If you want to be assured about our financial accountability:
- We are a member of ECFA, an accreditation agency dedicated to helping Christian ministries earn the public’s trust through adherence to Seven Standards of Responsible Stewardship.™
- We have our books reviewed and financial statements compiled annually by an independent accounting firm in Black Mountain
Donors know that an ECFA accredited church or nonprofit is complying with all of ECFA’s standards. This enhances the trust of donors and provides more resources for nonprofits like PRMI to carry out our missions.
For these reasons – and more – we voluntarily apply for accreditation, and once accredited, allow ECFA to hold us accountable to high standards of integrity.
We have relied on ECFA for many years and regularly consult with them on best practices, use their resource centers, and reach out to them when we need clarity. In 2018-2019, we were on the phone with them for many details on accurate accounting for the fire and recovery that happened to one of our buildings.
Our membership gives us the confidence of knowing we have been reviewed by our peers and that we meet both the standards and best practices that should characterize stewards of God’s resources.
For more information about the ECFA and their accreditation standards, click HERE.
To view a summary of PRMI’s financial statements, click HERE.
Each year, an outside accounting firm in Black Mountain reviews and prepares a compilation of reports for our Board of Directors and for the ECFA.
PRMI’s Financial Practices
We have a responsibility to be faithful stewards and to maintain integrity and openness in our financial practices. Therefore, we are committed to fulfilling sound, Biblical standards.
We present needs to God’s people, then trust the Holy Spirit to touch the hearts of those whom He wants to participate in meeting those needs.
Because the Lord supplies us with resources for ministry through individual contributions, we recognize our accountability both to Him and to our donors.
PRMI Financial Standards
• Subscribing to a written Statement of Faith clearly affirming our commitment to the evangelical Christian doctrine.
• Maintaining governance by a Board of Directors, which has the primary responsibility for determining the mission and vision of the organization, setting strategic direction, and ensuring the ministry meets its legal and financial responsibilities.
• Meeting as necessary to establish policies, approve budgets, and review operational results and ministry accomplishments.
• Using contributions faithfully and wisely in accordance with our mission, in ways that promote the Gospel of the Lord Jesus Christ. Fund-raising appeals will clearly identify the purposes and programs to which donations will be applied as the Board provides oversight to ensure that donations are used for the purposes for which they are raised.
• Directing that contributions designated for specific projects be applied to those projects with the disclosure that no more than fifteen percent of a contribution may be used for administering the gift.
• Making our financial statements available on the PRMI website and to all who request them.
• Making the annual Form 990 available on the PRMI website and to all who request the information. We follow a process whereby the Board accepts the Form 990 prior to filing with the IRS and the Board receives a copy prior to such filing.
• Maintaining and complying with the Conflict of Interest Policy, Code of Conduct, Record Retention Policy, and Whistleblower Policy.
• Seek to conduct PRMI activities with the highest standards of integrity and avoid conflicts of interest.
• Avoid high-pressure, manipulative, or deceptive fund-raising tactics.
• Avoiding indebtedness that dishonors the cause of Christ and hinders the work of the Gospel by timely paying vendors and fulfilling financial commitments.
• To grow in knowledge and understanding of best financial practices for nonprofits to fulfill the fiduciary duty of care attributable to each Board member.
• Respecting the privacy of our donors, we do not give, sell or rent our mailing list to other groups wishing to use the names and addresses of our supporters.
