Posted on by WWNTBM

From the Memo Board: December 2017

Dates to Know

December 1 – October Financial Reports will be due.

December 8 – Revised pay date for those who normally receive funds on the 10th.

December 8 – All prayer letters should be submitted to our staff in order for your recipients to get them before Christmas.

December 18 – Please contact us by this date if you will need funds in your account before Christmas or the end of the year.

December 20-27 – The Office will be closed in celebration of Christmas.

January 1 – November Financial Reports will be due.

January 9 – Missionaries will receive their statements of December Support Received.

January 11 – All missionaries will receive their final December support on this day, regardless of the day they normally receive support.

January 15 – December Financial Reports will be due, along with any remaining receipts or financial paperwork for 2017.

January 31 – W-2 Forms and other tax documentation for the 2017 year will be available.

December Support

Please contact us via Signal by December 18 if you would like funds in your account before Christmas. Final December support distributions will be made on January 11th for all missionaries, regardless of their regular pay date. Contacting us by December 18 will enable us to schedule your funds around bank closings and holiday hours. Should you have an emergency need after December 19, you may contact our staff at the following numbers:

John O’Malley: 704-974-6108
Kim O’Malley: 704-974-1008

January Income Totals

During a typical month, we close the books on the 25th and any checks received after that date are posted to the following month. Due to receipting requirements, we cannot do this in the month of December. As a result, please be aware that your December support total may be higher than normal, while your January support total may be lower than normal. Please be sure to plan ahead for this!

Utilizing a Tax Professional

We have recently had several requests for information about tax preparers used by other missionaries. Therefore, we wanted to make this available again to everyone in case others are looking for a new tax preparer.

Studies have shown that the average person who uses a tax professional, instead of filing their own taxes, receives a much greater tax return. Many have also found that using tax software does not always compare to the benefits of using a professional either. In many instances it is not that the software or the self-filer is wrong, but that other choices not obvious in the software may be better for the individual. (Information taken from daveramsey.com.)

It is also good to note that not all professionals are familiar with tax situations that might affect you. We encourage all missionaries to use a certified tax preparer who is familiar with special tax situations that affect missionaries. A list of tax preparers used by other missionaries is available on SecureCloud, under the Forms and Manuals section. Each of these agencies are currently taking new clients. Prices and level of assistance can vary greatly from one agency to another, so it may be beneficial to contact them first to discuss your individual circumstances before choosing a preparer. A less expensive option may not always be the most beneficial for your situation.

Retirement Accounts

Each year we are required to publish to all missionaries the following:

WWNTBM currently offers our missionaries the option of participating in a 403(b) Retirement Plan, the non-profit version of a 401(k) plan. We encourage all of our missionaries to participate in some type of retirement planning. If you do not currently have a 403(b) account and would be interested in opening one, please contact our office for a listing of vendors and more information.

Due to IRS regulations, we are required to use a Third Party Administrator (TPA) to handle all 403(b) accounts. The administrative fee is $50.00 per year, which will be deducted from Support each January or February for those who contribute. The TPA assists us by administering our plan and keeping us in compliance with the Department of Labor and IRS codes.

Please note that loans and hardship withdrawals are not allowed by the companies who manage your 403(b).

Please see the 403(b) Availability Notice in SecureCloud under the Forms and Manuals folder for the latest information on contribution amounts and limits for 2017 and 2018.

Uplift Podcasts

The following recordings were recently published on Uplift.com. You may access the site by entering the username: wwntbm and the password: gospel. These recordings for our missions family contain the Uplift calls in their entirety, including prayer requests and challenges to our missionaries. We hope they will encourage your heart.