The Business and Financial Plan calls for each administrative office, ministry and program area of the convention to submit an itemized budget of its expected expenditures for the next fiscal year to the executive director. The executive director works with staff to make necessary changes and presents the proposed budget to the Finance Committee of the Executive Board which, in turn, presents it to the Executive Board for its approval. The Executive Board submits the Cooperative Program budget, consisting of all the anticipated income and expenditures which have been submitted and approved, to the Convention in session.
Preparation of the proposed budget includes months of projections, research, planning, committee reviews and prayer to arrive at the proposed resource plan for the coming year. Such is the case for the proposed 2023 calendar year budget.
For ordained staff members, the Executive Board allows advance designation of a portion of the salary as housing allowance as permissible by IRS regulations. Ordained staff members pay their own self-employment taxes, which are 15.3 percent of taxable compensation.
The detailed budget is published annually and provided to the Executive Board and committees involved in the budget preparation process. A budget summary is mailed to each church annually. The budget summary and the detailed report can be found at txb.org. For a hard copy, please call 888.244.9400.
The Finance Committee is authorized, on a contingency basis, to adjust spending based on actual receipts.