Guidance for Preparing 2024 Church Budgets
As local churches begin to draft their 2024 budgets, GNJ’s CFO/Treasurer Rob Zuckerman provides the following guidance:
- Shared Ministry/Apportionments: You can find your church’s GNJ Shared Ministry and General Church apportionments here 2024 SM Fund Breakdown.pdf.
- Healthcare: The blended rate for full-time appointments will be $23,400. This is the amount the local church is responsible to pay.
- Note, there may also be a “Participant Premium” to deduct from the pastor’s salary. It’s a pass-through expense; so there is no impact on the church’s budget. It’s impossible for us to know this information until after Open Enrollment, as the amount is dependent on the what plan is selected.
- Property Insurance: Assume a 10% increase over 2023. (Multiply 2023’s billing by 1.10.) We will not have actual renewal rates until later this year, after most churches complete their budgets.
- Workers Compensation Insurance: Assume a 5% increase. (Multiply 2023’s billing by 1.05.) We will not have actual renewal rates until later in the year.
- Pension Billing Rates (% of salary): These will be the same rates as 2023:
- CRSP/UMPIP @ 14%
- CPP @ 3.4%
- BSA (Boy Scouts of America) Billing: The settlement payment will remain the same as in 2023. (This amount will be the same through 2025.).