Spring 2021
Every year, our churches take time to focus on financial stewardship in the hopes that the generosity of the congregation might grow for the upcoming year. The scripture lessons and messages throughout that season typically connect with what’s happening within the life of the church. What isn’t talked about is the level of anxiety some pastors have. Why? Because of the shame we pastors carry about our own debt—be it educational, medical, credit cards, or a mortgage. This prevents us from having an honest conversation about where we are and why.
My guess is that we aren’t much different: we need a safe space to have these conversations—for ourselves and our spouses. For those of us who are married, it can be hard to discuss a subject that is so emotionally loaded. When my wife and I felt as though our financial situation was unsustainable, I reached out to my district superintendent, who then put me in touch with someone who could help—Diane Owen, who leads the financial well-being initiative.
Diane put us in touch with Sarah Swantner, a financial counselor. Sarah isn’t just some advisor who wants to take a look at your finances and point out all the ways in which you’re out of alignment. No, she wants to know your story and how you got there. In truth, Sarah is more of a counselor and a coach who helped us see, unpack, and understand some of our own anxiety, shame, and guilt around our debt and how we can deal with it (both in financial and emotional terms). Without Sarah’s help, it would have taken us much longer to be out from under some of our debts. For example, part of her plan helps pay off our personal loans in three or four years rather than six to eight years.
Now, I know that my story isn’t yours, but if you’re struggling with debt, know that the Dakotas and Minnesota Conferences have resources for you and your family, especially when it comes to improving your financial well-being. I encourage you to prayerfully consider reaching out to your district superintendent or Diane Owen about some opportunities that can help you shake the stigma of debt and get back on track with the confidence you need both at home and within the church. My hope and prayer is that by sharing a little of my story you might feel empowered to take a step of faith with regard to yours.
In Christ,
Rev. Jeff Lathrop, Wesley UMC, Grand Forks, ND
NPCL 2021-22 Cohort Applications Due May 1
Applications are accepted until May 1 for the fourth cohort of the Nonprofit Church Leadership graduate certificate program through Dakota Wesleyan University. $6000 of the $7000 tuition cost is funded through our initiative on financial well-being and generosity. The NPCL originated out of our vision to equip our pastors around stewardship of financial and human resources, vision/mission/strategy, and communications and outreach. The online program has gained popularity expanding to other annual conferences including Louisiana, Missouri, Oklahoma, and Michigan. Learn more and apply.
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Investing in Leaders Resource Grant Applications Now Open
The $5000 annual grant award to reduce educational debt of any kind is open to all active clergy in the Area. As a result of the recent partnership with the Board of Ordained Ministry from each annual conference, the opportunity to reduce educational debt is easier than ever, expanding to a combined grant award of $25,000. The completion of personal financial education is an essential factor in the review process. Access the application.
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Did you know? Tax relief for student loan forgiveness
If you are participating in the student loan federal income-based repayment program, you are likely aware that the recently passed COVID relief bill provides tax relief for student loan forgiveness. Additionally, student loan forgiveness may occur for individuals beyond those participating in the repayment program. Read a brief explanation.
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New Resource: Financial Practices for Churches of All Sizes
Financial Practices for Churches of All Sizes is a new resource offered through ShareChurch and Church of the Resurrection created in collaboration with the Missouri Foundation (of the UMC), a Lilly Grant recipient. The resource contains 14 modules that present financial practices that are applicable to all churches. Each module is comprised of a short video explaining overall concepts and referencing tools and resources that can be used to implement the concepts. The videos are accompanied by practical exhibits from Church of the Resurrection, as well as handouts for use alongside each video. These modules can be combined into an online workshop or used independently by a pastor, the finance committee throughout the fiscal year, or as a training tool for new committee members. The resource is available by signing up for ShareChurch at no charge.
Important Opportunities
Were you or your family (dependents) sick with COVID-19 in 2020?
Under the Families First Coronavirus Response Act, self-employed individuals and their dependents that tested positive for COVID-19 and missed work, may apply for credit against their self-employment tax using form 7202. Please make your tax professional aware so your return can be amended if needed. Learn more.
DK-MN Area Financial Foundations Webinar: Investment and Endowment Accounts
May 10, 7-7:45 p.m. This session's topic is "Your Two Largest Givers Aren't Even Members: How to get the most from your Investment and Endowment Accounts" Register.
Minnesota Clergy Retirement Seminar
April 29, 9 a.m.-12:30 p.m. Clergy retiring this year or eligible to retire soon are encouraged to attend this webinar. Get the information you need to plan your future retirement. Register.
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