WWNTBM
March Prayer/Praises and Special Dates
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for March. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.
Tax season is once again upon us! Here are several reminders concerning tax issues that you may face. We trust that this information will be useful to you, both in giving you a better understanding of your reports and helping you to be aware of items that may affect your personal taxes. Please be sure that you are following published guidelines found in your Missionary Orientation Manual when listing expenses on your financial reports. Thank you!
Tax related paperwork generated by WWNTBM will be in your SecureCloud folder on February 1st. This includes W-2 forms, MFR Summary Reports, and Estimated Tax letters. If you requested that we submit your tax information directly to your tax preparer, please note that those documents may not be sent until mid to late February. This is to ensure that there is time for us to include any forms that may arrive in our office from other sources. If you have any questions, please contact Naomi.
The Affordable Care Act (ACA) will affect your taxes in regards to your Health Insurance coverage. If you are enrolled in the Health Insurance Marketplace, you should expect to receive a Form 1095-A from the Marketplace, which you will need to submit to your tax preparer. If you were not enrolled in the Marketplace, you may still need to discuss your Health Insurance plan with your preparer, as it is our understanding this will affect your tax return this year.
It is our understanding that US residents living overseas who may have returned to the US for more than 35 days in 2015 may also be subject to specific fees regarding the Individual Shared Responsibility Provision of the ACA. Information about this is available on the IRS website by clicking here.
Questions about this should be directed to your tax preparer.
If churches issued funds payable to you in excess of $600 during the year 2015, they may issue you a 1099 form. If those funds were either mailed to the office, or included on Line 2 of your MFR as extra income, they are already included in the total of your W-2. Our office can assist you in verifying whether the funds were included on your W-2. Your tax preparer can assist you on your return in recording this so that you are not taxed twice on the same income. We recommend that you request churches to make checks payable to WWNTBM to avoid this issue in the future.
In order to claim the foreign tax exclusion, you must be out of the US for 330 days over a 12 month period of time; however, these days do not have to be in the same calendar year. In order to gain the full benefit of the foreign tax exclusion, your tax preparer may be able to revise your returns based on the actual time you have spent overseas. Because of this, it is vital to provide your tax preparer with all of your travel dates to and from the US. You may also wish to discuss with your tax preparer what dates would be the best travel dates when planning to leave for the field or return on furlough, as this could affect how much you are allowed to claim under the foreign tax exclusion.
Missionaries are considered to be self-employed, and are therefore subject to self-employment taxes. Submitting quarterly estimated tax payments throughout the year will help to prevent having a large tax payment due each April. Estimated tax payments can be submitted on your own, or, if you are interested, you may contact our office for information on how we can submit them for you.
US Treasury Dept. regulations require that if you have any foreign bank accounts, and if the sum total of all of your foreign accounts has ever been $10,000 at any given time during the past year, you must complete the IRS Foreign Bank and Financial Account Form (FBAR) and give it to your tax preparer. This includes all foreign accounts on which you are a signatory, such as a ministry account. This form, and further information about it, is available on the IRS website at www.irs.gov. It is our understanding that there have been several changes to these requirements in recent years, and you may also need to complete Form 8938. Please refer to the IRS website and your tax preparer if you have any questions.
If your ministry has been chartered and established as a non-profit organization, we recommend having your ministry get a bank account in its name. Funds for purchases such as land may be able to be sent directly to your ministry, thus eliminating your personal tax liability. Please note that there are limitations to this option. Of course, regular support could never be sent this way. Please contact our office for more information.
Studies have shown that the average person who uses a tax professional, instead of filing their own taxes, receives a much greater tax return. When comparing the returns of those who self file vs. those who use a tax professional, it is estimated that a self-filer loses between $297 and $791 in missed refunds. The savings far exceed the amount spent to hire a professional. (Statistics 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 listing of tax preparers used by other missionaries is available on SecureCloud, under the Forms and Manuals section.
February 19 – You should receive the 2016 MFR Template with the new mileage rates.
March 1 – January Financial Reports will be due.
June 20-23 – Family Fellowship Week with Valley Baptist Church in Edinburg, VA.
The Monthly Financial Report (MFR) is the tool that missionaries can use to become accountable to WWNTBM for their reimbursable expenses, rather than having all funds listed as salary. Over the course of 2015, 79% of those eligible chose to submit MFRs. By doing so, they were able to reduce their W-2 Wages by a combined average of 29%. If you are not currently utilizing MFRs and would like information about how to begin, please contact our Office.
We are working on some changes to the Financial Report Template. If you’ve not already done so, would you consider giving us some feedback? Click here to complete a short survey. We will need your response by February 8. Then, the new Excel template for the year 2016 will be available on or about February 19. This will give us time to review the your suggestions and incorporate any changes. January financial reports will be due on March 1. Should you wish to complete your report before the new template is available, you are welcome to submit it on the 2015 template.
Feburary Prayer/Praises and Special Dates
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for February. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.
World Wide Missionary List 2016
Click the link above to download a PDF of the current list of World Wide missionaries.
Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then “World Wide Missionary List 2016”. This step protects people with WWNTBM in restricted access fields.
January Prayer/Praises and Special Dates
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for January. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.
January 8 – Missionaries will receive their emailed statements of December Support Received.
January 11 – All missionaries will receive their final December support on this day, regardless of the day that they normally receive support.
January 15 – December financial reports will be due, along with any remaining receipts or financial paperwork for 2015.
June 20-23 – Family Fellowship Week with Valley Baptist Church in Edinburg, VA. Begin arranging your summer schedule to be with us!
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!
Housing allowances previously in place have automatically rolled over to the new year. Missionaries who are ordained are eligible to have a housing allowance in place, which can provide certain tax benefits. If you did not have a housing allowance in 2015 and would like to have one for 2016, or if you have questions regarding this, please contact our office.
A new Excel template for the year 2016 will be available during the first week of February. This will give us time to review the need for any possible updates. January financial reports will be due on March 1. Should you wish to complete your report before the new template is available, you are welcome to submit it on the 2015 template.
Beginning January 1st, the IRS mileage rate has decreased to $0.540 per mile for business/ministry miles. This change will be reflected on the new Excel template for 2016.
Congratulations to Clayton and Linda Eliam on the birth of baby Timothy on December 17th. Timothy weighed 7 pounds 9 ounces. Both mom and baby are doing well! Timothy is the fifth child of the Eliams, and joins his older siblings Cheryl (12), Nathan (10), Hadassah (7), and Keila (5). The family serves on the island of Pohnpei.
December 1 – October financial reports will be due.
December 4 – Revised pay date for those who normally receive funds on the 5th.
December 9 – All prayer letters should be submitted to our staff, in order for your recipients to get them before Christmas.
December 15 – Please contact us by this date if you will need funds in your account before Christmas, or before the end of the year.
December 21-25 – The Office will be closed in celebration of Christmas.
January 1 – November financial reports will be due.
January 8 – Missionaries will receive their emailed statements of December Support Received.
January 11 – All missionaries will receive their final December support on this day, regardless of the day that they normally receive support.
January 15 – December financial reports will be due, along with any remaining receipts or financial paperwork for 2015.
Please contact us by December 15 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 15 will enable us to schedule your funds around bank closings and holiday hours. Should you have an emergency need after December 18, you may contact our staff at the following numbers:
John O’Malley: 704-974-6108
Kim O’Malley: 704-974-1008
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!
Congratulations to Josh and Sarah Wagar on the arrival of their daughter, Milena Kalani Wagar. She was born on the afternoon of Tuesday, November 24, weighing 8lbs., 7oz. and measuring 21 inches long. Sarah had some complications after the delivery; please be in prayer for her recovery.
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 file in SecureCloud for the latest information on contribution amounts and limits for 2015 and 2016.
Jimmy Watson was recently r
ecognized by the Governor of Colorado for his part in helping to catch a murder suspect, during the course of a speaking engagement at a church. Click here to read more details in his recent prayer letter.
We recently asked you to submit information about Bible Institute courses you are familiar with, so we can share these resources with others. Contact information for companies that offer such curriculum is listed below. If you are familiar with other sources, please click here to submit additional information.
By Stephanie Germano
It is so amazing to me how God is always working in our lives, even when we do not realize it! When I was a senior in high school, God made it very clear to me that He wanted me to be a missionary. I was very nervous, but also very excited.
My parents, however, wisely told me that getting to a foreign field was not just something that would happen overnight, but it would take much time and preparation. My mother even jokingly said that it could even take as long as ten years. I chuckled to myself because I thought, “Surely it would not take that long!”
A year later, I had the opportunity to attend Crown College in Powell, TN. It was there that I met my husband and began to develop a burden for the Dominican Republic. After graduation, Timothy felt that he needed some additional training before heading to the mission field. He prayerfully searched for an opportunity to serve.
The Lord opened up a youth pastor position in Downingtown, PA, at Faith Community Baptist Church under Pastor Roland Venable. It was there that we both began to grow and learn many lessons about the ministry. The Lord allowed us to serve there for three years before He laid it on our hearts to begin the next chapter. Faith Community became our sending church as we set out on deputation.
After a wonderful two years of ministry on the road we were excited to finally head for the Dominican Republic. We were held up, however, with some visa and container paperwork. This process took an additional two months. At first, we were discouraged, but then God opened our eyes to see the valuable lessons that He was teaching us as we waited on His perfect timing.
The day came when we were finally able to buy our tickets! The week before we left, I was talking to my mother on the phone. She gently reminded me that our first day in the Dominican was the tenth anniversary of when I was called to be a missionary! Wow! It really did take ten years! All the while God was quietly, yet meticulously working in my life.
Although I still do not feel very ready, I take comfort in knowing that He will use each obstacle I face to prepare me for the next step in the path He has for me to take. If it were not for the lessons He had taught me in college, I would have never been ready to be a youth pastor’s wife. If it had not been for the lessons I learned as a youth pastor’s wife, I would have never been ready for deputation. Looking back on the ways He has shown Himself mighty to us in the past will help us look forward to the future as we began our ministry.
“Being confident of this very thing, that he which hath begun a good work in you will perform it until the day of Jesus Christ:” Philippians 1:6.
Oh praise His dear, sweet name!
The Germanos arrived in the Dominican Republic for their first term on October 28. Pray for them as they begin language studies and settle into their new ministry.
December Prayer/Praises and Special Dates
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for December. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.