I am learning that financial freedom comes in the form of regular accountability. One of the wisest practices our board has implemented was adopted in early 2008. We resolved to have a monthly Finance Committee call to review the year to-date, compare the projected budget with the actual, and project cash flow for the next three months.

• In the beginning, this meeting cramped my entrepreneurial style because I like “running and gunning” for God! However, I learned that I better make sure there are bullets (cash) in the gun or I will fire blanks…not good.
• Fortunately, our Finance Manager has the gift of populating and interpreting spreadsheets. There is not a detail she has ever met that she does not like. This is why she is affectionately called our Detailed Diva. So, each month we have from her a very accurate report on where we are and where we are going.
• Consider asking two to three board members to serve on your finance committee. Maybe you invite a CPA or financial planner to be the committee chair and then try out this monthly call format. With experts asking direct and practical questions before the board meeting, you will be much better prepared. Accountability provides financial freedom, and it facilitates a sustainable financial model!
• Check out these financial reports: P&L Budget to Actual, and Current Cash Position spreadsheet, and use them as templates to put your ministry in a position to have financial freedom.