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Mission ONE is a
member in good standing with the Evangelical Council for Financial
Accountability. We abide by the following standards…
Standard #1 - Doctrinal
Statement:
Every member organization shall subscribe to a written statement
of faith clearly affirming its commitment to the evangelical Christian
faith and shall conduct its financial and other operations in a
manner which reflects those generally accepted Biblical truths and
practices.
Standard #2 - Board
of Directors and Audit Review Committee:
Every member organization shall be governed by a responsible board
of not less than five individuals, a majority of whom shall be other
than employees/staff, and/or those related by blood or marriage,
which shall meet at least semiannually to establish policy and review
its accomplishments. The board shall appoint a functioning audit
review committee, a majority of whom shall be other than employees/staff
and/or those related by blood or marriage, for the purpose of reviewing
the annual audit and reporting its findings to the board.
Standard #3 - Audited Financial Statements:
Every member organization shall obtain an annual audit performed
by an independent certified public accounting firm in accordance
with generally accepted auditing standards (GAAS) with financial
statements prepared in accordance with generally accepted accounting
principles (GAAP).
Standard #4 - Use of Resources:
Every member organization shall exercise management and financial
controls necessary to provide reasonable assurance that all resources
are used (nationally and internationally) to accomplish the exempt
purposes for which they are intended.
Standard #5 - Financial Disclosure:
Every member organization shall provide a copy of its current audited
financial statements upon written request.
Standard #6 - Conflicts of Interest:
Every member organization shall avoid conflicts of interest.
Transactions with related parties may be undertaken only if all
of the following are observed: 1) a material transaction is fully
disclosed in the audited financial statements of the organization;
2) the related party is excluded from the discussion and approval
of such transaction; 3) a competitive bid or comparable valuation
exists; and 4) the organization's board has acted upon and demonstrated
that the transaction is in the best interest of the member organization.
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