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This department is responsible for all financial transactions of the Mississippi Baptist Convention Board (MBCB). Mississippi Baptists continue to be generous in their financial support of missions. Last year we processed over $58 million that was given for missions. Internal controls are in place to insure that each gift is properly recorded and distributed. Among the controls related to the receipt of gifts are separation of duties of the personnel handling cash, verification of gift amounts and gift designations, and monthly acknowledgements to donors. Additionally a listing of gifts from each church is published semi-annually in The Baptist Record and made available on our web site www.mbcb.org. Any member of a church who has questions on published gifts amounts or wants to know their church’s giving history should contact us.
Distribution of funds is determined by the type of gift received. Designated gifts are distributed according to the instructions of the donor. Cooperative Program (CP) gifts are allocated and distributed according to the CP budget. Arriving at an approved CP budget is a lengthy process. Each department submits their budget requests to Financial Services. We compile the requests and provide to MBCB administration for review. Once approved by administration, those requests are included in a comprehensive presentation to the Board’s Budget Committee that also has budget requests from our institutions and agencies. A recommended budget from the Budget Committee must be approved by the Executive Committee, the full 100 member Board, and then voted on by messengers to the annual convention. During 2008, more than 16,000 checks were written to distribute mission funds, pay vendors, and provide the services necessary to carry on the ministries of the convention. Each year the financial records of the convention are audited and a copy of the audited financial statements are included in the convention annual.
Our personnel responsibilities involve both active and retired employees. There are approximately 115 full-time employees, 120 part-time employees (including summer staff at our camps), and 90 retirees. We maintain employee records in compliance with government regulations, distribute payroll, insure timely payment of payroll taxes and filing of payroll tax forms, and coordinate employee and retiree benefits.
This department has responsibility for general business operations. These include the maintenance of property and casualty insurance coverage, financial reporting, and our telecommunications systems.
Through our relationship with GuideStone Financial Resources of the Southern Baptist Convention, we are able to offer resources to local churches and to explain the availability of benefits for ministers and their churches. Our financial services representative is available to meet with church and church school leaders in local, regional, or associational settings to assist you with understanding the importance of retirement planning, insurance issues, and compliance with Internal Revenue Service (IRS) regulations.
A resource available to your church is the 2008 Compensation Study. Forty-two state conventions participated in providing information concerning staff salaries, benefits, and reimbursements. LifeWay Christian Resources compiles the data that provides an insight to assist churches in maintaining adequate compensation. The study may be found on our web site (see link below). A new study will be conducted in 2010.
A recent example of the complexity of IRS regulations is the mandating to churches of a pro-active role in overseeing the retirement plans of all employees. These regulations are found in IRS code section 403 (b) (9). Please contact Robin Nichols if your church needs further information.
Retirement planning is an important element in one’s financial future. Churches are encouraged to enroll and financially assist their staff in the Church Retirement Plan (CHRP) with GuideStone. To enroll in the plan, the MBCB requires a church to contribute to the Lord through the Cooperative Program and to sign a cooperative agreement. When this occurs, every church employee who works at least 20 hours each week (or 1,000 per year) may enroll in the plan. Benefits include survivor protection, disability protection, and possible matching contributions from the MBCB to the individual’s retirement account at GuideStone.
The objective of Mission: Dignity is to provide assistance through dignity to those who have served faithfully through the years. We coordinate with GuideStone to provide this assistance to the many retired Mississippi pastors and/or their widows who need financial assistance.
In order to get the most accurate data, choose the “Customized Report” option.
