INTRODUCTION
Praise Ministries International is a non for profit entity organized exclusively to reach the world for Christ through the preaching of the Gospel (evangelism), church planting, and education. In order to fulfill this goal, it calls for an attainable financial goal to enable this ministry fulfill its mission. Accordingly, this financial policy is being developed by the leadership of the Praise Ministries International to inform and to educate the potential financial committee that will be put into place to run the department of finance of the Praise Ministries International, Inc. Meanwhile, this document discusses financial integrity, the composition of the Financial Committee, monetary transactions, and budgeting.
FINACIAL INTEGRITY
In order to represent Christ and his Church to the world, Praise Ministries International places values and emphasis on integrity. The church of Jesus Christ can not fully represent Christ if it loses its integrity in society. The church is not the building, but it is the people who have been called out from the world of sin and perversion; consequently, the church must have integrity when it comes to the handling of money in the church. People who serve on this Committee must be people of characters, honesty, and integrity. Since People who serve on this Committee must be people of character and integrity, the clergical body which includes the Pastoral Board is equally affected by this financial policy; as the result, no Pastor or clergy in the Praise Ministries International is allowed to handle any church funds. The clergy has the full responsibility to lead the house of God without blame before the people he or she serves as a man or woman of God; therefore, the clergy must have good spiritual, moral, and financial standing, and conduct and must hold the mystery of the faith with a clear conscience before God and men as mentioned in Article VI, Section 4 of the By-Law and Constitution of the Praise Ministries International, Inc. Any question raised in the mind of the membership regarding financial integrity against a preacher might hinder the Gospel when preached; therefore, the Clergy in the Praise Ministries International is forbidden to handle church funds for safe keeping or act as the treasurer.
FINANCIAL COMMITTEE
The Financial Committee shall comprise of the Financial Secretary/Coordinator, the Treasurer, the Head Usher, the Administrator, and Congregational Representative. This committee shall organize major capital campaign as to raise fund for the ministry.
Based on our mission as stipulated above, it calls for an organized monetary committee which is held with the responsibility to organize fund raising programs in the ministries as the need arises, to collect tithes, gifts, and offerings including donations made by individuals or organizations to this ministry. Our mission as mentioned above calls for funding to budget against each area mentioned in the mission statement. To keep check and balance in the financial internal control system, there should be an organized body comprising of men and women of character, integrity, honesty, and born again who love and support this vision through their giving (general gifts, tithes, offerings etc.) as to make this ministry stand financially. This body will provide financial leadership ensuring financial responsibility, transparency, and accountability at every level of operation of the church, oversees the accounting and internal financial control operating system, oversees the compilation of budgets and provide on-going monitoring and control and ensures that church expenditures are properly authorized and executed within budgetary limits, prepares periodic financial report and makes recommendations to the Pastoral Board. This Committee maintains custody of gifts including tithes and offering and promptly deposits the same in a church account at a designated financial institution in accordance with prescribed standard financial operating policies and procedures as mentioned in the By-Law and Constitution of the Praise Ministries International, Inc. in Article IX, Sections 9 & 10.This Committee will meet quarterly to discuss financial matter and give periodic report on finance.
MONETARY TRANSACTION
In monetary transactions, three things should be taken into consideration. The collection of offerings, tithes, and gifts offered during church services, the disbursement of funds, and the given of periodic reports on finance. These areas are paramount and crucial to the smooth operation of the church ministry.
COLLECTIONS
The Ushers, the Financial Secretary, and the Treasurer are the officers involved in the collections of church funds. These are the officers who work on the regular basis to handle church money. Money collected during services should be taken to an enclosed space to be counted. The Usher, the Financial Secretary, and the Treasurer or deputizing agent should be present while the money is counted. The Usher counts the money along with the Treasurer and the Financial Secretary. The money should be counted based on denominations in categories. For example, how many cash, check, and notes should be indicated during the counting. The Usher records the attendance and the financial intakes during the service. At the counting table, the Financial Secretary records the attendance and the financial intakes. The Treasurer records what has been given him or her before a deposit slip is prepared. This money should be deposited into the bank the next day. The money should not be kept in the house for more than two days. A summary of the daily transaction which includes attendance and collection should be given to the Pastor by the financial team after every service.
DISBURSEMENT OF FUNDS
Praise Ministries International shall institute into place petit cash voucher system for miscellaneous or emergency spending. For major spending, the Financial Committee shall meet to decide the disbursement of funds to purchase materials, send funds for mission purposes, or allocate funds for benevolence. The Committee shall discuss and agree before funds can be released from the treasury. A requisition form shall be filed, signed, and approved by the Pastor-In-Charge before any funds can be disbursed from the treasury department. The departmental heads shall serve as purchasing agents when the requisition is filed by them. In the future, Praise Ministries International shall have one purchasing agent. The check shall be written by the Financial Secretary or Treasurer for disbursement or payment relating to operational or administrative expenses It should be understood that Praise Ministries International is a non for profit entity; therefore, the Financial Committee will not guarantee lending money out except under an extreme condition at which the committee can use its discretion to lend money out upon consultation.
REPORTING
The Financial Committee shall report and have meeting quarterly to discuss financial matter. During the meeting, the team shall observe, assess, and evaluate previous operation regarding financial intake and spending in order to correct mistakes made and to redesign strategies and programs to augment the financial intake for the coming months. The Committee shall meet with the Pastoral Board to discuss the report before the general business meeting can be held at which the entire congregation will be involved on a Sunday earmarked. At this meeting, members of the Committee will have known how to answer questions regarding financial matter.
COMPUTER SOFTWARE
Praise Ministries International shall adopt computer data entering system to maintain detailed comprehensive financial recording system and record book-keeping system for proper management of funds and for audit purposes contingent to pave the way for IRS inquiry and audits and loan attainment or procurement for church construction programs in the future.
BUDGETING
The Financial Committee shall meet in December of every year to ask departments to develop their Ministry-Action Budget. The department shall be given a week to develop its Ministry-Action Budget for discussion during the proposed meeting. At this meeting, the budgets will be evaluated for considerations, modifications, or rejections by the church leadership. At this meeting, the budget for the year will be drafted to form the unified church budget for approval by the leadership after thorough evaluation and investigation of the projected budget.
The above mentioned financial policy is subject to amendment, addition, or subtraction based on observable criteria observed by the leadership of the Praise Ministries International.
Compiled by the General Overseer of PMI