to the question of “What form is due PRIOR to the application being submitted and granted by the IRS?” The answer is that the organization is required and instructed by the IRS to file the 990 report even though the exempt status has not yet been approved.

03/07/2018

File current versions of exemption applications

The IRS reminds people seeking tax-exempt status to use the current version of forms to avoid processing delays. The current version of Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, is dated December 2017, and Form 1024, Application for Recognition of Exemption Under Section 501(a), is dated January 2018.

If you use a prior version of one of these forms, the IRS will return your application and ask you to resubmit using the current version of the form.

Form 1023 revisions

The IRS revised Form 1023 and its instructions. Highlights include:

Added a new public charity status for agricultural research organizations (Section 170(B)(1)(a)(ix))
Eliminated a question about the advance ruling process
Eliminated an outdated question about organizations applying for 501(c)(3) recognition more than 27 months after formation
Increased financial data reporting requirements for organizations older than one year

Proverbs 24:3 Consulting's cover photo
02/15/2018

Proverbs 24:3 Consulting's cover photo

Untitled Album
02/15/2018

Untitled Album

Proverbs 24:3 Consulting's cover photo
01/14/2018

Proverbs 24:3 Consulting's cover photo

Proverbs 24:3 Consulting
01/14/2018

Proverbs 24:3 Consulting

Address

108 W Main Street
Aberdeen, NC
28315

Opening Hours

Monday 07:00 - 20:00
Tuesday 07:00 - 20:00
Wednesday 07:00 - 20:00
Thursday 07:00 - 20:00
Friday 07:00 - 20:00

Telephone

(910) 361-2293

Alerts

Be the first to know and let us send you an email when Proverbs 24:3 Consulting posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Proverbs 24:3 Consulting:

Nearby businesses


Other Aberdeen businesses

Show All