House of worship

Objective

To refinance an existing high-interest mortgage against land and facilities

Problem

Leadership required improved financial reporting and accounting operations

Solution

This long-established congregation had been through several controllers in a short period of time and had no clear picture of its financial position.

JRH Consulting Group gave the congregation's business and accounting operations a complete overhaul and we assisted in finding a talented, seasoned accounting professional to run the department. Next, we analyzed the congregation's religious, educational, and communal programs, detailing revenues and expenses. We also established accounting procedures and controls, enabling each department to generate meaningful financial information so the congregation's senior management and leadership could make timely decisions. We created user-friendly documentation for all restricted funds — those donations earmarked for specific projects — to ensure that senior management, accounting and fundraising staff, and the Board could coordinate programs to support and carry out the intentions of the donors.

Payoff

The congregation took its financial statements — accurate for the first time in years — to a new financial institution. With a clear financial picture, the leadership was able to negotiate favorable terms for the mortgage on its physical plant. They successfully cut the interest rate in half.