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The short answer
Keep the building fund in its own bank account, used only for the project, with at least two signatories. Record every pledge and payment against the member who made it, pay contractors only against certified stages of work, and report income, spending and progress to the congregation at fixed intervals.
A church building project can run for years and involve more money than the church handles in any other way. Members give in faith, often sacrificially, and they want to see the walls go up. Most disputes over building funds come not from theft but from muddle: pledges nobody tracked, contractors paid ahead of the work, and reports that arrive only when someone asks. Good structure prevents all three.
Set up a separate, restricted fund
Money given for the building is restricted: it may be used only for the purpose for which it was given. Keep it apart from general offerings from day one.
- Open a separate bank account in the church's registered name, labelled for the project. Banks typically ask a registered society or association for its constitution or rules, its certificate of registration and a resolution of its governing body; Greenwich Merchant Bank's 2025 account-opening form is a typical example.
- Require two signatories for every payment, drawn from different roles (for example, a trustee and the finance committee chair), never two members of the same family.
- Write a fund policy, approved by the board or trustees, stating what the fund may pay for, who approves payments, and what happens to any surplus.
If the church is registered with the Corporate Affairs Commission as incorporated trustees, it already has filing obligations: PwC's summary of CAMA 2020 lists bi-annual returns by 15 July and 15 January. Our guide to registering a church with CAC explains the Part F process.
Track pledges and receipts by member
A pledge register lists each pledger, the amount pledged, the payment plan, and every amount received. It lets the church plan cash flow and lets each member see where they stand. Issue a receipt for every payment.
| Example pledge summary (₦) | Amount |
|---|---|
| Project budget | 60,000,000 |
| Total pledged | 48,000,000 |
| Received to date | 27,500,000 |
| Outstanding pledges | 20,500,000 |
| Spent to date | 22,000,000 |
| Balance in building account | 5,500,000 |
The figures are an example. Check they add up: received (₦27.5m) less spent (₦22m) should equal the bank balance (₦5.5m). If it does not, find the difference before the next report.
Encourage giving by bank transfer. Large cash sums are hard to count safely, and the Money Laundering (Prevention and Prohibition) Act 2022 bars cash payments above ₦5,000,000 for an individual or ₦10,000,000 for a body corporate unless made through a financial institution.
Pay contractors against certified work
The safest rule is that money follows work, not promises. Break the contract into stages (foundation, blockwork to lintel, roofing, finishing) with a price for each, and pay a stage only when a qualified person independent of the contractor, such as the project's quantity surveyor or engineer, certifies it.
- Contractor submits a claim for the stage.
- Quantity surveyor or engineer inspects and certifies the value of work done.
- Finance committee checks the certificate against the contract and the budget.
- Two signatories approve the transfer to the contractor's business account.
- File the certificate, invoice and receipt together.
Many building contracts hold back part of each payment as retention until defects are fixed. A study of residential projects in Lagos, Ogun, Abuja and Port Harcourt found 5% of project cost was the most common retention. Agree the percentage and release terms in writing before work starts. If you buy materials directly, record deliveries against purchase orders and keep a stock book on site; materials are where small leaks add up.
Report on a fixed timetable
Members trust what they can see. Report monthly to leadership and quarterly to the congregation, in the same format each time: pledged, received, spent by stage, balance in the account, and photographs of progress. At the end of the project, have the fund's accounts examined by an independent accountant and present the result.
For the church's weekly offerings, see church finance records and two-person counting, and for payment approvals generally, two approvals for payments. Members abroad funding a project may also find managing a building project from abroad useful.
Common problems and how to avoid them
- Paying ahead of work: a large advance to a contractor who then slows down. Limit any advance and tie it to a guarantee or to materials delivered to site.
- Mixing funds: using building money for general expenses "temporarily". The fund policy should forbid it, and the separate account makes it visible.
- Unrecorded pledges: pledges announced in service but never written down. Record each one on a pledge card the same day.
- Scope creep: design changes mid-project that raise the cost. Any change should be approved in writing and priced before work starts.
- One-person control: a single trusted member who handles everything. Split recording, approving and paying between different people.
Where Pryme fits
Through Pryme's partnership with VerifyDoc.ai, a customer can generate a verifiable statement or receipt that anyone can check is genuine and unaltered, which suits a fund report shared with the congregation.
Questions people ask
Should a church building fund have its own bank account?
Yes. A separate account in the church's name, used only for the project and needing two signatories, keeps the money restricted and makes reporting simple.
How should a church pay a building contractor?
Pay by stage, only after an independent quantity surveyor or engineer certifies the work, with two signatories approving each transfer.
How often should a church report on its building fund?
Monthly to leadership and at least quarterly to the congregation, showing pledges, receipts, spending by stage and the bank balance.
Can a church accept large cash donations for a building project?
Cash payments above ₦5 million for individuals or ₦10 million for companies must go through a financial institution under the Money Laundering Act 2022. Bank transfers are safer for large gifts.
Sources
- Corporate account opening form, Greenwich Merchant Bank (Mar 2025) · accessed Oct 2026
- Key compliance obligations under CAMA 2020 and CR 2021, PwC Nigeria (Apr 2021) · accessed Oct 2026
- Falana: CBN cash withdrawal policy illegal (quotes MLPPA 2022 s.2), TheCable (12 Dec 2022) · accessed Oct 2026
- Managing retention in residential building projects in selected states in Nigeria (CORE) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.