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Our Financial Policy
Barnabas Ministries, Inc. uses the Evangelical Council for Financial Accountability (ECFA) Financial Standards as a guideline for the operations of this ministry. A summary of these guidelines as pertains to Barnabas Ministries, Inc. follows:
- Barnabas Ministries, Inc. provides a written statement of faith and is
available on this website.
- Barnabas Ministries, Inc. is governed by a board between 4 to 7 members with the majority of the members not employed or related to one another.
- Barnabas Ministries, Inc. has a CPA conduct an annual quick audit and has a full audit conducted every five years.
- Barnabas Ministries, Inc. is committed to using all its resources exclusively to accomplish the exempt purposes for which they are intended.
- Barnabas Ministries, Inc. provides a copy of its current audited financial statements upon written request.
- Barnabas Ministries, Inc. will enter into only those transactions, which further the purpose for which it exists as stated in our vision statement.
- Barnabas Ministries, Inc. fund raising principles are as follows:
A. The facts, events and references used by Barnabas Ministries, Inc. will be current, truthful, not exaggerated, and dated when activities or facts relate to events that happened in the past.
B. Realistic expectations of the impact of a donor’s gift will be communicated. In no way will appeals be made to misrepresent or confuse how donors’ gifts are used.
C. Barnabas Ministries, Inc. will use all donations in the way in which Barnabas Ministries, Inc. communicates to donors how donations will be used.
D. Any donations provided to Barnabas Ministries, Inc. for programs outside of our current ministry will be given to an organization that supports the requested purpose of the gift or Barnabas Ministries, Inc. will return the gift to the donor.
E. Any donor who receives a premium or incentive in exchange for a donation will be notified of the value of the incentive, which will be deducted from the amount of the gift for an actual tax deduction gift amount.
F. Barnabas Ministries, Inc., upon request, will provide a report along with financial information on any fund-raising program.
G. Tax deductible gifts are for the sole purpose of Barnabas Ministries, Inc. and in no way would be used for personal use of any person or employee of Barnabas Ministries, Inc.
H. Barnabas Ministries, Inc. will notify the donor of the IRS reporting requirements for all gifts in excess of $5,000. For other gift-in-kind donations, it is the responsibility of the donor to determine the fair market value of any gift-in-kind for tax purposes.
I. Barnabas Ministries, Inc. will not accept a gift or enter into a contract with a prospective donor whereby the gift could cause hardship on the donor or the donor’s future or well-being could be at risk.
J. Barnabas Ministries, Inc. encourages donors to seek legal or financial counsel when considering commitments on major estate assets or significant donations.
To view the ECFA Seven Guidelines go to:
http://www.ecfa.org/ContentEngine.aspx?Page=7standards
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