Monthly Archives: February 2008

Liability Insurance

When discussing liability insurance, be sure to review these five categories:

General Liability
Employment Practices Liability
Ministers / Lay Counselors Errors & Omissions
Sexual Misconduct
Directors’ & Officers’ Liability

General Liability
Coverage – Insures your church and its operations against third party bodily injury and/or property damage. Please notify your Insurance Agent before going on Mission trips to make sure you are [...]

The Newest Member of our Team!

We’re going to take a little break from the Insurance discussion today… Please join me in welcoming Kristy to our Ps20 team. Kristy comes to us with a very impressive resume and will be assuming the role of Senior Accountant. For many of you, she will be your main point of contact regarding all bookkeeping [...]

Property Insurance

When reviewing property insurance, be sure to discuss these five categories:

Contents
Computer Software and Equipment
Inland Marine
Improvements and Betterments
Building Coverage

Contents
Coverage – Insures office furniture, machinery and computer equipment.
Cost – $20,000 in contents is approximately $250 annually.
Computer Software and Equipment
Coverage – Additional content coverage that specifies computers / software against additional perils not covered by a typical contents [...]

Insurance

Over the next few posts we will be discussing some basics of insurance. This can be an interesting topic, but for most of us, it’s as bad as discussing Taxes! Regardless, it’s a necessary evil, so hopefully the next few posts will make this topic more understandable.
Church Insurance falls into five main categories:

Property Insurance
Liability Insurance
Automobile [...]

Church & Non-Profit Explained (Part 4)

IRS Determination Letter (Form 1023)
If a church decides to apply for and obtain recognition of tax-exempt status, then it must complete Form 1023 with the IRS. Upon approval, the IRS will send a Determination Letter to the applicant. It is also referred to as a 501(c)(3) Exemption Ruling Letter or simply your tax letter. At [...]