Money

Massive Pentecostal meeting means massive bucks for city

“Across nine days (through Nov. 16), COGIC delegates will occupy 25,000 hotel rooms and bring upward of $30 million to the city, according to the St. Louis Convention & Visitors Commission.”
“The Church of God in Christ counts 6.5 million members, making it one of the largest Christian denominations in the country. The church says it has more than 12,000 congregations in the United States.” PewForum

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Study: pastoral compensation keeping pace with inflation

“Adjusting for church size (see Methodology), the average full-time Southern Baptist senior pastor’s compensation (salary and housing) rose 0.78 percent between 2008 and 2010. That rate of change was only slightly higher than the compounded 0.67 percent inflation rate for the same two-year period” CP

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The Pastor and His Salary Package

By James Rickard. Reprinted with permission from the Baptist Bulletin Jan/Feb ‘09 issue. All rights reserved.

In the mid-1960s as a young accountant, I began helping my pastor prepare his state and federal tax returns. I was surprised at his meager salary, lack of fringe benefits, and inability to provide financially for his future. His family lived in a church-owned parsonage totally controlled by the church; they couldn’t even paint a wall without committee approval. It was a large farmhouse that was difficult to maintain and expensive to heat. I remember visiting that parsonage and finding his wife in tears over the frustration of living under those conditions. And I remember thinking, This is not right. Little did I know how that experience would begin to sow the seeds for the Stewardship Services Foundation, a ministry that would allow me to devote my energies to counseling pastors regarding finances, helping them prepare their personal income tax returns, and teaching church boards how to structure pastors’ salary packages within the limits of IRS tax law. As a result, in 1977 the Stewardship Services Foundation ministry was born.

A church board needs to know about salary packages and their proper application in the budget process. The most important issue when it comes to this subject is the board’s attitude—a proper understanding of the salary package issue and the desire to meet the needs of the pastor’s family with a spirit of generosity.

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