Magnolia Cowboy Church Finances

Magnolia Cowboy Church believes that financial integrity and accountability are of utmost importance. We employ some of the strictest accounting and financial procedures used anywhere.

Budgeting

- So that our ministry teams may get to do activities throughout the year, they will write an explanation and request the money needed to carry out those activities successfully.

 

- The Audit Team will assemble these request and forward them to the Magnolia Cowboy Church Elders for final review and approval.

 

- Once our Elders have approved the requests, a budget is formed and placed before the church for a vote. If approved, these funds become available to the Magnolia Cowboy Church ministry teams so that they can carry out their ministry.

 

 

Management

- To stay within the budgets approved, spending request are sent and reviewed by the Finance Secretary and approved in writing by the Pastor before a check is issued.

 

- To ensure Magnolia Cowboy Church has operated ethically and within budget, a 6 member Audit team composed of church members familiar with accounting and sound financial practices will review all expenditures once a month. If any irregularity is found, all Elders are notified in writing immediately.

 

- For overall integrity of Magnolia Cowboy Church accounting and financial procedures, a fully credentialed outside audit firm will perform a complete audit every year. The auditor's report is then submitted in writing to the Audit Team.

 

 

Additional Safeguards

- All financial transactions at Magnolia Cowboy Church are to accompanied by a receipt or other written document to ensure all transactions can be traced and audited.

 

- In order to be familiar with church accounting procedures and tax laws, all administrative staff will be required to have annual training.

 

- Funds are always to be counted with a minimum of three individuals present, their signature must also be on the counting sheet along with the deposit.

 

- Sums of money are not to be held at Magnolia Cowboy Church, but deposited as soon as possible in the night deposit of the local bank.

 

 

Financial Statements

- Detailed financial reports are available to Magnolia Cowboy Church members upon request from the church office.