Statement of Financial Accountability
We take seriously the matter of financial stewardship and strive to abide by the highest standards of financial integrity. The following policies are maintained by Champions Ministries, Inc.
Solicitation of Funds– The bible teaches that Christians have a spiritual duty to financially support their church and encourages each member to give as he or she is able and has been blessed by God. Thus, most but not all of our revenue is raised from our church members and is solicited, if at all, from verbal or written appeals n accordance with our doctrines. The practice of tithing is encouraged as a minimum standard of Christian financial stewardship in its representations of need, the church strives at all times to state its financial status truthfully and factually, and does not accept a restriction upon any donation that it does not intend, in fact, to honor.
Use of Exempt Funds – Donated monies received are used only in accordance with the legally exempt purposes of the Ministry and related Outreaches or entities. As allowed by law and stated in various governing documents.
Accounting Practices and Procedures – The Ministry and Outreach maintains its accounts with a private accounting firm and also maintains records with an in-house computer system using third party produced software in a manner conforming to generally accepted accounting principles. This accounting system operates under internal controls that are designed to safeguard the ministry’s assets and produce accurate and reliable accounting information. Examples of internal controls used include a system for the authorization and approval of transactions, the separation of record keeping and reporting duties from those concerned with operations or asset custody and the physical control of assets. Daily and monthly reports are generated to ensure the integrity of the financial operating system.
Reviewed Financial Statements– Each year a financial statement is prepared and reviewed by an independent Accountant. Such annual review issues only after the church’s president and treasurer issues written statements that the organization has in good faith provided everything for which the Accountant has asked, and that to the best of their knowledge, no irregular transactions have occurred and no violations or possible violations of laws or regulations have occurred that should have been disclosed.
Board– level authorization and oversight – Members of the board of directors of Champions Ministries are instructed in and understand their duties under the law to use proper legal care in the exercise of their duties. Accordingly, the board approves annual budgets of the ministry as well as outreaches, the board approves all major financial transactions before being executed, the ministry’s treasurer makes regular financial reports to the board and each annual financial statement is presented to the board for its review.
Professional Consultation– The board and its officers retain both inside and outside independent legal and financial counsel and, in addition to close and continual consultation in the regular course of business, seek their opinion on special matters as prudence dictates. These opinions are noted in the minutes of the board meetings when appropriate.
Prohibition against inurnment and conflicts- The title to all property and assets of the church is held in the name of the entity, is irrevocably dedicated to its exempt purposes and will not inure to the benefit of any private party. In addition, any financial transaction involving any board member that may conceivably involve a financial conflict of interest is subjected beforehand to the scrutiny and advice of financial consultation of legal counsel and to the various state or federal laws regarding such matters.
Internal Revenue Service (IRS) and State Contribution Regulations- The codes and rules of the Internal Revenue Service and of the State of Florida regarding the solicitation, acknowledgement or receipt of accounting for and use of tax exempt funds are complied with carefully. For this reason, all charitable donations to the church are tax deductible. All tax or financial information returns filed with any state or federal agency are reviewed by an Accountant before being issued.
Employee Salaries– As a Not-For-Profit organization we strive to provide employees, including paid ministry, fair and reasonable salaries as objectively measured taking into consideration; the nature of the job, the person’s individual qualifications and merit, the training, education or experience required and possessed, the cost of living at the site of the job, the financial ability of the employer and other relevant factors.