Designated Gifts and Temporary Restricted Accounts Policy

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YATES BAPTIST CHURCH

DESIGNATED GIFTS AND TEMPORARY RESTRICTED ACCOUNTS POLICY

Adopted July 18, 2012

Definition

Temporary restricted accounts are accounts established by the church to be used for specific ministries and activities in order to further the mission of the church.

Designated gifts are donations to the church with a preference for the use of the gift indicated on the check, on the envelope, or through other written means to the Finance Committee.

While the church’s intent is to use each designated gift for the specific purpose identified, the church is the final authority in determining the use of all gifts to the church in accordance with IRS rules.

Establishing a Temporary Restricted Account

  • A member may request that a temporary restricted account be established by submitting a written request to the Finance Committee.

The request should state the purpose of the account, the duration of the account, and a provision for the use of any monies remaining after the purpose has been fulfilled.

  • Each temporary restricted account shall be approved by the church following a recommendation by the Finance Committee.

Closing a Temporary Restricted Account

  • When the purpose of a temporary restricted account has been fulfilled, the account will be closed.
  • When the account has been inactive for six months or the account balance is less than $100, the account will be closed unless it has a recurring purpose stated in writing when the account was established.
  • Monies remaining in the account will be transferred to the general operating account or to another account if specified when the temporary restricted account was established.
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