finance

General Church
Bishop Robert Schnase presents a motion during an online meeting of the United Methodist Council of Bishops calling for a task force to look at ways to bring financial sustainability to the Episcopal Fund. Screenshot of Zoom meeting via Facebook by UM News.

Bishops look at financial sustainability

The fund that supports bishops’ work is at risk of depletion in four years. The bishops plan to form a strategy to prevent that.
General Church
Rick King, chief financial officer of The United Methodist Church’s finance agency, speaks during a board meeting in March 2020 at Scarritt Bennett Center in Nashville, Tenn. The agency is applying for a small-business loan under the U.S. CARES Act. File photo by Kathleen Barry, UM News.

Church agencies get go-ahead to seek US loans

The General Council on Finance and Administration board gave approval for the finance agency and others to apply for small-business loans under the U.S. CARES Act.
Local Church
Under the U.S. CARES Act, churches are eligible to apply for small business loans to keep staff on the payroll at a time the coronavirus is causing nationwide shutdowns. The loans are on a first-come, first-served basis. Photo by Nattanan Kanchanaprat, courtesy of Pixabay; adapted by Laurens Glass, UM News.

How a new law helps churches amid COVID-19

Under the U.S. CARES Act, churches are eligible to apply for small business loans to keep staff on the payroll and utilities functioning. Here is how the program works.
General Church
Bishop Sally Dyck presides over a discussion of the church budget during the 2016 United Methodist General Conference in Portland, Ore. With the next General Conference delayed until 2021, the board of the denomination’s finance agency decided it had no choice but to continue with the apportionment formula approved in 2016. File photo by Maile Bradfield, UM News.

Wrestling with budget after GC2020 postponed

Finance leaders decided they had no choice but to extend the 2016 General Conference’s budget directives. But they also recognize the financial challenges caused by COVID-19.

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