News: Financial Information and Updates from the Conference Office
posted on September 14
Earlier this week, David Garvin, the Kentucky Conference Treasurer and Director of Administrative Services, sent out an email detailing some information about changes in tax laws that will impact churches, as well as updates to health benefit information.
Local Church Finance News
Sales Tax Update: Effective July 1, 2018, the Kentucky Department of Revenue instituted a new sales tax to previously non-taxable services. The bill modified the definition of taxable “admissions” to include “entrance to a display, program, sporting event, music concert, performance, play, show, movie, exhibit, fair, or other entertainment or amusement event or venue.” The bill currently does not provide an exemption from collecting sales tax on admission for not-for-profit organizations. Thus, some church fundraisers, concerts, etc. may be subject to a 6% sales tax. If you believe your church has an upcoming event that may be impacted by the new law, please do not hesitate to reach out to the Treasurer’s Office or see revenue.ky.gov for more information.
Health Benefits & Pension News
2019 Open Enrollment: Please be on the lookout for information regarding 2019 open enrollment for health insurance, voluntary benefits, pensions, HSA contributions, and more.
Diabetes Prevention Program: In partnership with Balanced Wellness, LLC, the Board of Pensions is excited to offer a new DPP group beginning on October 1, 2018. For more information see here: https://www.kyumc.org/dpp
You can find more information about your benefits here: https://www.kyumc.org/benefitservices