The accounting firm Hewn Group has offered the following discounted services to TCT Member Churches and Planters. Contact Hewn Group for more information and mention that your church is part of the Treasuring Christ Together Network.
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Service is a holistic payroll solution. TCTN church would provide salary, housing payments, and benefits as well as submit hours and reimbursement amounts if applicable; Hewn Group would administrate all other payroll tasks.
1. direct deposit with pay stubs emailed to each employee
2. new hire reporting if required
3. Form 941 quarterly (Federal payroll tax return form)
4. quarterly or monthly state payroll tax return forms
5. quarterly or monthly state tax deposits
6. state annual reconciliation form for payroll tax deposits
7. W-2 sent to each employee via email as well as W-3 to IRS
8. state unemployment quarterly filing if required
Service is a monthly after-the-fact bookkeeping. This means that Hewn Group would be using bank/credit card statements in conjunction with cash receipts to do the books.
1. restricted funds reporting and allocations
2. budget tracking: Hewn Group would input a church’s yearly/monthly budget and be able to provide monthly statements that show progress against the budget
3. monthly financial statements delivered by 20th of following month that includes
- statement of activities (this is known as a profit and loss statement in the for-profit world)
- statement of financial position (this is known as a balance sheet in the for-profit world)
- functional expenses statement (this report shows expenses in the fundraising, general & administrative, and program expenses
- updated budget statement