Sioux Falls Diocese 2018 Administration Workshop Insights
Explore key topics covered in the Catholic Diocese of Sioux Falls 2018 Administration Workshop, including accounting and finance updates, the impact of the 2018 Tax Cuts and Jobs Act, and considerations for clergy, donors, and charitable contributions. Stay informed about important changes and best practices in tax regulations for churches and related organizations.
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Presentation Transcript
Catholic Diocese of Sioux Falls 2018 Administration Workshop
Todays Goals Thank you! Interaction Your workshop, Ask questions Challenge the presenter Prizes!
Accounting and Finance What s new? Income Tax Changes Sales/Use Tax Changes Revisit/Update Existing Items Parish Deposit & Loan Fund Trust Best Practices Accounting/Reconciliations Documentation Record Retention Resources
2018 Tax Cuts and Jobs Act (More Common Changes and Impact) Income tax rates Personal Exemptions Standard Deductions Itemized Deductions-certain limitations Credits and Estate Taxes
2018 Tax Cuts and Jobs Act (What Should We Be Doing?) Revisit W-4 New form issued Lay Employee Considerations https://apps.irs.gov/app/withholdingcalculator/ https://www.irs.gov/pub/irs-pdf/fw4.pdf Final W-4 issued in 2020
2018 Tax Cuts and Jobs Act (What Should We Be Doing?) Clergy Considerations Increased Standard Deduction Itemized Deductions-Certain Limitations Clergy Mileage Reporting Elimination of Business Mileage Deduction Contemporaneous Records
2018 Tax Cuts and Jobs Act (What Should We Be Doing?) Donor Considerations Increased (Doubled) Standard Deduction Gifting Ideas Bypass Income (Grain) Bypass Gains (Stock) Corporate Contributions Marketing Donated Services
2018 Tax Cuts and Jobs Act (What Should We Be Doing?) Charitable Contributions at All Time High Belief in Mission-Not Tax Deductibility Reporting (Transparency) Communicate Needs Tell Story of Programs Provide Giving Options (Electronic)
South Dakota Sales Tax Law November 1, 2018 US Supreme Court Ruling Remote Sellers and Market Place Providers Over $100,000 In Revenue Over 200 Transactions Invoice, Collect and Remit Sales Tax
South Dakota Sales Tax Law What Should We Be Doing? Continue Filing Use Tax Return Law Does Not Cover All Sellers May Have Miscellaneous Reporting Requirements Watch Invoices to Avoid Double Payment Edit Vendors in System if Necessary Work with Vendors to Ensure Their Requirements
Parish Deposit & Loan Fund Trust Revisited Established in 2016 South Dakota Business Trust Parishes, Parish Programs and Diocesan Related Entities Deposits, Loans and Investments Not Available to Individuals Not Available to Chancery Depositors are Certificate Holders
Parish Deposit & Loan Fund Trust Revisited Separate from Chancery Approximately $30 Million in Assets Under 50% of Total in Loans Remainder in Bond Investment Portfolio, Investment Committee Make Deposits to Parish Deposit & Loan Fund Trust
Parish Best Practices Record Rention Depends on Action, Expense or Event it Records Permanent Financial Reports and General Ledger Property (Deeds) and Insurance Legal and Meeting Documentation History of parish Seven Years Payroll 7 years beyond employment Bank statements and records Paid Invoices Electronic Storage
Parish Best Practices Utilize the Computer System Funds Deposited ASAP Remote Capture (Desktop) Deposits Posted ASAP Batch Checks For Payment Uniform Payroll (Twice Per Month)
Parish Best Practices Reconcile Bank Within One Week Utilize System to Monitor Cash Supporting Documents for All Accounts Know What is in Each Account Funds on Hand for Each Dedicated Account or Restriction Update W-9 s Survey Banks for Accounts
Parish Best Practices Hold and Document Council Meetings Maintain Minutes and Log of Action Items/Resolutions Financial Statements to members in advance General Ledger Available to Chair (or all) Request to Bishop for any Extraordinary Administration over $10,000 Contract Review Over $10,000 Summary Report to Parish at Least Annually Annual Budget Annual Report to Diocese
Tax Exemption Exempt from income tax 501(c)3 Official Catholic Directory-Obtain from Chancery USCCB Group Ruling- http://www.usccb.org/about/general- counsel/upload/group-ruling-letter.pdf Sales/Use Tax-Parishes not exempt Sales/Use Tax-School are exempt
