Compass Initiative

Regulations governing accounting procedures and reporting

Regulations governing accounting procedures and reporting

A financial information system designed to record, classify, report and interpret financial data of an organization or company.

A financial information system designed to record, classify, report and interpret financial data of an organization or company.

Amounts owed by a company or organization for goods and services rendered.

Amounts owed by a company or organization for goods and services rendered.

Amounts due the company or organization for goods and services rendered.

Amounts due the company or organization for goods and services rendered.

An expert on pension scheme assets and debts, life expectancy and risk for insurance purposes.

An expert on pension scheme assets and debts, life expectancy and risk for insurance purposes.

An advance health care directive, also known as living will, personal directive, is a legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity.

An advance health care directive, also known as living will, personal directive, is a legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness or incapacity.

A tax-sheltered investment sponsored by an insurance company that pays earnings and also has a death benefit. A regular amount paid out to someone from an investment that is linked to a managed fund.

A tax-sheltered investment sponsored by an insurance company that pays earnings and also has a death benefit. A regular amount paid out to someone from an investment that is linked to a managed fund.

A percentage to show the amount of interest and other fees a person pays each year to receive a loan.

A percentage to show the amount of interest and other fees a person pays each year to receive a loan.

A type of mortgage for which a person pays a variable amount based on interest rates increasing or decreasing.

A type of mortgage for which a person pays a variable amount based on interest rates increasing or decreasing.

The primary rules governing the management of a corporation in the United States and Canada, and are filed with a state or other regulatory agency.

The primary rules governing the management of a corporation in the United States and Canada, and are filed with a state or other regulatory agency.

Something of value owned.

Something of value owned.

A computerized machine that allows bank customers to get information on their bank account, withdraw money or make a deposit without interaction with another person.

A computerized machine that allows bank customers to get information on their bank account, withdraw money or make a deposit without interaction with another person.

An independent examination of an organization’s records and accounts to make sure that they show a fair, accurate and legal reflection of the financial position of the company at the accounting date. Audits can be either internal or external.

An independent examination of an organization’s records and accounts to make sure that they show a fair, accurate and legal reflection of the financial position of the company at the accounting date. Audits can be either internal or external.

A report by an independent person or firm on an organization’s financial records.  The report will be either “Unqualified” or “Qualified.”

A report by an independent person or firm on an organization’s financial records.  The report will be either “Unqualified” or “Qualified.”

A summary of an organizations assets (what it owns), liabilities (debts it owes) and equity (net worth) at a point in time.  Assets are listed on the left-hand side liabilities and equities are listed on the right-hand side. 

A summary of an organizations assets (what it owns), liabilities (debts it owes) and equity (net worth) at a point in time.  Assets are listed on the left-hand side liabilities and equities are listed on the right-hand side. 

A higher than normal final payment for a loan in return for lower regular repayments.

A higher than normal final payment for a loan in return for lower regular repayments.

A legal status of a person or corporation that cannot repay the debts it owes.  In most jurisdictions, bankruptcy is imposed by a court.

A legal status of a person or corporation that cannot repay the debts it owes.  In most jurisdictions, bankruptcy is imposed by a court.

A person who receives a gift.  The person(s) you name to receive your estate assets at your death.

A person who receives a gift.  The person(s) you name to receive your estate assets at your death.

A written promise made by governments and companies to repay any money borrowed, with interest, on a certain date in the future.

A written promise made by governments and companies to repay any money borrowed, with interest, on a certain date in the future.

A plan of spending over a certain length of time, based on how much income a person(s) or organization anticipates having.

A plan of spending over a certain length of time, based on how much income a person(s) or organization anticipates having.

An organization's internal operating rules.  (The bylaws of each local Church of the Nazarene is the Manual of the Church of the Nazarene.)

An organization's internal operating rules.  (The bylaws of each local Church of the Nazarene is the Manual of the Church of the Nazarene.)

An amount of money a person saves, invests or borrows, before interest or loss.

An amount of money a person saves, invests or borrows, before interest or loss.

Money a business or person makes if it sells a long-term asset, such as a building or equities for more than it cost.

Money a business or person makes if it sells a long-term asset, such as a building or equities for more than it cost.

A tax on gifts over a certain value or on a capital gain.

A tax on gifts over a certain value or on a capital gain.

Also known as an ATM card – a plastic card that a person can use only at cash machines with a personal identification number (PIN) to withdraw cash, check their balance or print out a mini-statement.

Also known as an ATM card – a plastic card that a person can use only at cash machines with a personal identification number (PIN) to withdraw cash, check their balance or print out a mini-statement.

A record of all the money coming in minus all the payments as they are made, measured over a particular time.

A record of all the money coming in minus all the payments as they are made, measured over a particular time.

A document that proves that a person is insured.

A document that proves that a person is insured.

An addition or supplement that explains, modifies, or revokes a will or a portion of one.

An addition or supplement that explains, modifies, or revokes a will or a portion of one.

An asset offered to or needed by a lender as security for a loan, such as a house for a mortgage.

An asset offered to or needed by a lender as security for a loan, such as a house for a mortgage.

A small fee charged as a percentage of the value of goods or services such as stock sale or purchase.

A small fee charged as a percentage of the value of goods or services such as stock sale or purchase.

The money and benefits received by an employee from an employer as a salary or wages.

The money and benefits received by an employee from an employer as a salary or wages.

Insurance that covers damage to and theft of a person’s possessions in their home.

Insurance that covers damage to and theft of a person’s possessions in their home.

An agreement between two or more parties, which is usually written and is binding on everyone concerned.

An agreement between two or more parties, which is usually written and is binding on everyone concerned.

Also known as the exchange rate – a changing rate at which a person can change one currency for another, for example $1.00(USD) for $1.35(CAD).

Also known as the exchange rate – a changing rate at which a person can change one currency for another, for example $1.00(USD) for $1.35(CAD).

A legal term to describe selling or giving property to another person or group.

A legal term to describe selling or giving property to another person or group.

A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment.

A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs such as depreciation of capital equipment.

The CPA is a license to provide accounting services directly to the public. The CPA is awarded by each of the 50 states for practice in that state additionally 49 of 50 states have a mobility agreement.

The CPA is a license to provide accounting services directly to the public. The CPA is awarded by each of the 50 states for practice in that state additionally 49 of 50 states have a mobility agreement.

The CPI program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.

The CPI program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.

Money that a bank, credit union or a credit card company has lent a person to buy goods or services.

Money that a bank, credit union or a credit card company has lent a person to buy goods or services.

A plastic card that lets a person buy something ‘on credit’ and pay for it later.

A plastic card that lets a person buy something ‘on credit’ and pay for it later.

The highest amount a lender or credit card company will lend a person at any time.

The highest amount a lender or credit card company will lend a person at any time.

A score of a person’s ability to repay debt such as loans and credit card bills.  The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.

A score of a person’s ability to repay debt such as loans and credit card bills.  The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.

A person or company who is owed money.

A person or company who is owed money.

A tax on the transfer of the estate of a deceased person. The tax applies to property that is transferred via a will or according to state laws of intestacy.  In addition to the federal estate tax, many states have enacted similar taxes. These taxes may be termed an “inheritance tax.”

A tax on the transfer of the estate of a deceased person. The tax applies to property that is transferred via a will or according to state laws of intestacy.  In addition to the federal estate tax, many states have enacted similar taxes. These taxes may be termed an “inheritance tax.”

A document issued by a company, usually to a bank or credit union, that acknowledges that some or all of the organization’s assets are security for a debt.

A document issued by a company, usually to a bank or credit union, that acknowledges that some or all of the organization’s assets are security for a debt.

A payment from an account or the cost of buying goods or services.

A payment from an account or the cost of buying goods or services.

A plastic card that can be used instead of cash to pay for goods and services, or to withdraw money from an ATM.  The transaction is immediately withdrawn from a bank or credit union account.

A plastic card that can be used instead of cash to pay for goods and services, or to withdraw money from an ATM.  The transaction is immediately withdrawn from a bank or credit union account.

The result of money being taken out from an account.

The result of money being taken out from an account.

Money owed to another person or to a company.

Money owed to another person or to a company.

Taking out a single loan to pay off a number of smaller, individual loans.

Taking out a single loan to pay off a number of smaller, individual loans.

An organization, company or person that owes a sum of money.

An organization, company or person that owes a sum of money.

A document that confirms a person owns a particular property, usually given as security for mortgages.

A document that confirms a person owns a particular property, usually given as security for mortgages.

A failure to pay a debt on time.

A failure to pay a debt on time.

A type of pension plan to which a person makes payments each month and that pays out an amount related to how much the person has invested and how well the fund has performed.

A type of pension plan to which a person makes payments each month and that pays out an amount related to how much the person has invested and how well the fund has performed.

A sum of money placed or kept in a bank account.  A sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later. 

A sum of money placed or kept in a bank account.  A sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later. 

The drop in the value of an asset due to wear and tear, age and whether it is going out of date, as recorded in an organization’s financial records.

The drop in the value of an asset due to wear and tear, age and whether it is going out of date, as recorded in an organization’s financial records.

Someone who is related to a person or group of people who lived in the past.

Someone who is related to a person or group of people who lived in the past.

A secure and confidential method of payment (for example employee payroll) directly into a person’s bank or credit union account, using electronic fund transfer (EFT).

A secure and confidential method of payment (for example employee payroll) directly into a person’s bank or credit union account, using electronic fund transfer (EFT).

A secure and confidential method of payment (for example monthly credit card) directly to the institution, using electronic fund transfer (EFT).

A secure and confidential method of payment (for example monthly credit card) directly to the institution, using electronic fund transfer (EFT).

A type of mortgage, usually offered to new customers, in which the interest rate is reduced for a fixed period of time.

A type of mortgage, usually offered to new customers, in which the interest rate is reduced for a fixed period of time.

Income available after a person pays taxes, loans and buys basic goods and services.

Income available after a person pays taxes, loans and buys basic goods and services.

Selling off, usually in relation to the parts of a company that are not performing well or no longer fit in with the company’s wider plans.

Selling off, usually in relation to the parts of a company that are not performing well or no longer fit in with the company’s wider plans.

Money that a company pays to its shareholders from its profits.

Money that a company pays to its shareholders from its profits.

A person who gives something of value to a fund or an organization.

A person who gives something of value to a fund or an organization.

A durable power of attorney differs from a traditional power of attorney in that it continues the agency relationship beyond the incapacity of the principal.

A durable power of attorney differs from a traditional power of attorney in that it continues the agency relationship beyond the incapacity of the principal.

A term describing different ways to manage money without talking to a person, for example by using an ATM card or the internet.

A term describing different ways to manage money without talking to a person, for example by using an ATM card or the internet.

Theft or misappropriation of funds placed in one's trust or belonging to one's employer.

Theft or misappropriation of funds placed in one's trust or belonging to one's employer.

Writing on a document, for example the signature on a check.

Writing on a document, for example the signature on a check.

A transfer of money or property to a charity for a specific purpose.

A transfer of money or property to a charity for a specific purpose.

The difference between the value of a person’s property and the amount of mortgage they still have to pay.

The difference between the value of a person’s property and the amount of mortgage they still have to pay.

The power of a state to acquire title to property for which there is no owner.  The most common reason that an escheat takes place is that an individual dies intestate, meaning without a valid will indicating who is to inherit his or her property, and without relatives who are legally entitled to inherit in the absence of a will.

The power of a state to acquire title to property for which there is no owner.  The most common reason that an escheat takes place is that an individual dies intestate, meaning without a valid will indicating who is to inherit his or her property, and without relatives who are legally entitled to inherit in the absence of a will.

Estate planning is the process of anticipating and arranging, during a person's life, for the disposal of their estate. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.

Estate planning is the process of anticipating and arranging, during a person's life, for the disposal of their estate. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.

A person who carries out the instructions in a will.

A person who carries out the instructions in a will.

Money that a person or organization spends.

Money that a person or organization spends.

A method for paying employees back when they spend their own money on business-related expenses.  The IRS requires an authorized plan in place before a reimbursement is made.

A method for paying employees back when they spend their own money on business-related expenses.  The IRS requires an authorized plan in place before a reimbursement is made.

The involuntary fee levied on individuals' income by the federal government. All wages are subject to Federal Income Tax, however ministers do not have to pay Federal Income Tax on properly authorized and validated housing allowance.

The involuntary fee levied on individuals' income by the federal government. All wages are subject to Federal Income Tax, however ministers do not have to pay Federal Income Tax on properly authorized and validated housing allowance.

A category of crimes that are often classified as the most serious types of offenses.

A category of crimes that are often classified as the most serious types of offenses.

Commonly known as “social security tax” ½ is paid by the employer and ½ is deducted from the employee’s pay.

Commonly known as “social security tax” ½ is paid by the employer and ½ is deducted from the employee’s pay.

Somebody who studies a person’s earnings, savings and spending and gives advice on how to manage or invest their money.

Somebody who studies a person’s earnings, savings and spending and gives advice on how to manage or invest their money.

All firms that sell financial products. This includes banks, insurance companies, credit unions, and equity/stock brokerage firms.

All firms that sell financial products. This includes banks, insurance companies, credit unions, and equity/stock brokerage firms.

An organization’s statement that includes the annual accounts, budget reports and balance sheet.

An organization’s statement that includes the annual accounts, budget reports and balance sheet.

Financial statements for businesses usually include income statements, balance sheets, statements of retained earnings and cash flows. It is standard practice for businesses to present financial statements that adhere to generally accepted accounting principles (GAAP) to maintain continuity of information and presentation across international borders.

Financial statements for businesses usually include income statements, balance sheets, statements of retained earnings and cash flows. It is standard practice for businesses to present financial statements that adhere to generally accepted accounting principles (GAAP) to maintain continuity of information and presentation across international borders.

The 12 months covered by a set of annual financial statements.

The 12 months covered by a set of annual financial statements.

An asset that a organization intends to use for several years, such as buildings and equipment.

An asset that a organization intends to use for several years, such as buildings and equipment.

A cost that does not change with an increase or decrease in the amount of goods or services produced by a company or the activity of an organization.  Fixed costs are expenses that have to be paid by an organization, independent of any activity or change in income.

A cost that does not change with an increase or decrease in the amount of goods or services produced by a company or the activity of an organization.  Fixed costs are expenses that have to be paid by an organization, independent of any activity or change in income.

An interest rate that stays the same for a fixed time, no matter how other interest rates may go up or down.

An interest rate that stays the same for a fixed time, no matter how other interest rates may go up or down.

A type of mortgage for which a person pays a set amount of interest, so no matter how interest rates go up or down, the same monthly repayment is made.

A type of mortgage for which a person pays a set amount of interest, so no matter how interest rates go up or down, the same monthly repayment is made.

Foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.

Foreclosure Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.

An accounting system emphasizing accountability rather than profitability, used by non-profit organizations. In this system, a fund is a self-balancing set of accounts, segregated for specific purposes.

An accounting system emphasizing accountability rather than profitability, used by non-profit organizations. In this system, a fund is a self-balancing set of accounts, segregated for specific purposes.

A collection of rules and procedures that define accepted accounting practice; includes broad guidelines as well as detailed procedures.

A collection of rules and procedures that define accepted accounting practice; includes broad guidelines as well as detailed procedures.

A legal concept which means serious carelessness.

A legal concept which means serious carelessness.

Total pay before income taxes, FICA tax, pension, or any other deduction is made.

Total pay before income taxes, FICA tax, pension, or any other deduction is made.

An interest rate that a person can be sure they will receive on particular savings accounts.

An interest rate that a person can be sure they will receive on particular savings accounts.

A person who looks after and is legally responsible for someone who is unable to manage their own affairs, especially an incompetent or disabled person or a child whose parents have died.

A person who looks after and is legally responsible for someone who is unable to manage their own affairs, especially an incompetent or disabled person or a child whose parents have died.

A private investment fund that is open to a limited range of investors and is allowed to make more risky and short-term investments than other funds to earn as much as possible.

A private investment fund that is open to a limited range of investors and is allowed to make more risky and short-term investments than other funds to earn as much as possible.

A person legally entitled to the property of another on that person's death.

A person legally entitled to the property of another on that person's death.

A type of insurance that covers either the property or its contents from theft, fire, flooding or other damage.

A type of insurance that covers either the property or its contents from theft, fire, flooding or other damage.

A designated portion of a pastor’s salary (officially designated in advance of payment) for the amount actually used to provide or rent a home not to exceed the fair market rental value of the home (including furnishings, utilities, garage, etc.).

A designated portion of a pastor’s salary (officially designated in advance of payment) for the amount actually used to provide or rent a home not to exceed the fair market rental value of the home (including furnishings, utilities, garage, etc.).

Protect or insure somebody against being sued for their actions.

Protect or insure somebody against being sued for their actions.

A promise to compensate someone else for loss or damage or protection from legal responsibility from a person’s actions.

A promise to compensate someone else for loss or damage or protection from legal responsibility from a person’s actions.

A formal charge or accusation of a serious crime.

A formal charge or accusation of a serious crime.

An increase in prices, which decreases the purchasing power of money.

An increase in prices, which decreases the purchasing power of money.

A violation or infringement of a law, agreement, or set of rules.

A violation or infringement of a law, agreement, or set of rules.

A person’s or organization’s position when they cannot pay debts when they are due for repayment.

A person’s or organization’s position when they cannot pay debts when they are due for repayment.

The percentage that a person receives on their savings or pays on their loan.

The percentage that a person receives on their savings or pays on their loan.

Not having made a will before one dies.

Not having made a will before one dies.

To allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future. In finance, the expected future benefit from investment is a return that may consist of capital gain and/or investment income, including dividends, interest, rental income etc.

To allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future. In finance, the expected future benefit from investment is a return that may consist of capital gain and/or investment income, including dividends, interest, rental income etc.

Includes transactions in equity securities, such as common stock, and debt securities, such as banknotes, bonds, and debentures. Portfolio investments are passive investments, as they do not entail active management or control of the issuing company.

Includes transactions in equity securities, such as common stock, and debt securities, such as banknotes, bonds, and debentures. Portfolio investments are passive investments, as they do not entail active management or control of the issuing company.

A trust that can’t be revoked and that takes effect during the life of the grantor. Usually made to transfer wealth, protect assets, or reduce taxes.

A trust that can’t be revoked and that takes effect during the life of the grantor. Usually made to transfer wealth, protect assets, or reduce taxes.

A bank account held by more than one person.

A bank account held by more than one person.

A type of shared ownership of property, where each owner has an undivided interest in the property. This type of ownership creates a right of survivorship, which means that when one owner dies, the other owners absorb the deceased owner's interest.

A type of shared ownership of property, where each owner has an undivided interest in the property. This type of ownership creates a right of survivorship, which means that when one owner dies, the other owners absorb the deceased owner's interest.

A stock that is issued by a company with a poor financial record to help it repay its debts and that carries a higher risk than other bonds but offers higher returns. 

A stock that is issued by a company with a poor financial record to help it repay its debts and that carries a higher risk than other bonds but offers higher returns. 

Money or property left in a will.

Money or property left in a will.

Debts that a person or organization owes.

Debts that a person or organization owes.

A right to keep something owned by someone who owes a debt, until the person has repaid the debt.

A right to keep something owned by someone who owes a debt, until the person has repaid the debt.

The ability to convert an asset to cash easily and quickly with little or no loss of value.

The ability to convert an asset to cash easily and quickly with little or no loss of value.

A written statement detailing a person's desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent.  (See also Advance Directive.)

A written statement detailing a person's desires regarding their medical treatment in circumstances in which they are no longer able to express informed consent.  (See also Advance Directive.)

Improper, illegal, or negligent professional activity or treatment, by someone considered a professional (physician, lawyer, public official, minister, counselor). 

Improper, illegal, or negligent professional activity or treatment, by someone considered a professional (physician, lawyer, public official, minister, counselor). 

The money of individual investors. The combined capital invested by a professional fund manager, in some cases being applied across a range of asset classes such as stocks, bonds, property, or infrastructure assets.

The money of individual investors. The combined capital invested by a professional fund manager, in some cases being applied across a range of asset classes such as stocks, bonds, property, or infrastructure assets.

The value of a company when the number of its issued ordinary shares is multiplied by their market price.

The value of a company when the number of its issued ordinary shares is multiplied by their market price.

A settlement of a dispute or controversy by setting up an independent person between two contending parties in order to aid them in the settlement of their disagreement.

A settlement of a dispute or controversy by setting up an independent person between two contending parties in order to aid them in the settlement of their disagreement.

The lowest amount that a credit card company will allow a person to repay each month to clear their debt.

The lowest amount that a credit card company will allow a person to repay each month to clear their debt.

Any "lesser" criminal act in the legal systems generally crimes inferior to (less than) a felony. 

Any "lesser" criminal act in the legal systems generally crimes inferior to (less than) a felony. 

A loan to buy buildings and property and if it is not paid back, the lending agency can take over the property.

A loan to buy buildings and property and if it is not paid back, the lending agency can take over the property.

An insurance policy to ensure that the mortgage will be paid off in full if a person dies.

An insurance policy to ensure that the mortgage will be paid off in full if a person dies.

The value of an asset after depreciation has been recorded.

The value of an asset after depreciation has been recorded.

A person’s income each week, month or year after taxes, and all payroll deductions.

A person’s income each week, month or year after taxes, and all payroll deductions.

Interest from which tax has already been deducted.

Interest from which tax has already been deducted.

Any type of insurance contract under which insureds are indemnified for losses by their own insurance company, regardless of fault in the incident generating losses.

Any type of insurance contract under which insureds are indemnified for losses by their own insurance company, regardless of fault in the incident generating losses.

A category of employees entitled to overtime pay and minimum wage as described in the Fair Labor Standards Act (FLSA).  Non-exempt employees must be paid for each hour that they work and 1.5x their hourly wage for any hours worked over 40. Employees who earn less than $455/week and those who do not use personal discretion and independent judgment at least 50% of the time are considered non-exempt.

A category of employees entitled to overtime pay and minimum wage as described in the Fair Labor Standards Act (FLSA).  Non-exempt employees must be paid for each hour that they work and 1.5x their hourly wage for any hours worked over 40. Employees who earn less than $455/week and those who do not use personal discretion and independent judgment at least 50% of the time are considered non-exempt.

An organization that has been formed by a group of people in order "to pursue a common not-for-profit goal", that is, to pursue the stated goal expressly without the intention of distributing excess revenue (i.e. profit) to members or leaders. 

An organization that has been formed by a group of people in order "to pursue a common not-for-profit goal", that is, to pursue the stated goal expressly without the intention of distributing excess revenue (i.e. profit) to members or leaders. 

One of 29 types of nonprofit organizations which are exempt from federal income taxes.  Each local Church of the Nazarene is a part of the Church of the Nazarene Inc. 501(c)3 and documentation is available at the General Secretary’s Office. 

One of 29 types of nonprofit organizations which are exempt from federal income taxes.  Each local Church of the Nazarene is a part of the Church of the Nazarene Inc. 501(c)3 and documentation is available at the General Secretary’s Office. 

Action from a bank or credit union that lets a person access more money than they have in their account, for a charge.  All institutions have policies on overdraft limits.

Action from a bank or credit union that lets a person access more money than they have in their account, for a charge.  All institutions have policies on overdraft limits.

Any plan, fund, or scheme which provides retirement income.

Any plan, fund, or scheme which provides retirement income.

Each year.

Each year.

The involuntary fee levied on individual property owners by the county or state government. Usually assessed as a percentage of the value of an item. They can fall under county or state taxes, depending on where you live. Not all states tax personal property, however, and what is subject to personal property tax varies widely from state to state.

The involuntary fee levied on individual property owners by the county or state government. Usually assessed as a percentage of the value of an item. They can fall under county or state taxes, depending on where you live. Not all states tax personal property, however, and what is subject to personal property tax varies widely from state to state.

A four-digit number that a person must use to authorize a debit card or ATM transaction.

A four-digit number that a person must use to authorize a debit card or ATM transaction.

A written document in which one person (the principal) appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal.

A written document in which one person (the principal) appoints another person to act as an agent on his or her behalf, thus conferring authority on the agent to perform certain acts or functions on behalf of the principal.

A financial projection based on assumptions. Also, refers to a statement of income and balance sheets that exclude non-recurring items. A financial statement that a company or an organization  prepares to consider the effects of a potential activity. A pro forma financial statement can be part of the risk analysis of a situation.

A financial projection based on assumptions. Also, refers to a statement of income and balance sheets that exclude non-recurring items. A financial statement that a company or an organization  prepares to consider the effects of a potential activity. A pro forma financial statement can be part of the risk analysis of a situation.

A legal process that involves managing and distributing the estate of a deceased person, as left in a will.

A legal process that involves managing and distributing the estate of a deceased person, as left in a will.

A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year.

A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time, usually a fiscal quarter or year.

A document from a public company that wishes to sell shares to the public, giving details of the company’s past performance and its plans for the future.

A document from a public company that wishes to sell shares to the public, giving details of the company’s past performance and its plans for the future.

Any subset of land that has been legally defined and the improvements to it have been made by human efforts: buildings, machinery, wells, dams, ponds, mines, canals, roads, etc.

Any subset of land that has been legally defined and the improvements to it have been made by human efforts: buildings, machinery, wells, dams, ponds, mines, canals, roads, etc.

A document to confirm that money has been received, usually for goods and services.

A document to confirm that money has been received, usually for goods and services.

Insurance to cover personal property in a rental dwelling or for ministers living in a church owned parsonage.

Insurance to cover personal property in a rental dwelling or for ministers living in a church owned parsonage.

Amounts that an organization sets aside that it can spend in later years.

Amounts that an organization sets aside that it can spend in later years.

A term used in probate law to refer to the part of a deceased's estate that remains after all specific gifts and bequests have been made and all claims satisfied.

A term used in probate law to refer to the part of a deceased's estate that remains after all specific gifts and bequests have been made and all claims satisfied.

A fee paid in advance to someone, especially an attorney, in order to secure or keep their services when required.

A fee paid in advance to someone, especially an attorney, in order to secure or keep their services when required.

The money that a person or company earns as a percentage of the total value of his/her/its assets that are invested. Because it is easy to calculate the return on investment, it is a relatively popular measure of the profitability on an investment and can help in making investment decisions.

The money that a person or company earns as a percentage of the total value of his/her/its assets that are invested. Because it is easy to calculate the return on investment, it is a relatively popular measure of the profitability on an investment and can help in making investment decisions.

Credit that is carried over from one billing period to the next when a person does not make the full credit card repayment when it is due.

Credit that is carried over from one billing period to the next when a person does not make the full credit card repayment when it is due.

A set of strategies for analyzing potential risks and instituting policies and procedures to deal with them.

A set of strategies for analyzing potential risks and instituting policies and procedures to deal with them.

“Social security” tax paid fully by the wage earner.  The IRS allows ministers to either have the local church withhold FICA taxes and treat them as a regular employee or to file as a self-employed person and pay the full SECA tax.  This tax is figured on both wages and housing allowance.

“Social security” tax paid fully by the wage earner.  The IRS allows ministers to either have the local church withhold FICA taxes and treat them as a regular employee or to file as a self-employed person and pay the full SECA tax.  This tax is figured on both wages and housing allowance.

A loan that is borrowed against a particular asset, known as security; if a person cannot make the repayments when they are due, the lender can take ownership of the asset.

A loan that is borrowed against a particular asset, known as security; if a person cannot make the repayments when they are due, the lender can take ownership of the asset.

A document; historically, a physical certificate but increasingly electronic, showing that one owns a portion of a publicly-traded company or is owed a portion of a debt issue.

A document; historically, a physical certificate but increasingly electronic, showing that one owns a portion of a publicly-traded company or is owed a portion of a debt issue.

A person who owns a share or shares in a company.

A person who owns a share or shares in a company.

A person who signs a document, such as an application form or check.

A person who signs a document, such as an application form or check.

The involuntary fee levied on individuals' income by the state government. Each of the states have their own tax commission and tax laws & forms.

The involuntary fee levied on individuals' income by the state government. Each of the states have their own tax commission and tax laws & forms.

An option to buy or sell a specific number of shares of stock at a fixed price until a specified date.

An option to buy or sell a specific number of shares of stock at a fixed price until a specified date.

A formal document that orders a named individual to appear before a duly authorized body at a fixed time to give testimony.

A formal document that orders a named individual to appear before a duly authorized body at a fixed time to give testimony.

The paper that tells a defendant that he or she is being sued and asserts the power of the court to hear and determine the case. A form of legal process that commands the defendant to appear before the court on a specific day and to answer the complaint made by the plaintiff.

The paper that tells a defendant that he or she is being sued and asserts the power of the court to hear and determine the case. A form of legal process that commands the defendant to appear before the court on a specific day and to answer the complaint made by the plaintiff.

An extra charge by a bank or credit union if a customer does not keep to their agreement.

An extra charge by a bank or credit union if a customer does not keep to their agreement.

The sum that an insurance company pays a policyholder when they cancel a life insurance policy before its date of maturity; this value is usually lower than the value of the policy when it matures.

The sum that an insurance company pays a policyholder when they cancel a life insurance policy before its date of maturity; this value is usually lower than the value of the policy when it matures.

Any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewelry, art, writings, or household goods.

Any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewelry, art, writings, or household goods.

An involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, regional or national in order to finance government activities.

An involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, regional or national in order to finance government activities.

A loan that a person or organization must repay within a certain period, for example three or five years.

A loan that a person or organization must repay within a certain period, for example three or five years.

A legal and fiduciary relationship created through explicit instructions in a deceased's will. A testamentary trust goes into effect upon an individual's death and is commonly used when someone wants to leave assets to a beneficiary, but does not want the beneficiary to receive those assets until a specified time. Testamentary trusts are irrevocable.

A legal and fiduciary relationship created through explicit instructions in a deceased's will. A testamentary trust goes into effect upon an individual's death and is commonly used when someone wants to leave assets to a beneficiary, but does not want the beneficiary to receive those assets until a specified time. Testamentary trusts are irrevocable.

A person who has made a will or given a legacy/ a woman who has made a will or given a legacy.

A person who has made a will or given a legacy/ a woman who has made a will or given a legacy.

A legal arrangement that transfers control over property to a person or organization for the benefit of someone else.

A legal arrangement that transfers control over property to a person or organization for the benefit of someone else.

A person or organization that controls property or assets for the benefit of someone else.

A person or organization that controls property or assets for the benefit of someone else.

An organization, usually an insurance company, that agrees to pay a claim on an insurance policy.

An organization, usually an insurance company, that agrees to pay a claim on an insurance policy.

A loan that is not backed by a particular asset; if a person does not pay back the loan, the lender cannot take any asset in return, but may still take the person to court.

A loan that is not backed by a particular asset; if a person does not pay back the loan, the lender cannot take any asset in return, but may still take the person to court.

An interest rate that is likely to go up or down over time.

An interest rate that is likely to go up or down over time.

A key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.

A key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.

A document issued by a legal or government official authorizing the police or some other body to make an arrest, search premises, or carry out some other action relating to the administration of justice.

A document issued by a legal or government official authorizing the police or some other body to make an arrest, search premises, or carry out some other action relating to the administration of justice.

A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer).

A warranty deed is a type of deed where the grantor (seller) guarantees that he or she holds clear title to a piece of real estate and has a right to sell it to the grantee (buyer).

A legal document by which a person expresses his or her wishes as to how his or her property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.

A legal document by which a person expresses his or her wishes as to how his or her property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.

A system whereby an employer must pay, or provide insurance to pay, the lost wages and medical expenses of an employee who is injured on the job.  Workers' compensation law is governed by statutes in every state. Specific laws vary with each jurisdiction, but key features are consistent. An employee is automatically entitled to receive certain benefits when he/she suffers an occupational disease or accidental personal injury arising out of and in the course of employment.

A system whereby an employer must pay, or provide insurance to pay, the lost wages and medical expenses of an employee who is injured on the job.  Workers' compensation law is governed by statutes in every state. Specific laws vary with each jurisdiction, but key features are consistent. An employee is automatically entitled to receive certain benefits when he/she suffers an occupational disease or accidental personal injury arising out of and in the course of employment.

A legal phrase, describing a situation in which an employee's contract of employment has been terminated by the employer if the termination breaches one or more terms of the contract of employment, or a statute provision in employment law.

A legal phrase, describing a situation in which an employee's contract of employment has been terminated by the employer if the termination breaches one or more terms of the contract of employment, or a statute provision in employment law.