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August 2015
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The study sought to unearth the financial management in selected charismatic churches in Kumasi Metropolis. The objectives are to find out the financing decisions of the church, the investment decisions of the church, the reward systems of the church and the challenges faced by the church in achieving the financial obligations. The target population for the research comprised church members (both pastors or general overseers and leaders as well as members of the church) of the five selected charismatic churches in Kumasi metropolis. These churches are Global Evangelical Church, Faith Covenant Chapel (FCC), Great Life Int. Ministries, Revival Life Outreach Ministry, and House of power. Purposive and simple random sampling techniques were used to select forty (40) respondents. Questionnaires were used as an instrument for collecting data. A thorough library search was embarked upon to collect relevant data for the review of related literature to establish theoretical and empirical framework of the study. From the study, it was revealed that the major sources of funds for the charismatic churches in Kumasi Metropolis are through fund raising activities, tithes and offerings. Rewarding or motivating church leaders with Vehicle and maintenance allowances encourages them to work and refusal to pay tithes and other church levy, absenteeism of church members, maintenance of church properties, huge amount of money paid for rented apartment for church service, mismanagement of church funds and purchase of flashy cars by some pastors were the major challenges faced by the church in achieving the financial obligations. Conclusions were drawn from the findings. Based on the above it is recommended that churches should be able to employ the services of a qualified or well-trained accountant to handle the accounting aspect of the church and churches should be encouraged to invest, in the lucrative business to enable the church to make money for developmental projects such as expansion of church or building, providing scholarships etc.
A Thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Master of Business Administration (Accounting Option)