Congregational Finance
Greetings! I'm Tim Brennan, Treasurer for the Unitarian Universalist Association (UUA). The Treasurer is the chief financial officer of the Association and as such, I am responsible for all of its financial affairs. The Treasurer also monitors the Association’s investments to ensure their compliance with socially responsible investing guidelines set by the Board of Trustees.
Congregations and their representatives often ask me about financial support and financial "best practices." These are the resources I recommend most often. If you need more information or your question is not answered by the resources below, please don't hesitate to contact me or Rachel Daugherty, Assistant to the Treasurer (treasurerasst @ uua.org).
Sincerely,
Tim Brennan
treasurer @ uua.org
The UUA provides many resources—web pages, publications, and people—that can help congregational leaders charged with fiscal oversight and management of the following issues.
Endowment Resources
Endowment assets need to be invested prudently, but in a way that will generate income for the congregation. The Unitarian Universalist Common Endowment Fund (UUCEF) may be a good option for many congregations, but it is important to make sure that the objectives, risk tolerance, and time horizon are consistent with those of the congregation. Learn more about the endowment resources the UUA offers.
Legacy Giving Program
Perhaps the best way to grow an endowment is to create a legacy giving program. At its most basic level, this means letting members of your congregation know that they can put the congregation in their wills. But there are other structured vehicles that allow people to make legacy gifts during their lifetimes. Along with the resources listed, Elizabeth McClain, Legacy Gifts Manager (giftplans @ uua.org), would be a tremendous source of information.
Umbrella Giving Program
The UUA’s Stewardship and Development group is happy to work with congregations and donors to structure gifts that benefit more than one organization. Contact Elizabeth McClain (campaigndirector @ uua.org), for more information.
Stewardship and Fundraising
The UUA department of Congregational Stewardship Services offers consulting guidance with annual budget drives, strategic planning, capital campaigns, and planned giving. Contact Wayne Clark, Director of Congregational Stewardship Services (csdirector @ uua.org), for more information.
The staff of the UUA Annual Program Fund have created a number of stewardship resources available for use in your congregation's programs or for your personal interest. Contact Laurel Amabile, APF Director (apf @ uua.org), for more information.
- Nurturing Generosity in Your Congregation
- Handbook for Treasurers and Finance Leaders (PDF 57, pages)
Benefit Programs
The UUA offers a full complement of benefit programs for ministers and employees of our congregations and related organizations. These include: retirement, health insurance, life insurance, dental insurance, and disability insurance. Rev. Richard Nugent heads the Office of Church Staff Finance (ocsf_director @ uua.org), which administers these programs.
- Unitarian Universalist (UU) Organizations Retirement Plan
Contact Joyce Stewart, Director of UUA Retirement and Group Insurance Plans (retirementplan @ uua.org), for more information.
- UUA Health Plan
Contact Jim Sargent, UUA Health Plan Director (hp_director @ uua.org), for more information.
Tax Issues
Often congregations get confused about their tax status under IRS rules. Every UUA congregation is a “church” under U.S. tax law, therefore tax exempt, charitable, and exempt from tax filing. There is no “blanket exemption” from the UUA, but the UUA will provide a letter saying a congregation is in good standing.This addresses most tax exemption issues. However, it still may be in the interest of a congregation to get it’s own classification letter from the IRS.
- IRS Pub. 1828: Tax Guide for Churches and Religious Organizations (PDF, 32 pages)
- For a tax letter from the UUA, contact Nancy Lawrence, Assistant to the Executive Vice President (administration @ uua.org).
The other tax-related questions that come up often relate to permissible behavior on political issues, elections, and lobbying. The UUA, in collaboration with our legal counsel, has prepared a guide laying out the boundaries for political speech and action.
Financial Management
Some general guidance on best practices in the financial management of congregations can be found here:
- UUA Financial Advisor's Page (Dan Brody)
Church Financial Management
- Audits and Financial Reviews (PDF, 5 pages), by James Wu
For more information contact treasurer @ uua.org.
This work is made possible by the generosity of individual donors. Please consider making a donation today.
Last updated on Monday, January 16, 2012.
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