Thread by @WoleOluyemiCo

The session by #CFAANigeria is on. Don’t miss it.

Pastor Femi Atoyebi is on. The way he is dissecting issues, SAN title just dey hungry me.

https://twitter.com/yinkanubi/status/1307976778359738369

True.

Jesus could have said “Do you know who I am”? when he was asked about taxes. - Pastor Femi Atoyebi on submission to authourity.

Accountability is all what Part F of CAMA2020 is all about - Pastor Femi Atoyebi.

The reason why a lot of people are asking questions about tithes is because people are not seeing the use to which they were expended 👌🏽

The call to account is scriptural (and) is Godly - Pastor Femi Atoyebi

There are just about 8 sections in CAMA that deals with not for profit organizations (out of 870 sections). It might be unreasonable to be calling for a repeal of the entire law because of the issues in just 8 sections.

(Paraphrased by me).

What! Don’t let me publish my ignorance on Twitter here. Pastor Femi Atoyebi just mentioned something about constitution and errrmmmm UK. I never knew.

Don’t abuse me. Blame it on my lawyer friends that never told me 🙄🤷🏽‍♂️

Testify against me in the presence of the LORD and his anointed. Whose ox have I taken?..Samuel said to them, "The LORD is witness against you, and also his anointed is witness this day, that you have not found anything in my hand.

That’s self accountability- Pastor Femi Atoyebi

Now, we move to @yinkanubi’s session. They are humbling us with his profile.

👌🏽

All income and payments should be channeled through the organization’s bank account.

You need to keep accounting records - @yinkanubi

Prepare accounts (income statement, statement of financial position and statement of cash flows). Engage an accountant - @yinkanubi

Audit your accounts.

It’s one of the financial accountability requirements of the law.

Change the auditor every 5-10 years.

Appoint a finance committee to review the accounts.

Ensure the BOT meets to approve the audited accounts.

- - - @yinkanubi

Report Accounts.

Registrations for Tax Identification Number (TIN) is compulsory even if you are church.

File your returns including the financial reports with CAC and FIRS. There are penalties for late filing or failure to file.

- - - @yinkanubi

Transparency.

There are options to consider.
- Make available on demand
- Make available on your website.

The Tax-Exempt status of faith based organizations is not absolute. The tax exempt is mainly for donations, offerings, tithes and gifts received by the Church. - @yinkanubi

Personnel salaries, payments to church leaders and families, benefits in kind to church leaders and families, honorarium to ministers, business income and contracts with suppliers are all taxable! - @yinkanubi

The principle of accountability runs throughout the Bible.

Self accountability Rom14:12, Rev 20:11-15

Render to Ceaser what belongs to Ceaser Matt 22:21

Financial accountability is not meant to constraint the leaders, it is meant to protect the leaders and their organizations - @yinkanubi

Now, we move on to Pastor @Sam_adeyemi’s session.

This is the final session of the day. It’s Pastor Sam, so you get?

You can still join the session on Zoom or on YouTube.

Accountability matters to those who laid the foundation of our faith. - @sam_adeyemi

IICor8:18-22.

They took practical steps to avoid scandals. They introduced structure and governance systems. - @sam_adeyemi

The @CFAANigeria is a self regulatory association of churches and ministries. - @sam_adeyemi

The @CFAANigeria aims to enhance governance standards and financial accountability.

Wrong doctrine will lead to wrong believing. Wrong believing will lead to wrong behaviour. - @sam_adeyemi

@CFAANigeria seeks to educate and deepen the capacity of churches and ministries - @sam_adeyemi

So, the leaders of church organizations in Nigeria are encouraged to join the @CFAANigeria to be part of the group opportunities and initiatives.

In response to one of the questions, it was clarified that BOT members are barred from getting any remuneration from the not-for-profit organizations except for out-of-pocket reimbursements.