Direct Deposit, Can anyone do this, and if so how?

Discuss questions around local unit policies for budgeting, reconciling, etc. This forum should not contain specific financial or membership information.
russellhltn
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Re: Direct Deposit, Can anyone do this, and if so how?

#11

Post by russellhltn »

allenjpl wrote:It's a common misconception that fast offerings remain in the ward/stake where they were collected. In truth, there is no link between funds collected in a stake and funds available to that stake to assist the needy.
While true, it appears that wards that write more checks than receive in donations tends to receive careful examination. Nothing wrong with that, but most leaders like to be below the radar.
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johnshaw
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Re: Direct Deposit, Can anyone do this, and if so how?

#12

Post by johnshaw »

russellhltn wrote:While true, it appears that wards that write more checks than receive in donations tends to receive careful examination. Nothing wrong with that, but most leaders like to be below the radar.
This is a local leadership quirk (though in my experience most have it) - There is a desire that a Stake or Ward be 'self sufficient' when it comes to FO, though I've not seen it in a handbook anywhere, usually this is taken as a sign of living sound financial practices. As a Ward and Stake clerk my reporting to Bishops and Stake Presidents ALWAYS contained something similar to the following:

"You can never really be sure about these numbers, some people donate directly to the church through direct deposit, stock transfers, estate planning etc... These numbers are not accurate to the degree they can be used definitively."
“A long habit of not thinking a thing wrong, gives it a superficial appearance of being right, and raises at first a formidable outcry in defense of custom.”
― Thomas Paine, Common Sense
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aebrown
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Re: Direct Deposit, Can anyone do this, and if so how?

#13

Post by aebrown »

johnshaw wrote:There is a desire that a Stake or Ward be 'self sufficient' when it comes to FO, though I've not seen it in a handbook anywhere, usually this is taken as a sign of living sound financial practices.
You're certainly correct that there is nothing in any handbook that says a stake or ward needs to be self-sufficient in fast offerings. However, the stake bishops' welfare council does have a responsibility to review trends in fast offering contributions (HB 1, 5.3, paragraph 3). If a substantial portion of the fast offering contributions are made in a way that is invisible to that council, then it does create some challenges in fulfilling that responsibility.
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