Checklist for you and your church: How are we reaching our financial goals?
At the start of this new year, we have adopted a new vision statement to bring clarity to our mission: Stewarding Potential to Build His Kingdom! Our goal in ministry is to help churches and individuals think, plan and manage for the future. It is a purpose-driven strategy. While we live one day at a time, we also live with eternity’s values in view. This can be a good time to pause and reflect on what was accomplished in 2016 as well as plan for great things to come in 2017. Both churches and individuals can benefit from a prayerful review of the challenges while we resolve and plan next steps ahead. These are simple checklists for churches and individuals that focus on how we steward our potential by planning well and managing well to accomplish your God-honoring goals. I hope this helps you prayerfully consider how to link your priorities and financial resources to maximize impact – whether in your personal life, or as a church committee.
Checklist for Churches
- Review your current endowment and investment policies and evaluate the purpose and plan of distribution for each fund. How did they perform? How were the purposes accomplished through the strategies in place? Are they aligned with the Socially Responsible Guidelines of the UMC Book of Discipline? Check here to learn more.
- Review your church’s Balance Sheet for the specific accounts and assets. What were the goals for each account? How were they invested? How were their returns? Who are the authorized signors on each account? Who will be auditing for accuracy of accounting and adequacy of managing to meet purposes? Check here to see how the Foundation performed as an investment partner.
- Review your church’s Profit and Loss statement – as well as Budget for the coming year. How were ministries impacted? How was community impacted through those ministries/expenditures? How were you able to be the hands of Christ in our needy world? How are restricted accounts and designed or special funds invested? How are the returns supporting your mission and ministry?
- Review your gift acceptance policies. What spending policies are in place for endowments, scholarships, and other special purpose funds? How is the church sharing information on legacy giving through wills and estates? Does church have a process to promote the opportunity and receive gifts of stock or other non-cash assets? This is a area of specialization for the Foundation – and check out the form here.
Checklist for Individuals
- Review your current will or trust (if any) and consider any changes in the people, plans, and purposes for whom your plan provides.
- Make a written record and inventory of the contents of a safe deposit box and all important papers. Give a copy to a trusted family member or personal representative.
- Review all beneficiary designations on IRA’s, retirement plans, and life insurance policies to make sure they are current.
- Review your durable power of attorney for both personal business and for healthcare (including living will).
- If you have dependents, make sure you are comfortable with the guardian named for your children or a loved one who is disabled.
- Review your investments, bank accounts, and other financial assets. Are your funds working for you? Are costs appropriate? How will they pass to beneficiaries?
- Consider adding your church or favorite ministry to your estate plan as part of your legacy.
Our staff are available to provide counsel and support to help you review and plan for a better future. We are available to speak at your church, share strategies/policies with a committee or meet with individuals to confidentially plan an estate strategy that benefits the local church or other United Methodist-related organizations. Please feel free to contact us at 804-521-1121 – or by clicking here.
The Virginia United Methodist Foundation has free resources and tools available on our website here. We will be glad to listen and help you explore your options to meet your goals!
We hope you have a happy, healthy, prosperous and grace-filled 2017!
Plan ahead! Create a legacy of lasting ministries into the future! Focus your stewardship on the potential
to build and impact His kingdom!
In His service and yours,
Rev. Stephen B. Clark
President
