Dear Friend,
Using your First Financial Bank business account wisely and ethically is very important. When also using the Accountable Reimbursement Plan by way of the End of Month (EOM) Report, you can simply and accurately report on all income received and money spent for the ‘business’ of being a missionary.
Much of your missionary income comes through FBMI, but what happens when you have other income that is given because you are a missionary?
Any ministry funds you receive that does not go through the FBMI office can generally be considered “Support & Love Offerings Given Directly to You” and should be entered into Box C on the EOM. Below are some specific examples of ministry funds given directly to you:
1. Cash or checks given to you for preaching/presenting the ministry in churches
2. Any checks or cash you deposit directly into your First Financial Bank business account
3. Any money you receive into your business account from third-party vendors, such as PayPal, GoFundMe, Zelle, or other cash-transfer apps.
4. Any money deposited into your First Financial Bank business account from other financial institutions.
If you receive ministry money that is NOT deposited into your First Financial Bank business account, you may need to work with your accountant or tax professional to ensure accurate management and reporting of these funds. One common example is that if you receive more than $600 directly from a church, you may be asked to complete a W-9 to allow the church to send you a 1099 the following January. If you receive ministry money for which you will receive a 1099, you should not enter this on your EOM, as you will account for this money separately.
Please note: Money given to you as gifts for personal use from family or friends (for birthdays, anniversaries, etc.) does not need to be deposited into your business account or reported on the EOM.
Thank you for serving our Lord Jesus Christ!