improving cash flow for churches: money and ministry
DESCRIPTION
This PowerPoint was created by an XP with a ministerial background and a business mind, as well as a CPA/CFO with a business background and a ministerial mind who have found a way to make the marriage of money and ministry a happy one (most of the time.) This presentation will include ministry evaluation that leads to excellent audit preparation, strategic decisions that leads to strategic spending and savings, and simple changes that can lead to big "cha-ching" for improved cash-flow.TRANSCRIPT
Money & Ministry3 Steps to Improving Cash Flow
Tim Samuel, CFO & Dave Michener, XP
Bridgeway Community Church Columbia, MD
www.bridgewayonline.org
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Money & Ministry3 Steps to Improving Cash Flow
Introduction—Who? What?
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry:3 Steps to Improving Cash Flow
Introduction—Who? What?
Tim’s Professional Mission Statement:“To use numbers combined with business knowledge to change lives by the grace of God.”
Mich’s Professional Mission Statement: “To help others maximize their Kingdom potential in the context of Bridgeway Community Church.”
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry3 Steps to Improving Cash Flow
You would think some things are obvious,
however…
Money & Ministry3 Steps to Improving Cash Flow
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
The Cash Flow EquationMoney @ beginning of point in time
+ Money collected - Money spent
__________________________________ = Cash Flow
Money & Ministry3 Steps to Improving Cash Flow
1. Evaluate current cash position & processes.
(1) Organize Data
(2) Acquire Knowledge
(3) Communicate Info
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry3 Steps to Improving Cash Flow
2. Decide on what cash will (and therefore, will not ) be spent.
(1) Collect Info
(2) Prioritize Proposals
(3) Communicate Decisions
(4) Commission Leaders
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry3 Steps to Improving Cash Flow
3. Create future opportunities (CFO). (1) Explore Options – Call vendors. – Buy in bulk. – Double check bills.
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry3 Steps to Improving Cash Flow
3. Create future opportunities (CFO).(1) Explore Options
(2) Encourage Giving
– Provide Information: • Sharing • Sensitivity
– Provide Inspiration: • Stories• Say “Thank You”• Spirit-led Situations
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry3 Steps to Improving Cash Flow
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
SPIRIT-LED SITUATIONS
Money & Ministry3 Steps to Improving Cash Flow
Conclusion—So what? Now what?
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org
Money & Ministry3 Steps to Improving Cash Flow
Introduction—Who? What?
1. Evaluate current cash position & processes. (1) Organize Data
(2) Acquire Knowledge
(3) Communicate Info
2. Decide what cash will (and therefore, will not) be spent on. (1) Collect Info
(2) Prioritize Proposals
(3) Communicate Decisions
(4) Commission Leaders
3. Create future opportunities (CFO). (1) Explore Options (Call vendors. Buy in bulk. Double check bills.)
(2) Encourage Giving—
– Information: Sharing & Sensitivity.
– Inspiration: Stories. Say “Thank You”. Spirit-led Situations.
Conclusion—So what? Now what?
Tim Samuel, CFO @TimSamuelCFO Dave Michener, XP @DaveMichenerJr Bridgeway Community Church Columbia, MD www.bridgewayonline.org