WhatsApp or SMS: 07087083227
Click here to Get The Complete Research Project Chapter 1-5

Full Project – FINANCIAL MANAGEMENT IN CHURCH ADMINISTRATION (A CASE STUDY OF NEW LIFE GOSPEL CHURCH ZONE 6 OSUN STATE)

Click here to Get this Complete Project Chapter 1-5

Abstract

The study sought to unearth the financial management in church administration in New Life Gospel Church Zone 6 Osun State. The objectives are to find out the financing decisions of the church, the investment decisions of the church, the reward systems of the church and the challenges faced by the church in achieving the financial obligations. The target population for the research comprised church members (both pastors or general overseers and leaders as well as members of the church) of the five New Life Gospel Church Zone 6 Osun State. Purposive and simple random sampling techniques were used to select forty (40) respondents. Questionnaires were used as an instrument for collecting data. A thorough library search was embarked upon to collect relevant data for the review of related literature to establish theoretical and empirical framework of the study. From the study, it was revealed that the major sources of funds for the New Life Gospel Church Zone 6 Osun State are through fund raising activities, tithes and offerings.

Rewarding or motivating church leaders with Vehicle and maintenance allowances encourages them to work and refusal to pay tithes and other church levy, absenteeism of church members, maintenance of church properties, huge amount of money paid for rented apartment for church service, mismanagement of church funds and purchase of flashy cars by some pastors were the major challenges faced by the church in achieving the financial obligations.

Conclusions were drawn from the findings. Based on the above it is recommended that churches should be able to employ the services of a qualified or welltrained accountant to handle the accounting aspect of the church and churches should be encouraged to invest, in the lucrative business to enable the church to make money for developmental projects such as expansion of church or building, providing scholarships etc.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Some history records show that in the early ancient days, recording of financial events was initiated for the purpose of faith based activities in the ancient Greece (Mesopotamia); financial records have been found on clays in Mesopotamia, which show lists of expenditures, and goods received and traded around temples (Biobele, 2008). The development of accounting, along with that of money and numbers, may be related to the taxation and trading activities of temples.

During the first millennium BC, there is also evidence for an early form of accounting in the Old Testament of Bible for people of Israel; as the Book of Exodus in the Bible describes Moses engaging Ithamar to account for the materials that had been contributed towards the building of the tabernacle. Around 40 AC, the record on the New Testament also shows that in the early church, there was job segregation on the sacred work versus the secular work; where the apostles appointed committee comprises 7 members to manage the giving and other properties from the church members. (Acts 6:3) The medieval period Church of Scotland had been using financial management decision for the purpose of different investment activities. It is evident that accounting for asset and income was mobilized in order to achieve social aims (Catriona & et al 2010).

Practice of working with and using accounting for financial management decision in the faith based in general and in Christian churches in particular is not the recent development. But the practice is seen in either of the following two ways: the first is that churches rely on a great deal of volunteer support, and as a result may not have the professional oversight to adequately monitor the resources of the organization (Thomas & et al, 2013). The second reason is the ignorance of churches to the accounting and financial management with the reason of the tension between the perceived secular orientation of finance and accounting and the sacred activities of churches. Accounting systems, in this context, for churches, are not part of the sacred agenda and should not interfere with the more important spiritual endeavors of the Church (Niklas Kreander & et al, 2004). The sacred and secular divide, separates the legitimate part of the church from the profane support activities. Accounting is seen as a support activity, and is thus profane. It is regarded as irrelevant to the life of the organization and only tolerated to the extent that it supports the sacred (Niklas Kreander & et al, 2004).

Religious organizational members are increasingly calling upon their churches most especially, the governing body of the church for stricter accountability and transparency. Financing the activities and operations of the religious organizations and churches is serious setback. The organizational activities together with the limited financial resources results in paying particular attention to financial management. With intermittent media reports of financial irregularities in some religious organizations, there is an increasing call for financial accountability. Church members want to know, and have a right to know, how and where church funds are expended. Not only is the accountability and financial reporting essential but assistance is needed in all aspects of financial management. Establishing prudent Church financial management systems will provide the financial transparency and accountability necessary to solve these difficulties (Wayne, 1989).

In recent times there have been several cases of embezzlement which borders on the use of funds and other resources of the church. The issue of financial mismanagement is gradually becoming a major problem area in the church’s management system as it is often the case where the church leaders are day in and day out being accused of using the church’s funds for their own benefit. Thus, while some account clerks are prudently managing their churches finances above reproach others do the opposite. Hence, it is important to examine the procedures put in place by New Life Gospel Church in the management of her finances. This will enable one ascertain perhaps the challenges, if any, that these churches are facing hence their inability to manage their finances above reproach.

1.2 STATEMENT OF PROBLEM

Many studies have been undertaken all over the world aimed at understanding the unique management systems of the church (Leach, 1960; Laughlin, 1988; Harris 1990; Booth, 2015; Gruber, 2004; Agyei & Kusi, 2016; Shaibu, 2013).

Most of these studies have however focused on discrete aspects of the financial management scope such as accounting and communication, internal controls, investment policy, among others instead of considering the whole system, hence failed to bring in-depth understanding to how the entire financial system operates. That is, evaluating a single financial management component is not enough to give a true reflection of the efficiency and effectiveness of the financial management practices of an entity. The number of studies carried out to enable the understanding of the financial management in churches, especially in Ghana, is inadequate compared with the exponential growth the church is experiencing, and the perception of increasing financial mismanagement and malpractices associated with them (Agyei & Kusi, 2016; Ahortor, 2009; Shaibu, 2013; Ahiabor & Mensah, 2013; White & Acheampong, 2017).

Justification for the lack of such studies over the years is the difficulty in accessing available and accurate data. The few studies done as stated above also focus mainly on the orthodox churches (especially the Catholic, Anglican, and Methodist and Presbyterian churches). The findings of some studies identified inadequate financial management practices, poor stewardship, lack of internal control systems and generally low interest or investment in financial literacy in the respective churches (Leach, 1960; Laughlin, 1988; Harris 1990; Booth, 2015; Agyei & Kusi, 2016; Shaibu, 2013).

1.3. AIMS AND OBJECTIVES OF THE STUDY

The major aim of the study is to examine the financial management in church administration. Other specific objectives of the study are;

To examine the cash management system of New Life Gospel church.
To examine the impact of financial management on church growth and survival.
To determine the investment management system in church administration in Nigeria.
To examine the internal control and accountability measures in place and their effectiveness
To recommend ways of improving church finance management in Nigeria.

1.4. RESEARCH QUESTIONS

How is the cash management system of New Life Gospel church?
What is the impact of financial management on church growth and survival?
What is the investment management system in church administration in Nigeria?
What are the internal control and accountability measures in place and their effectiveness?
What are the recommended ways of improving church finance management in Nigeria?

1.5. RESEARCH HYPOTHESIS

H0: Financial management does not have an impact on church growth and survival

H1: Financial management have a significant impact on church growth and survival

1.6. SIGNIFICANCE OF THE STUDY

The study would be of immense importance to church management in Nigeria as it would enhance church growth, expansion and development by examining the New Life Gospel church principles of financial management and administration. The study would also benefit students, researchers and scholars who are interested in developing further study on the subject matter.

1.7. SCOPE OF THE STUDY

The study is on financial management in church administration, a case study of New Life Gospel Church Zone 6, Osun State.

1.8 LIMITATION OF THE STUDY

Financial constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview)

Time constraint: The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

1.9 OPERATIONAL DEFINITIONS OF TERMS

Finance: A body of principles and theories dealing with raising, investing, managing and employing funds by individuals and organizations in the private and public sectors. Financial managers can take three main decisions; finance, investing and dividend decisions.

Funds: This is regarded as cash or its equivalent, example cheques, drafts, money orders, etc. The term may be used to include securities which have a ready market and can be quickly liquated.

Financial Management: This means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise.

Church administration: Church administration is spiritual service to the Body of Christ which involves the wise stewardship of God’s resources for the accomplishment of the work of ministry. Church administration or management has to do with the organization of church ministry, and with the operations that govern that organization. Administration is not an end in itself, but rather it is a means for serving people effectively, while making efficient use of resources in a manner that glorifies God.

Church: Church is commonly defined as a building used for public worship. However, many people refer to a church as an organization. Examples are the Catholic Church, the Church of Christ, and the Southern Baptist Church amongst many others

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

You can also check other Research Project here:

1, Accounting Research Project

Need a Project Writer for a Different Topic

Education

RESEARCH PROJECT CONTENTS
CHAPTER ONE - INTRODUCTION
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
CHAPETR TWO – LITERATURE REVIEW
2.1. Introduction
2.2. Conceptual Framework
2.3. Theoretical Framework
2.4 Empirical Review
CHAPETR THREE - RESEARCH METHODOLOGY
3.1 Research Design
3.2 Study Area
3.3 Population of the Study
3.4 Sample Size and Sampling Technique
3.5 Instrument for Data Collection
3.6 Validity of the Instrument
3.7 Reliability of the Instrument
3.8 Method of Data Collection
3.9 Method of Data Analysis
3.9 Method of Data Analysis
3.10 Ethical Considerations
CHAPTER FOUR - DATA PRESENTATION AND ANALYSIS
4.1. Introduction
4.2 Demographic Profiles of Respondents
4.2 Research Questions
4.3. Testing of Research Hypothesis
4.4 Discussion of Findings
CHAPTER FIVE – SUMMARY, CONCLUSION & RECOMMENDATIONS
5.1 Introduction
5.2 Summary
5.3 Conclusion
5.4 Recommendation
REFERENCES
APPENDIX

Frequently Asked Questions | Https://azresearchconsult.com

Frequently Asked Questions

How do I get my choice complete project on any topic?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

Chat with us on WhatsApp or contact our Instant Help Desk for a custom research project on your topic.

How fast can I get this complete project on any project topic?

Within 15 minutes if you want this exact project topic without adjustment.

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data.

What if I want to change the case study for this topic?

Chat with Our Instant Help Desk Now: +234 708 7083 227 and you will be responded to immediately.

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format.

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number.

What if my Project Supervisor made some changes to a topic I picked from your website?

Call Our Instant Help Desk Now: +234 708 7083 227 and you will be responded to immediately.

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 708 7083 227 and you will be responded to immediately.

What if I do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 708 7083 227.

How can I trust this site?

We are genuine and duly registered with the Corporate Affairs Commission. This site runs on Secure Sockets Layer (SSL), ensuring all transactions are highly secure and safe.

Customer Testimonials | Https://azresearchconsult.com

Our Customers are Happy

Ademola A.

★★★★★

I was skeptical at first, but after placing my order, my full project arrived in my email in under 15 minutes! The process was smooth, clear, and professional. Truly amazing service!

Kwabena K.

★★★★★

I needed a custom project on a new topic. Https://azresearchconsult.com delivered within 3 days, and the quality was outstanding. They even guided me on how to defend it. Highly recommend!

Michael H.

★★★★★

Fast, reliable, and very professional. My research project was delivered on time, with no hidden charges. The team is trustworthy and supportive.

Fatou B.

★★★★★

I got my full project in minutes and my custom request within 3 days. Their communication is clear, and the material is top-notch. Excellent experience!

James O.

★★★★★

https://azresearchconsult.com is a lifesaver! My project was delivered exactly as requested. The team is friendly, professional, and highly responsive. Very satisfied!

Ngozi E.

★★★★★

I was worried about paying online, but the team reassured me and delivered my complete project instantly. Transparent and professional service!

Ama S.

★★★★★

I requested a custom topic project and received it in just 3 days. The guidance and quality were excellent. I recommend azresearchconsult.com to everyone!

Sarah W.

★★★★★

The service is dependable and efficient. My project arrived on time, and every step was transparent. Truly a professional service I trust.

Emmanuel T.

★★★★★

Fast and reliable. My full project was delivered in minutes, and the custom project in 3 days. Communication was excellent throughout.

Aisha N.

★★★★★

Extremely satisfied with the service. My project was delivered promptly, fully transparent, and of high quality. A trustworthy academic partner!