What is a good working capital or cash reserve target for a church?

Working capital is the amount of cash needed to cover current operating expenses, payroll, rent, and debt service without relying on income. Although Church income [offerings] come in each Sunday, the amounts are not predictable and can vary significantly depending upon the time of year, politics, or even the weather. In addition, conditions in the economy can also impact church income as employment conditions fluctuate. Furthermore, in our transient society, people change jobs and move much more frequently than in the past so member giving is subject to a high degree of change. So it is prudent to have a working capital reserve of funds on hand to manage finances through uncertain times. Each church will have different requirements based upon size and types of financial obligations and fixed commitments but our recommended working capital target is 3 months operating expenses set aside as a reserve fund. Operating expenses are things like payroll, rent (mortgage), utilities, office supplies, other loan payments, any other contractually agreed expenses, and ALL ministry expenses.  We view this as proactive and prudent financial management.