1. The money stays in the church checking account, and is essentially the beginning checking account balance on January 1, 2022, just like the beginning balance in your personal checking account on January 1, 2022.
2. First UMC, however, doesn’t use a check register like you might on your personal checking account. Instead, the church uses the General Accepted Accounting Practices (GAAP) for Non-profits. Using GAAP, Alma Carlton, our Financial Secretary, prepares two reports at the end of each month for our General Ministry Budget: 1) The Analysis of Revenues and Expenses for the General Ministry Budget, and 2) The Balance Sheet for the General Ministry Budget.