Conference Treasurer's Notes: March 2022
Special thanks to our district statisticians and the pastors for their great job in getting the annual statistics reported. Mitchel Hedgepeth is taking the lead responsibility for the statistics in my office. As of this writing, three districts are 100 percent complete (East Jackson, Meridian and West Jackson). Ninety-three percent of the churches have completed the work, two percent are in progress and five percent have not started. We must have this work completed by March 31, 2022. There are numerous groups looking to use the statistics. So please help us “land this plane” so that we can make them available on the website.
Payroll Reports/Form 941
Wow! It just seems like we filed the 2021 payroll reports and 1099 forms, and we now find ourselves at the end of the first quarter of 2022. Be sure that you file the report when you complete the March payroll. While it is not due until April 30, 2022, it is easier if you go ahead and get it done upon preparing the last March paychecks.
As a reminder all appointed clergy and lay employees must receive a W-2 form at year end (not
a 1099), so you must file 941 forms unless the IRS has given you permission in writing to file the form 944. If you have not gotten a letter from the IRS, you must file form 941.
We must withhold FICA/MC and taxes if applicable on lay employees which includes non-ordained, licensed or commissioned pastors. For ordained, licensed and commissioned clergy, you do not withhold FICA/MC. If the clergy requests you withhold federal or state taxes that is permissible.
Remember there is nothing you need to do on the 1099 forms by the quarter.
We have an opportunity to help our own Methodist Children’s Homes (MCH) by giving a contribution of up to $1,000, while also receiving a tax credit on your state tax form. What this is doing is allowing you to participate in the ministry of MCH by giving them the tax credit you can receive.
You simply send the check to MCH, when you receive your charitable gift receipt you file a form with the State of Mississippi and you will be given a voucher for your 2022 tax return. MCH will send that form to you.
This is a great opportunity for us, and I will be glad to answer your questions as would the director of MCH. This is a limited program, so act now! Download the application for either the business tax credit
or the individual tax credit
Pastors who are moving this year must file a new budget compensation report. Remember that this is your opportunity to change your salary reductions for pensions or to change health insurance coverage as moving is a qualifying event. You cannot change your FSA, HSA or Dependent Care FSA. The amount you elected is for the 2022 year and must move forward to your new church.
If you want your new church to pay your health insurance premiums by draft so that you get a credit off your premiums, it must be set up. We can only draft for the named pastors who the local church gives us permission.
Retiring pastors will have a paperwork day on April 4, 2022, at 9:00 a.m.
at the Methodist Foundation of Mississippi. We will cover all this information at that time.
Mitchell Hedgepeth of my office will be glad to assist any moving pastor with the paperwork of their move. Your receiving superintendent will assist you in beginning the process.
Local Church Audit
Your local church audit should be underway at this time. It is due to the district office by June 30, 2022
. The administry webpage will give you direction for the type of report that is required as well as an audit program. Let us know if you have any questions.
2023 Local Church Budget
June and July is a great time to begin the budget process for 2023 for your local church. This allows adequate time to do a bottom-up approach to budgeting. The more people who are involved in the process allows for a better budget and for more buy in.
The more contributors know about what ministry their generous contributions to God supports through the local church, the more they will give. Tell the story and let your church be the hands and feet of Jesus in the ministry you support.
We are hearing of numerous computer breaches by bad actors in the cyber world. Be sure you protect the access to your computer and that you follow all good protocols.
Depending on your size and the possible threats you may have, you may want to have cyber insurance coverage. Contact your property insurance carrier for more information.