FBMI Updates2020-04-08T11:07:02-05:00

FBMI Updates

May. 31, 2024

Friday Financial Tip #13: Tithes and Offerings

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Whenever you give tithes or offerings to a registered non-profit, you should receive a contribution statement at the end of the calendar year. This statement should then be used to claim your charitable donations when filing your taxes.

If you give tithes or offerings to an individual or to a non-registered entity, you will not be able to claim those donations when filing your taxes.

Tithes and offerings may not be claimed as a ministry expense on your EOM form.

May. 24, 2024

Friday Financial Tip #12: Postage Increase

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The U.S. Postal Service (USPS) is implementing a price increase for mailing services. Starting July 14, 2024, the new rates will take effect. The price of a first-class mail Forever stamp will increase by 5 cents, from 68 cents to 73 cents. This will affect our prayer letter mailing service.

This may be a good time for you to change from mailing your prayer letters to churches to emailing a PDF, if possible.

Apr. 26, 2024

Friday Financial Tip #10: EOMs and Receipts

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Due to IRS regulations concerning the time frame for which receipts are valid, it is imperative that your EOM forms and receipts be turned in to our office by the 25th of the following month.

As your friends, may we strongly suggest that you turn in your EOM and receipts as soon as possible after the end of the month in order to leave time for questions, corrections, and emergencies.

Thank you!

Apr. 19, 2024

Friday Financial Tip #9: EOMs and Taxes

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When completing your taxes, you should not give your accountant any of your EOM forms. These are handled completely in-house. Your accountant would probably not understand them, and we are not able to take the time to explain them. You should only give you accountant your W-2.

Apr. 12, 2024

Friday Financial Tip #8: Donations

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Please be careful about asking for donations for the physical needs of people in your ministry. Every church has needs, including those churches who support you. Every pastor knows hurting and needy people, including those pastors who support you.

It is natural to want to help all those whom you love and to whom you minister, but your supporting churches have limited funds and are investing for spiritual rewards. It may be wiser to ask only for donations for your ministry and then use funds from your ministry to help those who are in need.

There are always exceptions, and you may know people who really want to help. We simply ask that you use some extra discretion in this area.

Apr. 5, 2024

Friday Financial Tip #7: Currency Conversions

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When submitting ministry expenses that use a foreign currency, missionaries should always convert the amount in foreign currency into the equivalent amount in U.S. dollars. Missionaries should use the standard conversion rate for that day, found online or in a conversion app, rather than just estimating or multiplying by a general number. After conversion, a missionary should enter both the converted amount on his EOM and also write the converted amount in U.S. dollars on the receipt before scanning or taking a picture of the receipt. The amount written on the receipt should match the amount entered on the EOM.

Mar. 29, 2024

Friday Financial Tip #6

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The FBMI office is happy to be able to provide the Bill-Pay Form to serve missionaries. This form allows a missionary to request help with transactions such as giving directly to other missionaries, paying for printed materials, other ministry invoices, wire requests, etc. Requests submitted through this form by the third Monday of each month will be cared for in that month. After the third Monday of every month, any wire request or other bill-pay request will be completed at the beginning of the following month. An exception to this is when our bookkeeper reaches out to a missionary specifically requesting a bill pay for a payroll deduction. Thank you so much for your time and attention. Have a great day in Jesus!

Mar. 15, 2024

Friday Financial Tip #5: A Reminder for Your EOM

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The number you put in Box E in no way decides how much you can or do spend on your family’s needs. This is simply the minimum amount that must be taxed as personal salary each month. Due to inflation, for the first time in many years, FBMI is increasing the suggested amount. Beginning with your January 2024 EOM, you should claim $600 per adult and $150 per child living at home

Mar. 8, 2024

Friday Financial Tip #4: Love Offerings

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For those missionaries on deputation, on furlough, or based Stateside:

If you receive a love offering of $600.00 or more, the church may ask you to complete a W-9. You do not need to complete a W-9 for gifts under $600.00.

If the church does ask you to complete a W-9, you should NOT include this amount on your EOM. The church should be sending you a 1099 at the end of the year. Including this amount on your EOM would cause you to be taxed twice on that amount.

If the church does not ask you to complete a W-9, or if the love offering was under $600.00, you should include it in Box C on your EOM.

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