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    Financial Management for Church Leaders and Executives
    Financial Management for Church Leaders and Executives
    Financial Management for Church Leaders and Executives
    Ebook165 pages1 hour

    Financial Management for Church Leaders and Executives

    By Ado T. Noma

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    About this ebook

    Church leaders and financial executives are saddled with the responsibility of broad range of decision making which have financial implications. However, many Church leaders and executives are not experts in financial management. Understanding some basic issues and principles surrounding financial management and decisions is to appreciate the value of rationale thoughts.

    This book is designed to show what to do about what is presented. The reader is encouraged to respond to the teachings by sharing the knowledge and experience gained. Mark 4:24, Hebrew 5:14, 1John 2:5, 6, James 2:17.
    LanguageEnglish
    PublisherXlibris UK
    Release dateFeb 13, 2014
    ISBN9781493138333
    Financial Management for Church Leaders and Executives
    Author

    Ado T. Noma

    Mr. Noma holds a Master Degree in Business Administration (MBA), Certified Public Accountant (CPA) Postgraduate Diploma in Management PGDM Lon. He is Fellow of the Charted Management Institute (FCMI) Lon., and member of Certified Public Accountant (CPA), Association of Business Executives (ABE) Lon, Nigerian Institute of Management (NIM) Chartered. He attended management development course in the Christian Organisation Research Advisory Trust (CORAT), Nairobi- Kenya. He has diverse work experience in Church management and commercial operation. The gentleman bag a Merit Award for his service to the Church of Christ in Nations (COCIN). Currently, he is a management and financial consultant.

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      Book preview

      Financial Management for Church Leaders and Executives - Ado T. Noma

      Copyright © 2014 by Ado T. Noma.

      ISBN:                  Softcover                     978-1-4931-3832-6

                                  Ebook                          978-1-4931-3833-3

      All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner.

      Rev. date: 01/16/2014

      To order additional copies of this book, contact:

      Xlibris LLC

      0-800-056-3182

      www.xlibrispublishing.co.uk

      Orders@xlibrispublishing.co.uk

      521393

      CONTENTS

      ACKNOWLEDGEMENT

      INTRODUCTION

      CHAPTER 1:   FINANCIAL MANAGEMENT

      1.1 Basis of Financial Management

      1.2 Objectives of Financial Management

      a.   Commercial Orientation

      b.   Non Profit Orientation

      1.3 Goals of Financial Management in the Church

      DISCUSSION QUESTIONS:

      CHAPTER 2:   ORGANIZATION AND FUNCTIONAL RESPONSIBILITIES

      2.1 Organization

      2.2 Structure And Functional Responsibilities

      a.   National Church Finance Department Structure

      2.3 Structure And Functional Responsibilities

      b.   International Church Finance Dept. Structure

      DISCUSSION QUESTIONS:

      CHAPTER 3:   FINANCIAL POLICY CONSIDERATION

      DISCUSSION QUESTIONS:

      CHAPTER 4:   BUDGET AND CASH FLOW PLANNING

      4.1 Understanding Budget

      4.2 Cash Flow Planning

      DISCUSSION QUESTIONS:

      CHAPTER 5:   CASH FLOW MANAGEMENT

      5.1 Justification For Holding Cash

      5.2 Managing Excess Cash And Shortfalls

      5.3 Management Of Debtors

      5.4 Management of Creditors

      5.5 Debt Collection And Payment Strategies

      DISCUSSION QUESTION:

      CHAPTER 6:   FINANCIAL EVALUATION

      6.1 Organizational Factors And Orientation

      6.2 Basis Of Comparison

      6.3 Ratio Analysis

      a.   Measuring efficiency

      b.   Resource Allocation

      c.   Asset Leverage

      d.   Liquidity Maintenance

      e.   Aggregate Rating

      CHAPTER 7:   INVESTMENT PLANNING AND DECISION

      7.1 Parable Of The Talent

      7.2 Rational Economic Thoughts

      7.3 Economics Of Investment

      a.   Compound and Present value Orientation

      b.   Gain or Loss

      49848.jpg    Time value of Money

      49850.jpg    Pay Back Timing

      c.   Present Value Method

      49852.jpg    Investment with Stable Returns

      49854.jpg    Investment with varied Factors

      DISCUSSION QUESTIONS

      CHAPTER 8:   INTERNAL AUDIT FUNCTION AND CHALLENGES OF FINANCIAL ACCOUNTABILITY IN THE CHURCH

      8.1 Financial Accountability

      8.2 Internal Audit Role

      8.3 Challenges

      a.   Structure Design.

      b.   Line and Staff Factors

      c.   Understanding Realities of Audit Independence

      d.   Ethical Conducts

      8.4 Implications For Management

      a.   Authority, Power and Influence

      b.   Structural Factors

      c.   Operational Factors

      8.5 Copping With Challenges

      a.   Managing Relationships.

      b.   Excellence and Accountability.

      c.   Rifts and Frictions

      8.6 Managing The Internal Audit Function In A Strategy Age

      a.   Competency Based Human Resource Management

      b.   Performance Management

      c.   Reward Management

      DISCUSSION QUESTIONS:

      APPENDIX 1

      APPENDIX 2

      APPENDIX 3

      APPENDIX 4

      BIBLIOGRAPHY

      DEDICATION

      I dedicate this Book to:

      The Service of the Lord in the Church.

      All Christian leaders lay leaders and financial executives who truly desire and are eager to help their Churches and organizations overcome the many inadequacies in leadership, management and financial stewardship.

      Corporate managers and executives serving in the public sector, private and nongovernmental organisations (NGO’S) who have a passion for excellence in business, financial management and accountability.

      Finally, this book is a useful material for education and training, capacity building and skills development of corporate leaders, executives and financial managers.

      Noma

      ACKNOWLEDGEMENT

      I am greatly indebted to my father Mr. Yusufu T. Noma (late) and his wife Mrs. Maryamu Yusufu, T. Noma, who happens to be my step mother but a barren woman. This woman nurtured me from the age of primary school to a matured grown up person when my actual mother left and remarried elsewhere. Despite my father’s predicament in my early developmental stage, he yielded to and supported my aspirations to further my education, and also encouraged me to endure life’s challenges. By his Christian discipline, Daddy and elders of the Church led me to knowing Christ as my personal saviour. Hence I was baptized in December, 1969.

      Permit me to appreciate the counselling and teachings of Evangelist Baba James Kaduna Saidu and Reverend Auta Jabbe of blessed memories in developing us spiritually as youth. These helped me grow and become useful to society in many respects. Although I missed the natural warmth of my mother due to her absence from my father’s house, she is a source of immense support and encouragement even today.

      In our polygamous home especially one where all the females had been married, my grandparents put in a lot in shaping my future in terms of farming, domestic work, home control and good character moulding. This is a rare attitude of grandparents. Therefore, I acknowledge what I gained through them as a real value added to my life without which I would have been desolate. I owe a great debt to my teachers and lecturers home and abroad for imparting in me the knowledge and control of management and finance in corporate governance. Without them, then wretched like me would still have been wrapped in the dark cloak of ignorance.

      To the Organizations I served, I thank them for all that I learned during my work experiences. They remain the pillars upon which my career stood, built and made progress.

      Our Children; I love. Their astute and moral characters have lessened the burden of nagging. By the grace of God, the society will find them helpful, and I wish them God’s blessing.

      To friends and relations, I have enjoyed the strength of a good relationship with you over the years. Your affection in my life brought confidence to me, always assuring me in all good works, even in times of trouble I am not alone but with someone who shares and cares.

      I very much appreciate the encouragement and support given me by these noble personalities:

      1. Doman Batur. ACCA, MABE. Lon., PGDM. Lon., MIIA.UK., HND, Dip. Theol. (Retired). Former Chief Accountant, National Veterinary Research Institute NVRI Vom, Plateau State, Nigeria. Former Hon. Treasurer, Church of Christ in Nations COCIN Hq, Jos, Plateau State Nigeria.

      2. Leko Vrengle. BSC (Acct.), ACCA (Lev.II). Hon. Treasurer, Church of Christ in Nations COCIN Hq, Jos, Plateau State, Nigeria.

      3. Solomon Iraoya. BSC (Acct.), FCA. Aiokha Iraoya & Co Chartered Accountants, Bukuru, Plateau State, Nigeria.

      4. Daspan Noah G. B.A. Eng. Lit, PGDE. Lecturer, Theological College of Northern Nigeria TCNN, Bukuru, Plateau State, Nigeria.

      Their interest, commitment and valuable comments during the review of this material made it a resource book and valuable asset for corporate management and financial stewardship in the Church. I say, Thank You.

      Finally, I cannot boast of any substantial achievement without my wife Na’omi A. Noma. She bore with me all the challenges I had to face and has always demonstrated her practical support towards building the home even in my absence. At difficult and tormenting moments of my life, she has been a counsellor and able to soften the mind drawing it to the need for spiritual maturity in dealing with issues and problems. Na’omi has made contributions and has shown tremendous support during my office work. Above all, she has been a true mother to our Children and all that have come across this family. I appreciate you for standing by me at all times. God bless!!!

      INTRODUCTION

      The financial management objective of the organization is to provide funds and keep cash available for operations and to support growth development which is reliant on business skills, credible financial management policies, evaluation of operational efficiency and effective decisions. Church leaders and financial managers are saddled with the responsibility of a broad range of decision making

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