Finance and Administration FAQs (2023)

Q1.What is the current mileage rate?

A1.The conference adopts the mileage rate as set by the IRS.As of January 1, 2020, the current mileage rate is :

  • Standard mileage ratefor the cost of operating your car for business use is57.5 centsper mile.
  • Medical-and move-related mileageis 17centsper mile.
  • Charitable-related mileageis14 centsper mile.

Q2. How does my church calculate its Our Mission Covenant?

A2.In order to financially underwrite our connectional ministries as a Kentucky Annual Conference, CFA asks that each church covenant to remit monthly 11% of income received for the operating budget of the local church.Monies received for capital expenditures, debt retirement, Advance Specials, special day offerings, the 5th Sunday offerings for the Kentucky United Methodist Home for Children and Youth and other missional projects beyond the local church are to be excluded.

Q3.Where can I get more OMC forms?

A3.Our Mission Covenant Remittance forms are available in both PDF and Excel.

Q4.Where do I send my OMC and Benefits Payments?

A4.Our Mission Covenant apportionment funds can be sent to the Kentucky Conference at:

Kentucky Annual Conference

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PO Box 1529
Crestwood, KY40014

Pension and Medical payments can be sent to the Kentucky Conference Board of Pensions at:

Kentucky Conference Board of Pensions

PO Box 677

Crestwood, KY40014

Q5.What is the Budget for the current year?

A5.In June, the Annual Conference approved a 2019expense budget of $7,189,932. Click here for a line item budget.

Q6.Does my church need an audit?

A6.An annual audit sets habits of fiscal responsibility, provides checks and balances, builds trust and confidence of the financial supporters of the church, and protects the persons the local church elects to offices of financial responsibility.The Book of Discipline outlines the requirement for the local church’s committee of finance to make provisions for an annual audit of the financial statements as well as what constitutes an audit.For more information on local church audits, please reference GCFA’s Local Church Audit Guide as well as ¶258.4 of the 2012 Book of Discipline.

Q7.How long should we keep our records?

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A7.Different types of records require different retention periods.For more information on records management, the Kentucky Annual Conference recommends the General Commission on Archives & History’s suggested record retention policy.

Q8.What is the Conference’s Accountable Reimbursement Policy?

A8.The Kentucky Annual Conference adheres to an accountable reimbursement policy which can be found in the CFA Report of the Conference Journal. The Kentucky Annual Conference recommends each local church adopt an accountable reimbursement plan. This written plan should clearly identify all expenses to be reimbursed and the responsible party, whether another employee or an elected officer of the church, who must approve the vouchered expenses before reimbursement is made. To comply with IRS regulations for accountable reimbursement plans, business expenses must be reimbursed from church funds and not out of salary reductions.Any and all amounts to be reimbursed under the written accountable reimbursement plan should be paid on a separate check and should not be combined with employees’ salary checks. CFA recommends that the line item in local church budgets for reimbursable expenses should not exceed 20% of the pastor’s base salary.

Q9. Should my church be incorporated?

A9.The Conference Board of Trustees encourages all local churches to incorporate.To incorporate your congregation, a local church must first register with the IRS to obtain a Federal Tax Identification Number. To obtain a tax ID number, please visit www.irs.gov to download and complete IRS Form SS-4. Incorporation forms can then be filed with the Kentucky Secretary of State’s Office (www.sos.ky.gov).

Q10. How does my church obtain 501(c)(3) status?

A10.A United Methodist church or agency can submit a request to GCFA by completing the Group Ruling Request at www.umgroupruling.org.

Q11.Does my pastor need a W-2 or 1099?

A11.Salaries and wages should be reported to all employees, including pastors, on a W-2.

Q12.Does my church need Worker’s Comp?

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A12.Kentucky State law requires all employers to have worker’s compensation insurance. This is true even if the pastor is the only employee of the church.

Q13.Does my church need liability insurance?

A13.Local churches may be legally liable for certain negligent acts and omissions of church employees and church members performing voluntary work for the church. Therefore, the Conference Board of Trustees requires local churches to obtain adequate liability insurance. For information on liability insurance, please reference the Risk Management section of GCFA’s Legal Manual.

Q14.What is a Housing Allowance and how do we determine it?

A14.Under Section 107 of the Internal Revenue Code, clergy can exclude a portion of their income designated by their church or salary paying unit as a “housing allowance”. The church’s designation must be in writing and set in advance of the payment to the minister. To be excludible, amounts designated as a housing allowance must be used to provide housing. In addition, there are limits on the amount that can be excluded. Clergy may exclude from gross income for federal income tax purposes the cost of owning, renting, and/or furnishing a home up to the least amount of the following:

  • The amount designated as the housing exclusion
  • The amount of documented housing expenses
  • The fair rental value of the property (furnished, plus utilities)

If a church sets a housing allowance in error or needs to amend the set housing allowance mid-year, the church can set a new housing allowance to take affect prospectively, never retroactively. Doing so adheres to IRS Publication 1828 that states the housing allowance must be set in advance of the payment.

Q15.Where can I learn about the Good Samaritan Foundation?

A15.The Good Samaritan Foundation provides grants on an annual basis to charitable and educational agencies in Kentucky for health care and health education. Grants can be submitted online beginning January 1 and are due by March 1. Click here for more information.

Q16.Where can I learn about the Eastern Kentucky Ministry Grants?

A16.The purpose of the Eastern Kentucky UM Health Education and Welfare Fund is to provide funding for health care issues in Kentucky.Methodist and non-Methodist agencies can both apply for grants from this fund. Applications are accepted from July 1 through August 31 and awarded after the committee meets in October. For more information on Eastern Kentucky Ministry Grants, click here.

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Q17.Where can I learn about grants for capital improvements (Frank C. King Fund)?

A17.The Conference Board of Trustees awards grants from the Frank C. King Fund on an annual basis. Grants are for congregations with membership of 200 or less or worship attendance of 100 or less. The Frank C. King Fund provides qualifying congregations with a matching grant up to $3,000 for capital improvements and additions to the church. Information regarding this grant is emailed to pastors and church treasurers in the fall each year.

Q18.Does my church need better internal controls?

A18.Similar to the need for an audit, Internal Controls are a necessary component to building trust between the congregation and those who have been entrusted to handle the financials of a church. The 2017-2020United Methodist Church Financial Records Handbook, available through Cokesbury, provides a basic guide for establishing proper procedures.

Q19.To whom should I submit a change in church treasurer information?

A19.Changes to church treasurers should be sent to your District Superintendent’s Office for updating.

Q20.Where can I learn about Special Sunday Offerings?

A20.General Conference created six unique Special Sundays to help congregations work with communities, rebuild shattered lives, strengthen self-sufficiency, encourage partnerships, nurture Native American ministries, model peace and justice, provide scholarships and loans for United Methodist students, and much more. Visit www.umcgiving.org to learn more about each of these special offerings.

Q21.Where can I find information on Advance Projects?

A21.The Advance is an official program of The United Methodist Church for voluntary, designated, second-mile giving. Through The Advance, United Methodist annual conferences, districts, local churches, and organizations, as well as individuals and families, may choose to support mission programs or mission personnel with their financial gifts. Each Advance project has been vetted and approved by Global Ministries and Advance staff. Visit www.umcmission.orgto learn more about Advance Projects throughout the denomination.

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FAQs

What is the role of admin and finance? ›

They are responsible for strategizing on and planning for financial goals by working daily to achieve and maintain the financial health of our organization. A finance administrator will maintain accurate records and is required to remain compliant with all laws and company policies at all times.

What makes a good finance administrator? ›

Good attention to detail. Good communication skills and customer service skills. Good teamwork skills and self-management skills (you may be the only finance administrator or work as part of a team) Good organisational and planning skills.

What questions are asked in a finance interview? ›

Finance interview questions with sample responses
  • Why have you chosen to work in finance?
  • What is the greatest achievement in your financial career so far?
  • What are your financial strengths and weaknesses?
  • What are three types of short-term financing that our company could use to fulfill its cash needs?

How do you prepare for a finance role? ›

Six expert tips for your next finance interview
  1. Get to the point. ...
  2. Know your finances. ...
  3. Make yourself the added value. ...
  4. Talk confidently about the industry. ...
  5. Engage with the interviewer. ...
  6. Keep learning.

What are the five process of financial administration? ›

Financial-administration is a dynamic process, which falls into five well defined divisions namely : (1) Preparation of the budget, i.e., of the estimates of the revenue and expenditure for the ensuing financial year, (2) Getting these estimates passed by the Legislature called 'Legislation of the Budget', (3) ...

What is difference between finance and administration? ›

A finance degree places a greater emphasis on math to prepare students for a job that entails financial analysis. A business administration degree will emphasize managerial skills and human resource skills, such as interpersonal relations and customer service.

What are financial administration skills? ›

Extensive experience in financial reporting. Exceptional attention to detail. Superb organizational and time management abilities. Great collaboration and communication skills.

What are basic financial skills? ›

Banking, budgeting, saving, credit, debt, and investing are the pillars that underpin most of the financial decisions that we'll make in our lives.

What does a financial administrator earn? ›

The average financial administrator salary in South Africa is R 198 000 per year or R 102 per hour. Entry-level positions start at R 162 000 per year, while most experienced workers make up to R 770 277 per year.

What is finance simple words? ›

Finance, of financing, is the process of raising funds or capital for any kind of expenditure. It is the process of channeling various funds in the form of credit, loans, or invested capital to those economic entities that most need them or can put them to the most productive use.

What are the 10 most common interview questions and answers? ›

10 most common interview questions and answers
  • Tell me about yourself.
  • What attracted you to our company?
  • Tell me about your strengths.
  • Tell me about your strengths.
  • Where do you see yourself in five years?
  • Tell me about a time where you encountered a business challenge?

Why do you choose finance? ›

Huge career-growth opportunities: The finance job roles are constantly evolving and changing. Therefore, the professionals of this field have high chances of career development in a short period as they can always keep shifting to new roles based on their strengths and interests.

How do you introduce yourself in finance interview? ›

INTRODUCTION: Include your name, profession, qualifications, current job title or specialism, number of years' experience, organisations you worked for. CAREER: Expand on your career to date including Current Role, Previous Roles, Responsibilities and Experience.

What is finance job all about? ›

It is the management, study and creation of money and investments. It can be categorised as public, corporate and personal finance. Social and behavioural finance are the recently identified subcategories of finance. Those professionals who have to make certain financial decisions are part of this industry.

Is finance a skill? ›

Finance skills are soft and hard skills that enable stakeholders to manage and navigate financial decision-making and problem-solving. Some common roles that require financial skills on a resume are: Accountants. Financial analysts.

What is the nature of financial administration? ›

Nature of financial administration:

Ensure proper functioning of economy through taxation, expenditure, debt. Facilitate a smooth flow of investment and its optimal allocation to increase national income. Stabilize inflationary trends. Make state a producer of both public and private goods to maximize social welfare.

How do you manage your finances wisely? ›

Here are some ways to manage your money wisely:
  1. Create a budget: Making a budget is the first and the most important step of money management. ...
  2. Save first, spend later: ...
  3. Set financial goals: ...
  4. Start investing early: ...
  5. Avoid debt: ...
  6. Save Early: ...
  7. Ensure protection against emergencies:

Is finance related to business administration? ›

Both business administration and finance degrees equip you with various skills that are crucial in helping you succeed in your job. Many of them are similar; however, business administration programs focus more on interpersonal skills than finance programs.

Is accounting part of administration? ›

Although business administration and accounting are closely tied together, they have their differences. The main difference between these two is what the major's main focus is. Business administration doesn't deal directly with bookkeeping, tax work, and accounting—rather with strategic financial planning.

What is a finance degree called? ›

A finance degree can go by names like Bachelor of Arts in Finance, Bachelor of Science in Finance and Bachelor of Business Administration in Finance. These programs may have slightly different emphases from one another, but all three can help prepare you for generally similar career tracks.

What qualifications do you need to be a finance administrator? ›

Requirements and skills
  • Proven work experience as a Finance Administrator, Finance Assistant or similar role.
  • Hands-on experience with accounting software, like QuickBooks.
  • Advanced knowledge of MS Excel (creating spreadsheets and charts and using financial Excel functions)
  • Good understanding of bookkeeping procedures.

How can I improve my financial skills? ›

6 ways to improve your financial literacy
  1. Subscribe to financial newsletters. For free financial news in your inbox, try subscribing to financial newsletters from trusted sources. ...
  2. Listen to financial podcasts. ...
  3. Read personal finance books. ...
  4. Use social media. ...
  5. Start keeping a budget. ...
  6. Talk to a financial professional.

What are 7 financial skills? ›

You don't need any formal education to help you out either. There are plenty of simple personal finance skills that you can pick up all by yourself.
...
What are some key personal finance skills that you should learn?
  • Saving.
  • Budgeting.
  • Borrowing.
  • Investing.
  • Bonus skills.
16 Sept 2022

Why financial strategy is important? ›

A financial strategy enables you to assess your financial needs and the resources required to support and meet your objectives and to fulfill your organisations' overarching objective, as well as plan for continued growth to enable business success and sustainability.

What financial skills do managers need? ›

Finance for Managers: 6 Basic Skills
  • Adopt the Finance Mindset. Before diving into specifics, it's important to have an understanding of what sets finance apart from accounting. ...
  • Familiarize Yourself with Common Financial Terms. ...
  • Read a Balance Sheet. ...
  • Read an Income Statement. ...
  • Manage a Budget. ...
  • Analyze Variance.
9 Apr 2020

How much do finance administrators earn in South Africa? ›

How much does a Finance administrator make in South Africa? The average finance administrator salary in South Africa is R 198 000 per year or R 102 per hour. Entry-level positions start at R 162 000 per year, while most experienced workers make up to R 964 601 per year.

How much does an investment administrator earn in South Africa? ›

The salary trajectory of an Investment Administrator ranges between locations and employers. The salary starts at ZAR 90,295 per year and goes up to ZAR 160,939 per year for the highest level of seniority.

Who is the father of finance? ›

Eugene F. Fama, 2013 Nobel laureate in economic sciences, is widely recognized as the "father of modern finance." His research is well known in both the academic and investment communities.

What are the 4 basic areas of finance? ›

There are four main areas of finance: banks, institutions, public accounting, and corporate. Courses within the finance major provide a solid background in many subjects including: Financial markets and intermediaries.

What are the 5 hardest interview questions? ›

The most difficult interview questions (and answers)
  • What is your greatest weakness?
  • Why should we hire you?
  • What's something that you didn't like about your last job?
  • Why do you want this job?
  • How do you deal with conflict with a co-worker?
  • Here's an answer for you.

What are the 8 hardest interview questions and answers? ›

The 10 hardest interview questions (and how to answer them)
  • Tell us about yourself. ...
  • What are your weaknesses? ...
  • Why do you want to change jobs? ...
  • Where do you see yourself in five years? ...
  • How Would Your Colleagues Describe You? ...
  • What did you like most/least about your last job? ...
  • Tell Me About a Mistake You've Made.
16 Jun 2021

What are 15 good interview questions? ›

50+ most common job interview questions
  • Tell me about yourself.
  • Walk me through your resume.
  • How did you hear about this position?
  • Why do you want to work at this company?
  • Why do you want this job?
  • Why should we hire you?
  • What can you bring to the company?
  • What are your greatest strengths?
2 Sept 2022

Why do you want this job? ›

Focus on the job at hand

'I want this job because I have clear skills that will help me achieve...' 'This role will give me the opportunity to combine both my skills in [skill 1] and [skill 2] to achieve...' 'I love [job role specific task] and my last job took me away from that.

What are the benefits of working in finance? ›

7 benefits of a career in Finance
  • High earning potential. ...
  • A balanced lifestyle. ...
  • Lot's of career options. ...
  • Flexibility and room for growth. ...
  • Job security. ...
  • Challenging career. ...
  • The opportunity to continue your education.
5 Feb 2016

Why are you interested in this position? ›

Example: "I'm interested in this job because I can see that, in this role, my skills could help solve this problem within your company. I also see an opportunity for me to learn and grow these skills, so we both would benefit personally, professionally, and financially.

What motivates you in your work? ›

A great work environment

“The workplace environment often has the biggest impact on how motivated you are at work. You thrive when you are part of an upbeat, supportive environment that gets you "in the zone" that you need to be in so that you succeed.

What do you see yourself in 5 years? ›

Tips for Answering 'Where Do You See Yourself in 5 Years? '
  • Show how your professional goals and the job you're applying for align.
  • Focus on the skills you want to learn and get better at.
  • Don't get too specific with job titles or time frames.
  • Never say “I want your job,” “I don't know” or “Not here!”
8 Jul 2022

Which finance job is best? ›

Highest paying finance jobs
  • Investment banker.
  • Information technology auditor.
  • Compliance analyst.
  • Financial advisor.
  • Insurance advisor.
  • Financial analyst.
  • Senior accountant.
  • Hedge fund manager.

What is the highest position in finance? ›

Chief Financial Officer

Job responsibilities: The Chief Financial Officer or CFO has the duties of managing a company's capital structure and cash flow and planning for its future growth. Therefore, the CFO must have in-depth knowledge of accounting and financial modeling, among other skill sets.

What are the major areas of finance? ›

Finance consists of three interrelated areas: (1) money and credit markets, which deals with the securities markets and financial institutions; (2) investments, which focuses on the decisions made by both individuals and institutional investors; and (3) financial management, which involves decisions made within the ...

What should a finance student know? ›

Under the highly popular misconception of finance students, excelling in numbers and math is not the be all and end all of the required financial skills. Being quick to decipher numbers, understanding the numerical logic and patterns of behaviour are also essential skills for a student pursuing an MBA in finance.

What is the role of finance in a business organization? ›

The role of finance in business is indispensable. Business owners use financial data every day when making decisions. They use finance to analyze the present and project the future. Companies cannot operate without the benefits of financial analysis.

What type of training would be required for finance? ›

In addition to your core classes, all bachelor-level financial degrees will require you to take classes such as economics, risk management, business finance, investment management, marketing, statistics, corporate accounting, stock market fundamentals, and wealth management.

What are the responsibilities of admin department? ›

The Administration Department provides administrative and technical support in the areas of human resources (HR), budgetary, strategic planning, legal affairs, calls for tenders, facilities and security.

What are financial administration skills? ›

Extensive experience in financial reporting. Exceptional attention to detail. Superb organizational and time management abilities. Great collaboration and communication skills.

What are 4 administrative activities? ›

Here are the most common organizational skills and tasks associated with administrative jobs:
  • Maintaining multiple calendars.
  • Setting appointments.
  • Filing various documents and maintaining databases.
  • Creating filing systems.
  • Updating spreadsheets and other data entry tasks.
  • Creating email templates.

What are the 4 types of administrators? ›

Here are the four types of system administrators based on their roles and responsibilities:
  • Network Administrators. Network administrators manage the entire network infrastructure of an organization. ...
  • Database Administrators. ...
  • Server/Web Administrators. ...
  • Security Systems Administrators.
19 Oct 2022

What are the five roles of administration? ›

In order to effectively perform their responsibilities, administrators must fill the roles of leader, mentor, manager, decider, and builder. These five roles are interdependent and synergistic as they impact one another and gain in value as proficiency develops in one of the other roles.

What qualifications do you need to be a finance administrator? ›

Requirements and skills
  • Proven work experience as a Finance Administrator, Finance Assistant or similar role.
  • Hands-on experience with accounting software, like QuickBooks.
  • Advanced knowledge of MS Excel (creating spreadsheets and charts and using financial Excel functions)
  • Good understanding of bookkeeping procedures.

Why is financial skills important? ›

Benefits of Financial Literacy

Ability to make better financial decisions. Effective management of money and debt. Greater equipped to reach financial goals. Reduction of expenses through better regulation.

What are your main strengths in finance? ›

Here are the top 10 finance skills that will put you in prime position for a promising career in finance.
  • A formal accounting qualification. ...
  • Interpersonal skills. ...
  • Ability to communicate. ...
  • Financial reporting. ...
  • Analytical ability. ...
  • Problem-solving skills. ...
  • Knowledge of digital tools. ...
  • Management experience.
9 Aug 2021

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