(cross-posted from my other blog, Nonprofit Update.)
A local church should keep track of its equipment, improvements to property, and building.
You will definitely need that information if you have an audit, review, or compilation of your financial statements.
A far more common reason to accumulate that information is for insurance purposes. In the event of a tragedy such as earthquake, tornado, or hurricane, you will need to have some detail records to present to you insurance company to get full recovery for your loss. Continue reading →