Financial responsibility – using the resources given you in a faithful and responsible way
Financial accountability – using methods of recording and reporting financial transactions in a way
which is completely transparent and easily understood
Basic Principles of Financial Responsibility
Never exceed your budget (total, not necessarily individual line items).
Never carry a negative balance in your account.
Use funds with wisdom; remember that these funds come from faithful servants of Christ who entrust you to use them to the best service of the Kingdom.
Remember that you are responsible to the local Baptist Association. They have the right to ask you to follow certain guidelines in your financial accounting. They also have the right to expect that you will submit regular, clear and accurate reports of all spending.
Basic Principles of Financial Accountability
You will submit regular, clear and accurate reports to the local Baptist Association, your local BSM committee and your supervisor (via your Monthly Update).
Budget reports will be furnished on a regular basis, normally on a monthly basis for budget accounts and on a quarterly basis for all special / non-budget accounts.
In accordance with procedures in your association, you will submit an annual budget request.
Normally you will have two bank accounts – budget and non-budget or special.
Keep budget and non-budget items separate – don’t transfer from one to the other and don’t write a check from one account to the other.
If you need to use money out of both budget and non-budget accounts, write two separate checks.
DESIGNATED MEANS DESIGNATED! It is illegal for you to use designated funds for something other
than that for which it was given!
Keep Student Missions separate from Mission trips.
NO hidden accounts. Period.
MUST have two signatures on your checks.
Local church secretary, assoc. staff, faculty sponsor, members of student work committee, other BSM Directors in town, etc. make best signers. Avoid having students sign checks.
Avoid signing checks in advance or blank checks.
DO NOT write a check to yourself or your spouse and sign it.
DO NOT write checks for “over” the amount.
Keep budgets simple, clear and easy to report.
Monthly Financial Statements
If you are responsible for checking, savings, and/or investment accounts, you are required to send a Transaction Report & Bank Statement for EACH account every month. They are due on the first day of the month with all transactions for the previous month. See the instructions for this task on the Monthly Update page. Here are some help videos:
Sending in Money to BGCT