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Consolidated Financial Statement

Each month, stakes and districts that are using Church Unit Banking Services (CUBS) receive a Consolidated Financial Statement. It is mailed to the stake or district president a week or so after the end of the month. It summarizes the expenditures by category for each ward or branch as well as for the general stake account.

Overall Structure

The Consolidated Financial Statement consists of:

  • A combined summary page that lists the stake unit number, stake president’s name and address, and the report date. It also shows a combined financial summary of the stake and all its reporting units for each financial category.
  • An action items page that lists items that need attention, such as unresolved financial transactions or overdrawn funds. The stake president and his clerk sign this page.
  • A ward missionary summary section that shows, ward by ward, the name of each missionary serving from the ward and how well that missionary’s financial commitments are being met by the family or others who may be supporting the missionary.
  • A monthly ward summary section that shows for each ward the beginning balance, income, expense, transfers, and ending balance for each major category (tithing, fast offerings, ward missionary fund, etc.). It also shows the detail of each fast offerings disbursement, including the fast-offering recipient’s name.

Combined Summary

There is a line for each of the major financial categories tracked by MLS. They are:

  • Tithing
  • Fast Offerings
  • Ward Missionary Fund
  • General Missionary Fund
  • Book of Mormon
  • Humanitarian Aid
  • Temple Construction
  • Perpetual Education
  • Budget
  • Other

There is also a line for any reimbursed expenses. Each line is a total of all the ward amounts combined with the stake amount and includes a beginning balance, income, expense, transfers, and an ending balance.

Action Items

The action items are divided into types of items, with titles such as “Unresolved Financial Transactions” or “Overdrawn Funds.” Under the title, the items are listed alphabetically by ward. For example, an unresolved financial transaction could be an outstanding check. Stake presidents and clerks are instructed on this page that items over 30 days old should receive immediate attention. This allows the stake to become involved in trying to clear these items. The ward and stake should work together to make sure these items do not become dated.

Ward Missionary Summary

The Ward Missionary Summary lists the stake and its wards in alphabetical order. Under the name of each unit, there are lines for the Ward Missionary Fund and for each subcategory attached to that category. Most of the subcategories are missionaries’ names. The names of missionaries as subcategories are created by the Missionary Department and sent down electronically to MLS. If clerks use these subcategories correctly, assigning donated missionary funds from parents or relatives to the correct missionary, it is fairly easy for the stake president to track the missionary commitment amounts made by parents and relatives.

Each line has a beginning balance, income, expense, transfers, and ending balance column. Negative amounts are shown in parenthesis. For example, four hundred dollars taken out by Church headquarters for a missionary’s monthly amount would be shown as (400.00).

Monthly Summary

There is a monthly summary for the stake and for each ward and branch in the stake. They are in alphabetical order. There is a line for each of the major financial categories tracked by MLS. They are:

  • Tithing
  • Fast Offerings
  • Ward Missionary Fund
  • General Missionary Fund
  • Book of Mormon
  • Humanitarian Aid
  • Temple Construction
  • Perpetual Education
  • Budget
  • Other

There is also a line for any reimbursed expenses.

However, on the stake summary there are only three categories (ward missionary, other, and budget) plus a line for reimbursed expenses.

Each line includes a beginning balance, income, expense, transfers, and an ending balance.

Fast Offering Disbursements

Just below the Monthly Summary for each ward is a section that shows the month’s fast offering disbursements. The detail for each disbursement includes the reference number (check number), date of the check, amount of the check, and the payee. Below this is the name of the fast-offering recipient, the fast-offering code (medical, housing, and so on), and the purpose of the expense.

This section of each ward’s summary helps the stake president keep track of the use of fast-offering funds in his stake and can serve as a reference document when counseling with bishops during regular interviews.

References

This page was last modified on 2 May 2012, at 11:41.

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