Dates to Know
February 17 – You should receive an email with the new 2020 MFR Template, including the new mileage rates.
February 17 – All U.S. Banks will be closed in honor of Presidents’ Day
February 24 – Bank transfers may be limited as our bank will be performing website maintenance procedures
March 1 – January Financial Reports will be due.
April 1 – February Financial Reports will be due.
June 15-18 – Family Fellowship Week in Kinston, NC.
Benefits of Financial Reports
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 personal earnings. Over the course of 2019, 81% of those eligible chose to submit MFRs. By doing so, they were able to reduce their 1099 Personal Earnings by a combined average of 33.63%. If you are not currently utilizing MFRs and would like information about how to begin, please contact our office.
Financial Status Report
We have uploaded a Financial Status Report to your SecureCloud account, showing figures for the fourth quarter of 2019. This is meant to show you the financial details that we have on file, such as your support estimate and the average amount of support you received this past quarter. This is the information we provide to pastors who may call about your ministry. We ask that all missionaries update their support estimate once every four years, or as their lives and ministries change. Please review this information and contact us if you have any questions.
Retirement Accounts
As self-employed individuals missionaries have available to you and/or your spouse these Individual Retirement Accounts (IRA) options:
1. Traditional IRA
2. Roth IRA
3. SEP-IRA
4. SIMPLE IRA
5. Solo 401(k)
You are also able to open an account with any investment firm of your choice.
Click here to read an article that helps in understanding the benefits of each account.
Another helpful article from Dave Ramsey is available by clicking here.
You may want to speak with someone about your retirement options. David O’Malley, Bro. O’Malley’s brother, is an advisor for Edward Jones. He has offered to assist our missionaries in any way, even if they are not a client of his. His offer is a no-cost unbiased consultation. His phone number is 561-833-9123.
Most investment firms offer the above IRA options to independent contractors. (Independent Contractor is the term the IRS uses to describe your relationship to WW as a self-employed missionary.) You will need to discuss your options with the firm. The investment firm will have specific instructions for you once you make the choice of what type of account you want. When you have opened your account, you can contact Kim O’Malley and she will be happy to send your monthly contribution in for you.
Speaking with an investment advisor and/or your CPA can help you in choosing the best plan for you and your family. There are more options available to you than ever before. Please do not delay. Adding retirement investing to your monthly budget means preparing for your family’s future. Kim O’Malley is now a certified Master Financial Coach and is available to assist our missionaries with this topic.
Registering Your Ministry
If your ministry has been chartered and established as a non-profit organization, we recommend getting a bank account in its name and then going through the process of registering it as a Foreign Non-Profit Organization with our CPA. This process takes several months and costs around $400. The purpose is to show that your ministry meets IRS standards to be considered a public rather than a private charity. With this status, 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. If you are planning to raise funds for the purchase of land or buildings, it would be advantageous to have this step in place before funds arrive in our office for such a project. Please contact our office for more information.
Uplift Podcast
The following recordings were recently published on uplift.wwntbm.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.
Health and Fitness on the Road and Field by Josh Wagar
A Great Door by Mike Norris
10 Thoughts on the Life of a Missionary by Rick Osborn
Commitment by Josh Wagar