Ministers Financial Health of the Baptist General Convention of Texas is partnering with GuideStone Financial Resources to provide a new series of video resources on ministers’ compensation.
The videos cover a range of topics and are designed to help churches understand common tax and financial-related questions and issues for ministers.
“These videos are tools to help churches understand tax implications and develop compensation packages for church leaders to provide adequate income,” said Tammy Tervooren with Ministers Financial Health.
‘Short and easily accessible’
“The videos are short and created to be easily accessible, putting some of these complex terms around ministers’ compensation into a more simplified presentation,” she noted.
The videos are free to churches, pastors and ministerial staff as an educational resource and can be accessed via the Ministers Financial Health webpage or directly through the GuideStone website.
Several videos are already available, with more scheduled to release over the next two months.
Current videos already posted to the website explore differences between “lump sum” packages and the “salary-and-benefits” approach and the unique dual tax status of “ministers for tax purposes” as defined by the IRS.
Geared toward ‘unique challenges’
“The financial resources provided by GuideStone are geared specifically for the unique financial challenges and opportunities ministers face,” said Dowell Loftis, director of the Center for Ministerial Health. “For churches and pastors, learning how to best manage the money God has blessed them with is good stewardship.”
Ministers Financial Health provides a variety of other financial education and support resources.
Needing expert guidance?
In the area of ministers’ compensation, Tervoreen shared they are happy to direct churches to GuideStone for expert guidance.
“It is our mission to enhance the financial security and resilience of those who serve the Lord,” said Hance Dilbeck, president of GuideStone. “We are excited to collaborate with Texas Baptists to deliver educational videos and ministerial resources that provide answers and guidance to common financial and tax-related questions and issues that are specific to pastors and ministers.”
Those interested in supporting the work of Ministers Financial Health are encouraged to give to the Texas Baptist Pastor Relief Fund.