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YOUR CONTRIBUTIONS AND MMBC:

People often ask where their contributions to MMBC go. Our stewardship of God's money is important. This is a primer on finances at MMBC.

All contributions to MMBC are recorded on the financial books. Fund accounting is the method used for recording the resources whose use may be limited by donors, individuals or entities, or by the law.

Using a fund accounting system allows an organization to segregate financial resources between those dollars immediately available for ongoing operations and those dollars intended for a donor specified use. In addition, a fund accounting system provides an audit trail as the dollars are spent for their intended purpose and thereby released from the restriction.

MMBC has seven (7) funds on its books. The two (2) primary funds are the General Fund and the Building Fund. Here is a summary of the different funds:

General Fund

Unless specifically noted otherwise, all contributions go to the General Fund. This fund takes care of our daily operating needs, such as paying the electric bill, the salaries of the pastors and employees and the ministry expenses of the church. You should know that for every dollar you give to the General Fund, 13% is allocated to missions (discussed below). Furthermore, it is from the General Fund that money is allocated (during the budget process or as needed) for the Plant Fund (discussed below).

Benevolence Fund

This fund helps those in our membership during times of need. We take periodic offerings to support this fund; however, you may also designate money for this fund at any time.

Building Fund

Donations made to the Building Fund go directly to reducing our mortgage debt. The General Fund pays the mortgage payment but any additional contributions made to the Building Fund are added and pays down the loan principal.

Plant Fund

This fund is where all the capital expenditures are recorded. All furniture and equipment items for the auditorium, church, classrooms, office area, building improvements and the grounds are paid for and recorded in the Plant Fund. The exception is the items that were originally purchased through the Building Fund. The Plant Fund is funded separately through the General Fund.

Global Missions Fund

Of the percentage (13%) taken out of the monies given to the General Fund, 11.5% is given to the Global Missions Fund. We currently provide regular support to 48 missionaries or missionary families serving with 27 mission organizations around the world. MMBC also contributes one-time support to missionaries or organizations as deemed appropriate by the Global Missions Committee throughout the year. We also encourage you to give directly to missionaries and other outside ministries.

Local Missions Fund

Of the percentage (13%) taken out of the monies given to the General Fund, 1.5% is allocated to the Local Missions Fund. We currently provide monthly support to 8 local ministry partners. MMBC also contributes one-time support to local ministries as deemed appropriate by the Local Missions Committee throughout the year. It is through the Local Missions Fund that we collect and distribute for the Thanksgiving Food and Christmas Gifts each year. We also encourage you to give directly to local ministries.

Short-Term Mission Fund

The last fund is the Short-Term Mission Fund. This fund is used to manage the donations and expenses associated with MMBC-sponsored Short-term Mission Teams: Project Ice, High School, College, and the various church-wide teams we send out each year.

STOCK CONTRIBUTIONS:

Most contributions to the church are given in the form of cash or checks. However, we do accept donations of stock. Giving appreciated stock is attractive because of the tax benefits to the donor. We have several MMBC accounts established at the financial firms in the area, such as AG Edwards, Merrill Lynch, and Solomon Smith Barney. Regardless of where your money is held, you can transfer your stock to one where a MMBC account is held. Our policy is to sell the stock as soon as possible after receipt. Please call the Church Business Office for any questions on this process.

ELECTRONIC CONTRIBUTIONS:

Many of our donors now pay their bills from their home computer. You can schedule these payments to be automatic as well. This method of giving has become convenient and popular.

ELECTRONIC FUNDS TRANSFER (EFT):

We also now provide the availability of signing up for automatic bank drafts for your contributions. This is a convenient way to give systematically once or twice a month. With your authorization, the Church will debit your account and simply transfer your gift to the church account automatically. A special authorization form is required to set up this giving option.

Credit/Debt Card Contributions:

We also now allow giving via either credit or debit cards. This is a convenient method of giving and the donor can also set up automatic deductions if so desired. Those interested in this process can access the “Giving” button on the McKinney Church website.

OVERSIGHT:

We have a Finance Committee comprised of Elders, Deacons and Staff members that meets monthly to review the financial aspects of the church. One of the primary functions of the Committee is to oversee the preparation of an annual budget which they approve and present to both the Deacon and Elder Boards for final approval. Financial Statements are prepared on a monthly basis and reviewed at the Committee meetings. At the end of the year, an independent audit of our financial records is done by an outside CPA firm.

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