Finance News

2016 Christmas & New Years Holiday Schedule

published 12/15/2016
The Central Texas Conference Service Center (CTCSC) will be closed Dec. 23 – Jan. 2 for the Christmas and New Year’s holiday . The Service Center will resume normal business hours at 8:30 a.m. Tuesday, Jan. 3. If you have an emergency and need to reach a member of the Service Center when the CTCSC is closed, call 817-994-0139 or e-mail CTCSC@ctcumc.org.   2016 End-of-Year Giving Remittance Schedule. Refer to the timetable below as you plan your church’s year-end remittances to the Conference ...

What do the new U.S. labor standards mean for the local church?

published 8/31/2016
The Department of Labor (DOL) recently announced its changes to the Fair Labor Standards Act (FLSA) “white collar” overtime exemption rules. The final rule strengthens protection for workers by increasing the standard salary level for qualification for overtime exemption from $455 per week ($23,660 per year) to $913 per week ($47,476 per year). Practical implications of these rules are: Churches and other employers should carefully review the employment classification of all staff to ...

Health Care Reform Update – IRS Extends Form 1095-B Deadline

published 2/5/2016
The IRS has extended the due date for mailing Form 1095-B to individuals for 2015 tax returns to March 31, 2016. As part of Section 6055 Reporting under the Affordable Care Act, Form 1095-B verifies the “individual mandate” for minimum essential health coverage.   The IRS Form 1095-B verifies the Affordable Care Act (ACA) “individual mandate” for minimum essential health coverage. The General Board of Pension and Health Benefits (GBOPHB) will be issuing Form 1095-B, for the conferences covered ...

Caring and Sharing – The UMC Connection at Work

published 12/3/2015
Louisiana Conference Remembers the CTC with a Generous Disaster Relief Donation Give and it will be given to you. A good portion – packed down, firmly shaken, and overflowing – will fall into your lap. – Luke 6:38 CEB   One of the blessings of the United Methodist Church is found in the first word of the denomination’s title. United is defined by one online dictionary as “involving people or groups working together to achieve something – a group combined or connected together to make one.” The “...

GCFA Reports on UMData.org, 2014 Church Statistics, New Treasurers Training Event and Virtual Appointment Software

published 11/10/2015
UMDATA.ORG replaces General Minutes as UM stats resource The General Council on Finance and Administration (GCFA) is announcing that general statistical information about the church, formerly contained in the printed General Minutes, is now available at www.umdata.org. The IT and Data Services Departments of GCFA, working throughout the connection, collects statistics and has developed a free, online resource that anyone can use to access public information about local churches. Because of the ...

HealthFlex Participants Reportedly NOT AFFECTED by Blue Cross Blue Shield Hack Attack

published 2/9/2015
On Wednesday, Feb. 4, Anthem, Inc., the largest of the Blue Cross and Blue Shield plans, disclosed that its databases that store employee and customer data had been breached by hackers causing concern for anyone who is insured by Blue Cross and Blue Shield. According to Shawn-Marie Riley, benefits administrator for the Central Texas Conference UMC, participants in the Central Texas Conference HealthFlex plan were not affected.   “We heard from GBOPHB [General Board of Pension and Health ...

GCFA and Vanco Develop Easy2Give – a giving app for The United Methodist Church

published 12/2/2014
Vanco Services, a leading provider of electronic payment solutions, has announced an expansion of its strategic sponsorship with the General Council on Finance and Administration (GCFA). The multi-year sponsorship marks a significant increase in the electronic giving program that has been in place since 2002 when GCFA first approved Vanco as the administrator for the United Methodist Electronic Funds Transfer (UM EFT) program. The program, which began as a way for churches to receive regular ...

New IRS Regulations Requiring Clergy & Church Leader Response

published 12/1/2014
Pastors, Church Treasurers, Business Administrators and other Leaders:  The IRS has a new regulation that requires any organization with an EIN (Employer Identification Number) to notify the IRS when the “Responsible Party” changes.  As many of you know, any organization with its own bank account and payroll has an Employer Identification Number (also referred to as EIN or Tax Id." The EIN works like an identifying Social Security number for organizations and businesses.    To obtain an EIN, an ...

2013 Giving Remittance Submission Deadlines

published 11/30/2014
2013 Giving Remittances need to be to the CTCSC by Jan. 8 Please see the schedule below as you plan your church’s year-end remittances to the Conference Service Center. These dates apply to both Connectional Mission Giving and all remittance giving, including Special Day offerings and Advance Specials.  Christmas Week –       Service Center closed Dec. 24-27 Monday, Dec. 30 –        Last Day to mail (Priority Mail) Tuesday, Dec. 31 –      Service Center closed Wednesday, Jan. 1 –   Service ...

GCFA Statement on Tax-Favored Housing for Clergy Case

published 11/29/2014
For more than two years, the General Council on Finance and Administration (GCFA) has been tracking a federal court challenge brought by Freedom From Religion Foundation (FFRF) to declare the tax-favored housing benefits for clergy portion of Section 107 of the tax code unconstitutional. On Nov. 21, a federal district court judge in Madison, Wisconsin held that portion of Section107 ofthe tax code to indeed be unconstitutional.   Specifically,the court held that Section 107(2), which permits ...