FBMI Updates
Friday Financial Tip #26: Christmas Updates
Dear Friend,
Thank you for your love for Jesus and your service for Him!
As Christmas nears, many of you are beginning to think about mailing a special Christmas prayer letter. Please plan to submit these letters no later than November 30 this year to ensure that there is enough time before Christmas for them to be:
- Proofread by Mrs. Kim Marsack.
- Posted and emailed through fbmi.org.
- Processed and printed through Grace to Grow Publications.
- Folded and mailed by our Prayer Letter Services.
- Received by your supporters, friends, and family.
Friday Financial Tip #25: EOM Tips
Dear Friend,
Your End of Month Report (EOM) is an important part of your work. If completed correctly, it can successfully designate the support money that was used for ministry and keep much of the support God gives your ministry free from income taxes. If done incorrectly, it can add headaches, stress, and irritation to your already busy schedule. Here are a few basic reminders to help you this month, and each month, as you prepare your EOM.
The EOM is a report of money that you received as support and then used for ministry. For a given month, you are reporting three things:
(1) You are reporting all the money that was available to your ministry. This is why you enter the opening balance from your First Financial Bank business account and your payroll voucher numbers. (2) You are reporting all the money that was and was not used. This is why you enter the ending balance from your First Financial Bank business account. (3) You are reporting how much of the money used was for ministry. This is why you enter your ministry expenses and submit receipts, when required.
Using the correct numbers is very important. On the EOM, you are reporting, from the previous month, the money that came in and how it was used. Because of this, you must be careful to report the correct month’s balance and income. Here are some things to bear in mind:
1. Use the opening balance from before the report month started. This balance should be the last posted balance from just before the payroll deposit was made at the end of the preceding month. For September’s report, use the last posted balance from your First Financial Bank business account just before the August deposit was made.
2. Report on your ministry spending throughout the month in question. For September’s report, report on any ministry expenses from September.
3. Use the closing balance from just before the report month ended. This balance should be the last posted balance from just before the payroll deposit was made at the end of the month. For September’s report, use the last posted balance from your First Financial Bank business account just before the September deposit was made.
Please Note: If this is not the way you have been doing things, please change immediately to ensure the most accurate reporting and the most beneficial results. Thank you!
Friday Financial Tip #24: SPAM
Dear Missionaries,
This morning, we had a missionary reach out and ask us to block a specific sender from being able to send emails to him. We were able to help him, but I don’t envy you. Your email addresses are posted all over the internet, daring scammers the world over to take a crack at you. We, the IT Department, take your security very seriously. This list does not include everything, but here are some options for reducing your spam load:
1. Attempt to allow only one address to be posted on the internet. Having to manage rules or spam on one account is hard enough; don’t double your workload if you can help it.
2. Do not use any publicly posted email accounts for personal or financial matters, such as personal retirement accounts, banking, etc. Be very select on who you give this email to.
3. Every email account brand has an abuse@_____ that you can forward emails to report them. Forward the whole email from example@gmail.com to abuse@gmail.com, and example@icloud.com to abuse@icloud.com, etc.
4. Many of the scam emails you receive are being received by other missionaries. Please forward them to the office so we can block them for everyone.
5. In Office 365, you can manage your own personal allow and block list. The steps are circled in the picture below:
Friday Financial Tip #23: Steps to Login to Your FBMI (Microsoft 365) Account
Dear Friend,
This is a step-by-step instruction guide for the basic way to login to your fbmi.org email account. We hope that, when it comes to this resource, you will be able to “USE IT” effectively!
1. Understand. This is a Microsoft 365 work account (also known as Microsoft Office). First Baptist Church pays Microsoft for each of us to have an account. This account allows us to use many of Microsoft’s online applications, such as Outlook (for email), OneDrive (for file storage), etc. Despite the fact that this email account ends in “fbmi.org,” these accounts are still accessed through Microsoft’s website and apps.
2. Sign in.
a. Go to microsoft365.com. On most devices and browsers, simply type this in. If you are not already logged in, you should see a
button that invites you to sign in.
b. Enter your full email address (firstname.lastname@fbmi.org).
c. Enter your password.
d. Complete two-step verification, when prompted.
i. Enter the two-digit code shown on your screen into the Microsoft Authenticator app on your phone.
ii. If you have never yet connected with the app, follow the onscreen prompts to download the app and add your account.
1. Using a computer and a mobile device together will be best.
2. Ensure that you download the official Microsoft Authenticator app to your mobile device.
3. Scan the QR code on your computer screen when prompted to add the account to the Microsoft Authenticator app.
iii. If you do not currently have access to Microsoft Authenticator, choose that option and select a different option for two-step
verification.
iv. If given the option, you may want to choose to remember your device to reduce the frequency of two-step verification requests.
3. Explore. If you sign in on a browser, you will see a welcome screen. Choose the menu
button at the top left to see all of the apps available. Choose “Outlook” to view your email.
4. Increase. There are many ways to stay connected to your Microsoft 365 account. Here
are some examples:
a. Add this email account to your phone or tablet’s standard email app.
b. You can download the Outlook app and follow the steps to add this email account to your device. The Outlook app automatically
integrates your calendar as well.
c. OneDrive may be a great place to save photos and videos you will share with your updates.
d. The Teams, Planner, OneNote, and To Do apps can be used to stay efficient and connected.
5. Take care. Remember that this email account still requires each user’s diligence to
maintain safe and effective use. Use strong passwords, and consider using a password manager on your device. If you are using a shared
device or are in a location with less secure or inconsistent Internet access, you should take extra steps to follow wise practices of
Internet and password safety. Never allow a shared computer or internet browser to remember your user name or password.
If you have learned something that would benefit others, please share. If you have any questions, please let us know. Thank you!
Friday Financial Tip #22: Support and Love Offerings
Dear Friend,
Using your First Financial Bank business account wisely and ethically is very important. When also using the Accountable Reimbursement Plan by way of the End of Month (EOM) Report, you can simply and accurately report on all income received and money spent for the ‘business’ of being a missionary.
Much of your missionary income comes through FBMI, but what happens when you have other income that is given because you are a missionary?
Any ministry funds you receive that does not go through the FBMI office can generally be considered “Support & Love Offerings Given Directly to You” and should be entered into Box C on the EOM. Below are some specific examples of ministry funds given directly to you:
1. Cash or checks given to you for preaching/presenting the ministry in churches
2. Any checks or cash you deposit directly into your First Financial Bank business account
3. Any money you receive into your business account from third-party vendors, such as PayPal, GoFundMe, Zelle, or other cash-transfer apps.
4. Any money deposited into your First Financial Bank business account from other financial institutions.
If you receive ministry money that is NOT deposited into your First Financial Bank business account, you may need to work with your accountant or tax professional to ensure accurate management and reporting of these funds. One common example is that if you receive more than $600 directly from a church, you may be asked to complete a W-9 to allow the church to send you a 1099 the following January. If you receive ministry money for which you will receive a 1099, you should not enter this on your EOM, as you will account for this money separately.
Please note: Money given to you as gifts for personal use from family or friends (for birthdays, anniversaries, etc.) does not need to be deposited into your business account or reported on the EOM.
Thank you for serving our Lord Jesus Christ!
Friday Financial Tip #21: Valuable Christian Resource Available
Dear FBMI Missionary Family,
This note is to make you aware of a valuable Christian resource available to you all as missionaries. Widow’s Jar Ministries is on the northeast side of Indianapolis, Indiana. Attached please find their letter of introduction, their guidelines, and an application. (The attached documents are from their website.) It is necessary to apply ahead of time and to visit by appointment. The best email address to use is jlsadowitz@gmail.com. Their website, www.widowsjar.org, is helpful, but the contact information is being updated. The attached documents are from their website.
Lana and I visited for the first time this week, and we were astonished not only by the selection but also by the extraordinary helpfulness and spirit of the staff. By God’s providence, there were some needs that we had which were unexpectedly met. For the sake of the ladies especially, it is like going to a thrift store “looking for buried treasure” and discovering much more than you hoped to find at no charge.
We told the staff that we’d like to pass on the information to you all, and they encouraged us to do so. Thank you for treating them with the same kindness if and when you should be able to visit.
Sincerely,
Bro. Siemer
Friday Financial Tip #20: The EOM and Your Receipts
Sending your receipts for ministry expenses can be challenging, especially when dealing with paper receipts. Here are a few steps you can follow to help make each month’s EOM process efficient and accurate.
1. Each month, make a new folder in your FBMI OneDrive or other cloud-based account.
2. Save any electronic receipts as PDFs in this folder. Use a name for the file that includes the date or a description.
3. For paper receipts, take a picture using your phone or other device, and save them in the same way.
4. When completing your EOM, ensure that each receipt for expenses greater than $75.00 is in the folder.
5. Submit your EOM in one of these two ways:
a. Send via email to mona.eason@fbmi.org.
i. Complete the EOM form, and attach it to an email.
ii. Choose to share your receipt folder, and then copy the link.
iii. Paste the link to your receipt folder into the email.
Friday Financial Tip #19: Receipts
In many countries, getting a receipt for small amounts of cash (taxis, vendors, etc.) is difficult because they do not have a receipt book available. Some of our missionaries have created their own blank receipt books and carry some receipts with them at all times. This allows the missionary to complete a receipt on behalf of the vendor and then simply have the vendor sign it.
Remember that every receipt must include these four things:
- Date
- Amount paid (converted to U.S. dollars if necessary)
- Purpose of expenditure
- Signature of recipient
Friday Financial Tip #18: Receipts for Ministry Expenses
Receipts are your physical proof that funds were used for a ministry expense. It is your responsibility to ensure that they provide that proof.
Every receipt must have four components:
- Date of transaction
- Amount of transaction
- Name of recipient
- Purpose for expenditure
It is always better to have too much information than not enough; i.e., rather than just writing “Food,” it would be better to write, “Groceries purchased for the Christmas dinner on our Big Day.”
A receipt can literally be written on a napkin as long as it has all four of the above-mentioned items, but the more professionally you handle these matters, the better it will be for you should you ever be questioned.
It may be helpful to buy a standard receipt book and carry some receipts with you. It may even be a good idea to have receipts preprinted to fit your particular situation.
Friday Financial Tip #17: Missions University
During Missions University, we are planning to hear from accountant Josh Belk. Bro. Belk is the leader of Lodestar Tax & Consulting of St. John, Indiana. He and his coworkers are especially experienced and knowledgeable in areas with special significance to FBMI missionaries: Clergy Tax Law and Accountable Reimbursement Plans. Many of our missionaries depend on his firm for their accounting needs.
Josh Belk will be teaching a lesson that will be especially helpful to FBMI missionaries. To ensure the greatest level of help to all of our missionaries, we plan to record this lesson and share the video after Missions University.