Many churches recently applied for the Paycheck Protection Program through the Small Business Administration (SBA). It’s all well and good to receive those funds, but will you receive forgiveness from the SBA? The forgiveness will depend on your churches ability to properly track expenses related to this program.
I used to be an auditor for the State of North Dakota. The government isn’t too forgiving when you don’t follow their rules. If you don’t watch the video, here’s my key advice: Read the loan agreement and take notes. I know we usually don’t read those long documents, but this pain could save you from a whole lot more future pain.
Check out the video below:
- Church Windows Fund Setup: https://churchwindows.com/wp-content/uploads/cwhelp/Content/Topics/Accounting/COA%20Wizard/Step%203.htm?Highlight=funds
- Church Management Solutions using Dedicated Funds: http://www.churchmanagementsolutions.com/kb/KnowledgebaseArticle50250.aspx
- CMS setting up Dedicated Funds: http://www.churchmanagementsolutions.com/kb/Attachment8.aspx