THE IMPACTS OF ACCOUNTING INFORMATION ON NON-PROFIT MAKINGS ORGANIZATION IN OSOGBO (A CASE STUDY OF UNION BAPTIST CHURCH, OSOGBO, OSUN STATE)
- Project Research
- 1-5 Chapters
- Quantitative
- Simple Percentage
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
INTRODUCTION
The applications of Accounting Information have contributed to the growth and development of every business entity. Non-profit making organization on the other hand has immensely benefited from accounting information to survive, integrate and stabilize in this current economic recession in the country. Any of the non-profit making organization that neglect the roles and impacts of accounting information will at the end of the day fold up.
Many churches today have split, folded up, merged with another due to claims that the church funds has been embezzled, diverged and mismanaged where the committee or the pastor concerned fails to present and document financial records of the church. This has created loopholes for the spreading of churches at every street and corners, hence churches are seen as the fastest means of making money.
1.1 Historical Background of Union Baptist Church
“Not unto us O Lord, but to you goes all the glory for your unfailing love and faithfulness” (Ps. 115:1)
“…. like a mustard seed, which a man took and sowed in his field, which indeed is the least of all seeds but when it is grown it is greater than the herbs and the birds nest in its branches”. (Matthew 13: 31- 32)
These verses of the scripture give a brief summary of growth and development of Union Baptist Church, off Odi-Olowo Road, Osogboo in Osun state, Nigeria. As a result of some developmental circumstances at First Baptist Church, Oke Okanla, Osogbo, some men with their family members resolved to found another church known and addressed as Union Baptist Church, Odi-Olowo, Osogbo on 1st of January, 1956. Of course, there were indications that some preliminary fellowship and worship meetings had been going on before this very date.
The following men and their family members were the founding members: Late Pa J. O. Oguntuase, Late Pa Ala, Late Pa E. Dare Adedipe, Late Pa Josiah Olabosinde, Late Pa E. Oluwadare, Late Pa D.J. Ogunkuade, Late Pa Agboola Adedipe, Late Pa J.L. Abiola, Late Pa J. Fasuhanmi, Chief J.B. Seriki, Late Pa J.D. Fajehinsan, Late Pa J.O.D. Adedipe, Pa Adenihun, Chief T. Dada, Late Pa Rotimi, Pa Gbadebo, Pa Eni Ayegbami, Pa Adeoye, and Pa Arabis.
The house of Late Pa Oguntuase at No 103, Station Road, Osogbo was used as the first temporary place of worship. The attendance at the first Sunday morning worship was thirty two (32). Thereafter the church continued to grow numerically. The temporary place was used for only three months after which they moved to another rented hall because the former place could no longer contain them. The location of the hall was at the junction of Odi-Olowo and Fagbewesa Streets behind late Pa Jossy Ige's residence.
While at this temporary site, they applied for a permanent (present site) site of the church from Late Oba Samuel Adenle the then Ataoja of Osogbo land. He approved the release of a vast area of land to the church for use. The land was bounded in the East by a stream and in the North by Osogbo-Gbongan road. A large part of the land was lost to other users due to the inability of the founding fathers to make full use of the land.
The foundation stone of the church auditorium was laid on 9th of July 1956 by an American Missionary, Rev. W.H. Congdon. The church was formerly organized as a full-fledged Baptist Church in 1960.
Thanks to God for succeeding generations both in leadership and followership, clergy and laity alike, who kept the flag, flying in the face of all challenging circumstances. The mustard seed was planted in 1956 and today, it has indeed become a giant tree. In order to fulfill the purpose and function of the church according to the words of Jesus Christ, the owner of the church, “I will build my church” various machineries were put in place to move the church forward.
Different organizations, ministries, fellowships, societies, the deaconate and the pastoral team have over the years displayed their commitment to the point that today the church is not just living but giving birth to living and vibrant churches. This could be attributed to nothing but the grace, strength and Spirit of God.
1.2 Statement Of Problem
The persistent increase in cost of ineffective management of accounting information in church has caused schisms, folding up, breaking away and springing up of mushroom churches.
This project proposes to examine whether the church can survive, grow, stabilize under this atmosphere.
To examine whether the inability of the pastor to keep adequate financial information is responsible for crisis and break up of churches.
To find out the problem that could likely be encountered or created where unqualified hand handles accounting information of the church.
1.3 Statement Of Hypothesis
The following hypothesis were formulated in order to find out the validity and reliability of information gathered.
H0: Church cannot break away where the pastor does not keep adequate financial information.
H1: The church can break away where the pastor keeps inadequate financial information.
H0: Accounting information may not create problems where unqualified hand handles it.
H1: Accounting information may create problems where unqualified hand handles it.
1.4 Objective Of The Study
Noted hereunder are specific objectives, which the project is designed to achieve:
- To find out the impacts of accounting to non profit making organization.
- To find out importance of accounting information to the church
- To see how accounting information could b e applied in the church
- To identity the problem created when accounting information is not used in the church
- To find out the problem associated with unqualified hand handling accounting information.
1.5 Importance Of The Study
The critical analysis of this work will be very beneficial to non-profit making organizations especially the churches.
It will serve as a better information guide to churches who wish to apply accounting information. It will help all to appreciate the impacts of accounting information not to the non-profit making organization but to profit oriented businesses.
1.6 Scope And Limitation Of The Study
This work covers the area of impact of accounting accompanying accounting information to Non-profit making organization with reference to Union Baptist Church, Osogbo.
During the course of the research, the researcher faced the following problems.
Financial constraint
Time constraint
Dearth of statistical information
Lack of adequate research facilities
1. Financial Constraint: For the fact that the researcher is a student, the lacked the necessary finance to carryout extensive research on the topic,
2. Time Constraint: The researcher as a student also have academic activities which limited the time used for the project other than what it would have been. Also considering the shortness of the semester and the time of submission of this project, there was not enough time left for the project work.
3. Death of Statistical Information: Facts were not easy to come about during the course of the project work. I was subjected to unnecessary protocol at the expenses of my limited time before getting some facts.
4. Lack of Adequate Research Facilities: The research was faced with lack of adequate research facilities like up-to-date information and non-availability of relevant textbooks. Most of the textbooks used for the project discussed on non-profit making organization as it related to social clubs, institution organizations., and cheatable organization.
1.7 Conceptual Definition Of Terms
The terms used in this project work has been simplified to enable even the least literate person to understand easily. To this end almost complete elimination of technical works or expressions has been made. This has been made in order to make sure that the information sought for from this work is got at a glance. Nevertheless, some few technical words may include:
1. Accounting
This is the act of recording, classifying and summarizing in a systematic manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof.
2. Information
This is processed data. Data are merely facts and figures that have little to do with decisions.
3. Planning
It is setting goals and ways to achieve them
4. Surplus:
It is excess income over expenditure
5. Deficit
It is excess expenditure over income
6. Journal
A book of original entry listing transactions affecting general ledger accounts in chronological order in terms of their debit and credit amount.
7. Ledger
A book containing the individual accounts of a business entity.
8. Voucher
A written authorization to pay individual or company whose name appear in the vouchers. Usually contain the name of the individual or company to be paid, the amount of payment, signature authorizing of payment, the reasons for payment, signature authorizing the payment and the accounts to be debited or credited as a result of the payment.
9. GGM:
Grace of God Mission
10. Tithes
Calculated 10% of one’s income
11. Board Members
Members of Elders, Deacons and Deaconesses
12. Church Workers
The Exco of various wings and departments in the church.
13. Members
Those who do not hold any position in the church but they belong to the church.
1.8 Organization Of The Study
In order to have comprehensive approach towards the impacts of accounting information on non-profit making organization the researcher divided this work in five (5) chapters.
Chapter one deals with the introduction, brief history of the organization, statement of hypothesis, objective of study.
Chapter two deals with the literature review and the following topics were discussed under the following headings. Non-profit making organization, accounting information system, accounting document sources of income, accounting system, accounting basis, importance of accounting information, users of accounting information, impacts of accounting, dangers of unqualified hand handling accounting information.
Chapter three talks on research methodology and chapter four is on the presentation and analysis of data.
Finally, chapter five is on findings, summary, recommendation and conclusions.
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