Editor's Note: The following is a report on the practical applications of Aubrey Malphurs and Steve Stroope's new book, Money Matters in Church: A Practical Guide for Leaders, (Baker, 2007).

Your ministry work may keep you so busy that you don’t pay much attention to your church’s finances. But money is an important part of your church’s work, because without it, none of that work would be possible.

So make sure you make financial decisions for your church wisely, faithfully, and legally. Doing so will help you fund the vital ministry work you want to pursue.

Here’s how you can help your church become money savvy:

Build a theology of financial stewardship, and communicate it well. Carefully study what the Bible has to say about managing money well, and think and pray about how best to put those principles into action. Once you’re clear about how your theology of stewardship should inform how you and other leaders at your church make financial decisions, let people in your congregation know.

Develop donors. Cast a clear, compelling vision for your church on a regular basis, since people are most motivated to give when they understand and embrace an exciting vision. Implement a stewardship education plan throughout your church, addressing it through sermons, in Sunday School, small groups, new members classes, financial counseling sessions, workshops, and seminars. Also give people information about how they can plan to donate money from their estates to the church. Nurture close relationships with people in your congregation so they’ll come to know that they can trust you. Talk with them often, and be completely transparent about your church’s finances and other matters. Be available to people and always willing to answer their questions. Challenge people to make an annual giving commitment to the church. Conduct capital campaigns on a regular basis to fund special projects, such as missions efforts, buying land, or constructing a new building. Be sure to thank your donors regularly and warmly. Offer people different church funds to which they can contribute, such as the general fund, building fund, missions fund, designated giving fund, and benevolence fund.

Create a strategic budget. Rather than just setting a basic budget that will manage the church’s money effectively, keep your church’s core values in mind to create a budget that will support those values well. Know who your congregation is, where you’re going, and how you plan to get there. Anticipate next year’s income by examining your church’s giving track record, considering attendance and giving trends, determining the allocation of funds (such as about 10 percent for missions, about 50 percent for personnel, about 20 percent for programming, and about 20 percent for facilities). Once you’ve decided how to allocate funds, let each of your church’s leaders know approximately how much money they’ll have to spend for their areas of ministry over the next year. Keep in mind that your church is bound to have some uncontrollable expenses, so plan for them. Set up a savings account or cash-forward reserve with a bank that you can draw upon when the church needs cash during a slow giving time, such as during the summer.