Live God's Love. Tell what you have seen and heard!

Finance

 Acceptance and Assessment Rates

The Diocesan Convention has established the 2016 assessment rate as 12% to be applied to line A, normal operating income (NOI) of the 2014 Parochial Report.  The 2016 acceptance rate is 3% to be applied to line A, normal operating income (NOI) of the 2014 Parochial Report.

The income for the diocesan budget consists of both assessments and acceptances. The rates for 2016 are identical to 2015.

 

Clergy Salary Schedule

The salary schedule for clergy employees for 2016 includes a 1% cost of living increase over 2015 salaries as established by the Diocesan Convention. For more information on salary schedules, contact Cindy Dougan.

 

Guest Clergy Rates

The Clergy Supply Schedule for 2016 as set by Diocesan Convention are as follows

Service Rate
1 Service (Saturday or Sunday)  $130.00
 2 Services (Saturday or Sunday)  $160.00
 3 Services (Saturday or Sunday)  $190.00
 1 Major Service (Holy Week, Christmas, Funeral)  $130.00
 Midweek Service  $80.00

The Supply Clergy be reimbursed for travel at the current IRS rate.

 

Diocesan Investment Trust (DIT) Withdrawal, Deposits & New Accounts

Read a letter from Deacon Charlie Barebo, diocesan treasurer, about new DIT procedures (October 2016).

Withdrawals from existing accounts:

Vestries will complete the withdrawal form and insure the proper signatures are on the form. We prefer there are three signatures but will accept two. The completed DIT Distribution form should then be scanned and emailed to both the diocesan treasurer and the accounting office. For withdrawals in excess of $5,000 the treasurer may call the parish to confirm the withdrawal. The treasurer will then forward the request to the custodian who will process the request within the next two business days. A copy of the request will be kept on file at the diocesan office.

Deposits to existing accounts:

Traditional Mail – vestries will approve, complete and sign the DIT Contribution Form and mail to the custodian with a check; also email a copy of the completed and signed deposit form to both the diocesan treasurer and the accounting office.

Electronic Transfer – email the completed and signed deposit form to the custodian, the diocesan treasurer and the accounting office.

New accounts:

Please contact Cynthia Bakos in the accounting office for new DIT account forms.

Key Contacts:

Shelley Herman, custodian, BB&T  1340 Broadcasting Road, Suite 100, Wyomissing, PA  19610, Office: 610-371-7308

Charlie Barebo , Treasurer

Cynthia Bakos , Accounting

DIT Contribution Form

DIT Distribution Form

Lay Pension Resource

Online tools for understanding and complying with the Church-wide Lay Employee Pension System are available from The Church Pension Group’s  Lay Pensions Resource Center.

 

Tax Resources

2016 Federal Reporting Requirements for Episcopal Churches

This guide from the Church Pension Fund is an important resource to assist treasurers, wardens and administrators in complying with federal reporting obligations for your church relating to the withholding and reporting of employee income taxes and Social Security and Medicare taxes. This guide will also assist in completing your Affordable Care Act tax reporting obligations. Find the guide online.

Church Law Today
Managed by Christianity Today, this website publishes updates on church law and taxes and has a legal and tax library.

IRS Rates

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 53.5 cents per mile for business miles driven
  • 17 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

More info at www.irs.gov.

Tax Information for Churches and Religious Organizations
An IRS publication  that provides guidance on obtaining and keeping tax exempt status, employment taxes, unrelated business income taxes, employee business expenses, record keeping and filing requirements.