FBMI Updates
Friday Financial Tip #10: EOMs and Receipts
Due to IRS regulations concerning the time frame for which receipts are valid, it is imperative that your EOM forms and receipts be turned in to our office by the 25th of the following month.
As your friends, may we strongly suggest that you turn in your EOM and receipts as soon as possible after the end of the month in order to leave time for questions, corrections, and emergencies.
Thank you!
Friday Financial Tip #9: EOMs and Taxes
When completing your taxes, you should not give your accountant any of your EOM forms. These are handled completely in-house. Your accountant would probably not understand them, and we are not able to take the time to explain them. You should only give you accountant your W-2.
Friday Financial Tip #8: Donations
Please be careful about asking for donations for the physical needs of people in your ministry. Every church has needs, including those churches who support you. Every pastor knows hurting and needy people, including those pastors who support you.
It is natural to want to help all those whom you love and to whom you minister, but your supporting churches have limited funds and are investing for spiritual rewards. It may be wiser to ask only for donations for your ministry and then use funds from your ministry to help those who are in need.
There are always exceptions, and you may know people who really want to help. We simply ask that you use some extra discretion in this area.
Friday Financial Tip #7: Currency Conversions
When submitting ministry expenses that use a foreign currency, missionaries should always convert the amount in foreign currency into the equivalent amount in U.S. dollars. Missionaries should use the standard conversion rate for that day, found online or in a conversion app, rather than just estimating or multiplying by a general number. After conversion, a missionary should enter both the converted amount on his EOM and also write the converted amount in U.S. dollars on the receipt before scanning or taking a picture of the receipt. The amount written on the receipt should match the amount entered on the EOM.
Friday Financial Tip #6
The FBMI office is happy to be able to provide the Bill-Pay Form to serve missionaries. This form allows a missionary to request help with transactions such as giving directly to other missionaries, paying for printed materials, other ministry invoices, wire requests, etc. Requests submitted through this form by the third Monday of each month will be cared for in that month. After the third Monday of every month, any wire request or other bill-pay request will be completed at the beginning of the following month. An exception to this is when our bookkeeper reaches out to a missionary specifically requesting a bill pay for a payroll deduction. Thank you so much for your time and attention. Have a great day in Jesus!
Friday Financial Tip #5: A Reminder for Your EOM
The number you put in Box E in no way decides how much you can or do spend on your family’s needs. This is simply the minimum amount that must be taxed as personal salary each month. Due to inflation, for the first time in many years, FBMI is increasing the suggested amount. Beginning with your January 2024 EOM, you should claim $600 per adult and $150 per child living at home
Friday Financial Tip #4: Love Offerings
For those missionaries on deputation, on furlough, or based Stateside:
If you receive a love offering of $600.00 or more, the church may ask you to complete a W-9. You do not need to complete a W-9 for gifts under $600.00.
If the church does ask you to complete a W-9, you should NOT include this amount on your EOM. The church should be sending you a 1099 at the end of the year. Including this amount on your EOM would cause you to be taxed twice on that amount.
If the church does not ask you to complete a W-9, or if the love offering was under $600.00, you should include it in Box C on your EOM.
Friday Financial Tip
Mrs. Eason has now been faithfully serving our FBMI missionaries for over 19 years. In 2023, she processed 30,799 checks, with a total of 67,607 line items. She accomplished this with an error rate of less than 0.35%. As a way of comparison, the major U.S. banks strive to maintain an error rate of less than 3.0%.
Due to her incredible workload, Mrs. Eason will no longer be available to answer any questions. All questions concerning finances or EOMs should be directed to your FSC.
Thank you for your help with this matter.
General Announcement Concerning 2024 EOMs
We are so glad that FBMI is able to offer our EOM program to you. Called the Accountable Reimbursement Plan by the IRS, this program offers two major benefits to you as a missionary on the field serving with FBMI:
• First, it enables you to claim ministry-related expenses each month, which, when done correctly, keeps you from ever paying taxes on those funds.
• Second, it keeps you from having to explain ministry-related expenses to an accountant or auditor who doesn’t understand how your ministry works.
Along with those advantages comes responsibility. If you decide to use this program (and we think you should), you cannot jump in and out of the program. Beginning this year, if you miss turning in an EOM form one month, you will not be able to participate in the EOM program for the rest of the year.
“Moreover it is required in stewards, that a man be found faithful.” (I Corinthians 4:2)
You may already be very familiar with our EOM program, and you may have been keeping up to date with any changes that occur, but in the interest of helping you to do everything decently and in order, may we remind you of the following:
1. The number you put in Box A must always be the same as the number you put in Box D on last month’s EOM form.
2. The number you put in Box E in no way decides how much you can or do spend on your family’s needs. This is simply the minimum amount that must be taxed as personal salary each month. Due to inflation, for the first time in many years, FBMI is increasing the suggested amount. Beginning with your January 2024 EOM, you should claim $600 per adult and $150 per child living at home.
3. You must keep ALL receipts. You are only required to send in receipts over $75.00, but you must be able to produce all receipts for $75.00 and under upon request.
4. If your receipts are denoted in a foreign currency, you must write the equivalent amount in U.S. dollars. It is your responsibility to ensure that the exchange rate is accurate.
5. Your EOM form is due on the 25th of the following month. If the 25th falls on a weekend, your EOM form is due the following Monday. If your EOM form is turned in late, you may lose the right to participate in the EOM program for the remainder of the calendar year.
In working with your finances, our office staff do their best to neatly combine a number of factors, including you, your supporting churches, the First Baptist Church Finance Office, our accountants and auditors, and the IRS. Thank you helping us to help you. We love and appreciate you, and we are always on your side!
Bro. Bosje
2024 EOM Report Form
Select the link below to download the correct 2024 EOM form.
Missionaries still on deputation should not use Box E in the form because they do not yet have a fixed salary. Please complete and email this form to finance@fbmi.org. Direct any questions you have to your Field Service Coordinator (FSC) or call FBMI at 219.228.2850.