and every other number in the balance sheet remains the same, what will be the net assets (equity number) on May 31, 2014?
2. Perform the same exercise as above, but this time assume that instead of net gain there is a loss of $38,000.
3. Why is the balance sheet always balanced?
4. Define double entry bookkeeping.
5. Brain Teaser: What is liquidity ratio?
15. Hauerwas, Community of Character, 9–10.
16. See Diulio, Theory and Problems, 241. See also Cowen and Kroszner, New Monetary Economics, 9; Mishkin, Economics of Money, 22–26.
17. Samuelson, Economics, 55.
18. Weber, Economy and Society, 167–93; Weber, “Religious Rejections,” 323–59; Marx, “Power of Money”; Marx, Grundrisse; Simmel, Philosophy of Money, 279.
19. Zelizer, Social Meaning of Money, 18.
20. See Marx, “Power of Money”; Marx, Grundrisse.
21. Zelizer, Social Meaning of Money, 18.
22. In the hostile world view, economic transactions must be insulated from social ties so that economic inefficiency does not arise or social ties are not polluted by commercial considerations. Nothing-reductionism fails to recognize how intimate and impersonal social relations transform the character and consequences of monetary transactions.
23. See Zelizer, Purchase of Intimacy; Zelizer, “Circuits within Capitalism,” 289–322; Zelizer, “Sociology of Money,” 1991–94; Zelizer, “Payments and Social Ties,” 481–95; Zelizer, Social Meaning of Money.
24. Zelizer, “Sociology of Money,” 1991–94.
25. Wariboko, God and Money, 97–122.
26. Sutcliffe, “Development After Ecology,” 328–39; Altvater, “Foundations of Life,” 10–34.
27. See Sutcliffe, “Development After Ecology,” 328–39; Altvater, “Foundations of Life,” 10–34.
28. See Serequeberhan, Hermeneutics of African Philosophy, 71–79; Abram, Spell of the Sensuous, 31–32.
29. Serequeberhan, Hermeneutics of African Philosophy, 75.
30. Abram, Spell of the Sensuous, 31–32, 36–37.
31. David Abram defines perception as an “open activity . . . dynamic blend of receptivity [reciprocity, an ongoing interchange between the body and the entities, the world, nature that surround it] and creativity by which every animate organism necessarily orients itself to the world (and orients the world around itself).” See his Spell of the Sensuous, 50, 52.
32. Ibid., 49.
33. Altvater, “Foundations of Life,” 16.
Chapter 2
What is a Church and Who is a Minister?
Definition of Church
Church in the terminology of the United States Internal Revenue Service (IRS) encompasses churches, synagogues, and mosques. The government is not particularly concerned with the religious beliefs and practices of a church, but for the purposes of receiving tax-exempt status from the IRS it has outlined certain conditions as per IRS News Release 1930. Any religious organization that meets most of these fourteen criteria is considered a church:
1. A distinct legal existence
2. A recognized creed and form of worship
3. A definite and distinct ecclesiastical government
4. A formal code of doctrine and discipline
5. A distinct religious history
6. A membership not associated with any other church or denomination
7. An organization of ordained ministers
8. Ordained ministers selected after completing prescribed courses of study
9. A literature of its own on which its beliefs and doctrines are based
10. Established places of worship
11. Regular congregations
12. Regular religious services
13. Sunday schools for the religious instruction of the young
14. Schools for the preparation of its ministers
Integrated Auxiliary Organizations
In addition, the IRS recognizes certain organizations that are related to churches or convention or association of churches, but distinct from them. These class of organizations are usually affiliated with churches or associations of churches; they are internally supported, meet the criteria to be designated charitable organizations or public charity by the IRS either under Code (IRC) 501(c)(3) or IRC 509(a)(1), (2), or (3).
Organization of the Church
It is important for the new pastor to take a look at the corporate charter and by-laws of the church or ministry, which includes the following:
1. Articles of incorporation for churches that are incorporated or articles of association for those that are not incorporated. This instrument is actually what is called the charter or the organizing instrument of the church.
2. The life span of the church. Is it perpetual or finite? Usually churches are organized for perpetuity.
3. The purpose of the church. What is the church organized to do?
4. The internal governing rules of the church. This can be found in brief form in the articles of incorporation or association and fully in the by-laws of the church.
5. Whether the church has a 501(c)(3) status or not? A church can operate without
