Biblical Principles, Inc. is a non-profit, Christ directed organization that assists churches and pastors in leading people back to God's Plan for sound stewardship. Through seminars, workshops, sermons and other biblical methods, the ministry is providing Christians with a way to breakfree of the financial bondage that enslaves many of them.

News Story

The Internal Revenue Service announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through Dec. 31, 2008. This is an increase of eight (8) cents from the 50.5 cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.

In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.

The new six-month rate for computing deductible medical or moving expenses will also increase by eight (8) cents to 27 cents a mile, up from 19 cents for the first six months of 2008. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

SAMPLE ACCOUNTABLE REIMBURSEMENT POLICY*

In accordance with IRS regulations 1.162-17 and 1.274-5T(f), the ________________ Baptist Church hereby establishes a reimbursement policy for all ministers and employees with the following terms and conditions:

1. The church will reimburse only reasonable ministry-related business expenses incurred by a minister or employee. Subject to budget limitations, such expenses will include:

• Business use of automobile, up to the current IRS standard mileage rate;
• Business travel away from home: transportation, lodging and meals on overnight trips;
• Convention conference and workshop expenses;
• Educational expenses, if otherwise qualified as an itemized deduction and within IRS limits;
• Subscriptions, books, and tapes, if related to ministry or employment;
• Entertainment/hospitality expenses, if business connection requirement is met.
• Cell phone charges if cell phone is required by the church and not used for personal use by the minister or employee.

2. The minister or employee will account for each allowable expense in writing at least every 60 days. Documentation will include the amount, date, place, business purpose and business relationship of each expense. A receipt will accompany the documentation.

3. The minister or employee will return advances that exceed actual business expenses within 120 days.

Under this accountable arrangement the church will not report reimbursed amounts as taxable income on the minister’s or employee’s Form W-2. The minister or employee should not report reimbursed amounts as income on Form 1040.

Biblical Principles Exceeds 4000 Hours in Consultation

During 2007, the amount of private session consultation time Biblical Principles, Inc has provided to God’s people through churches went past 4000 hours. The actual session where the milestone was achieved involved ministry at DaySpring Church in Evans, Georgia, a suburb of Augusta. The pastor is Jackie Perkins. So far as we are aware there is no other ministry that has delivered the amount of private session counseling to help move God’s people from financial bondage towards financial freedom as has Biblical Principles.

Biblical Principles, Inc. Executive Minister Serves as Officer of Evangelist Conferences

For the fiscal year 2007-2008 Bill Prince has been elected at the national level to be Parliamentarian of the Conference of Southern Baptist Evangelists, COSBE. At the same time, for the fiscal year 2008 and 2009, Bill Prince id serving on the state level as President of the Conference of Georgia Baptist Evangelists, COGBE. In both places of service Bill has the goal to promote the Office of the Evangelist, Ephesians 2:11.

News of the Month (archived news)

3000 Hours of Faith Based Financial Fine Tuning

During August in a meeting at Haven Baptist Church, in Kansas City, Kansas, Bill Prince completed hour number 3000 of what we started out calling Biblical Budget Counseling, now labled Faith Based Financial Fine Tuning. Typically this is a two hour consultation guided to accomplish the goals of the clients which are established at the beginning of each session. People give many reasons for scheduling and participating in a session. It is surely doubtless that many marriages have been strengthened and some saved from disaster by these sessions. God's people come to learn about many aspects of life reaching beyond the financial issues that people struggle to master.

Probably the greatest of all successes that could be named as a result of these four thousand hours of life changing ministry are the twenty nine souls that have prayed to receive Christ as a result of coming to a financial meeting. In every session every client is required to present a pre-written faith statement or present their salvation testimony orally in the session. The faith must be in order before we can get the finances right. Praise God and give all glory to Him who can save. Please rejoice with us we celebrate the completion of 3000 hours in the counseling room with God's people.

21st Century Consumers

Buy more stuff: The typical American spends about 3 hours a week hunting and gathering in stores.

Median Income: $40,818 per household, in 53% of married couples both spouses work.

Debt: $63,939 on a mortgage, $7,564 on an average of 12 credit cards per household, $19,813 on new cars, and $14,410 on used cars

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What's the only thing less fun than being disinherited?

Answer:  Acknowledging your own mortality and preparing a will. A crop of new tools, from LastWillShop.com to Quicken WillMaker Plus, promise to help do the task without the expense and hassle of using a lawyer.

Research from the Wall Street Journals says that the products are useful for people who want to leave their estate in its entirety to an heir, with no strings attached.

• More complex wills should probably be handled by a live lawyer.
• You should also head straight to an attorney if you're looking for a way to put conditions on an inheritance.
• If you insist on being a do-it-yourselfer with your legal documents, here are some sites to explore:
  
  
  • www.lastwillshop.com $8.95
  • www.FreeBusinessForms.com $17.95
  • www.BuildaWill.com $19.95
  • www.LegalZoom.com $109
  • Quicken WillMaker Plus 2004 we paid $49.95
  • www.wsj.com