Eduproject.com.ng logo - RESEARCH PROJECT TOPICS AND PROJECT TOPICS ON EDUCATION

PROJECT TOPIC: FINANCIAL MANAGEMENT SYSTEM OF CHURCHES: A CASE STUDY OF THE METHODIST CHURCH GHANA, TEMA DIOCESE.

Project Body:


CHAPTER ONE INTRODUCTION

  • Background of the Study

In today‘s competitive landscape, efficient management of a church‘s financial resources is very vital for the church to succeed. Financial management systems are the processes and procedures used by an organization‘s management to exercise financial control and accountability. These measures include recording, verification and timely reporting of transactions that affect revenues, expenditures, assets and liabilities. (Diamond & Khemani, 2005). Financial management systems are not only relevant in business organizations or profit making institutions but non-profit making institutions as well. The church is considered to be both a spiritual organism and a human an organization that is, it is characterized by both organizational and spiritual attributes and it is at once the body of Christ and a human institution (Auken & Johnson, 1985). Because of this unique dual nature, the local church requires both spiritual and organizational management practices to ensure proper management of it human and financial resources. A church with a poor financial management system, which is a poor system of accounting, auditing and reporting of its financial resources, lacks the moral right and justification to collect and use monies from its congregation. Just as management of financial and other resources are vital in the attainment of organizational goals and objectives in profit making institutions, church leaders are also admonished by God to be good stewards of the resources that are committed to their care in  order for the attainment of the church‘s mission and vision. Management is not a current phenomenon. It can be traced back to the Garden of Eden where God assigned Adam to be the

―keeper‖ of all the resources in the garden  and the entire earth. Genesis 2:15.  Sound financial management  system  reflects  good  stewardship.  A  balanced  theology  of  Christian   financial

stewardship requires that members demand accountability from church leaders for their stewardship of financial blessings contributed by the members through giving and other means. (Malphurs & Stroope, 2007)

The Establishment of a sound and an effective financial management system is vital for the churches existence and the management of reputational risks associated with mismanagement and fraud. The presence of a strong financial management system contributes to achieving the goal of the church through the provision of reliable financial data, safeguarding of the church‘s assets and records, evaluating operational efficiency and control through a budget and encouraging adherence to prescribed policies and regulations (Hayles, Wallage, & Gortemaker, 2014).


Disclaimer: Using this Service/Resources: You are allowed to use the original model papers you will receive in the following ways:
  1. 1. This material content is developed to serve as a GUIDE for students to conduct academic research work
  2. 2. As a source for additional understanding of the subject.
  3. 3. As a source for ideas for your own research work (if properly referenced).
  4. 4. For PROPER paraphrasing (see your university definition of plagiarism and acceptable paraphrase)
  5. 5. Direct citing (if referenced properly)
  6. Thank you so much for your respect to the authors copyright.

Useful Links: