Finance: Source Of Funds

The following will be the sources of funds for the ministry:

  1. Tithes, offerings and other gifts are treated as voluntary and out off free will as unto the Lord to expand God`s work. Therefore, once given, cannot be claimed and paid back afterwards.
  2. Proceeds from trading, businesses and approved investments or activities for which the ministry or its wings receives proceeds.
8.1      TRADE, BUSINESSES AND INVESTMENT.
  1. The Mercy City Christian Church International shall have powers to engage in business and trade whose profits and profits can be invested in property, money or capital markets as guided by the Finance and Investment Policy.
  2. The power above in (a) shall be exercised directly in its primary name or through corporations and/or their subsidiaries registered by the ministry or any of its branches and departments.
8.2      ADMINISTRATION OF FINANCES.

The Director of Finance and Investment shall be the responsibilities of the Finance and Investment Director.

  1. He/ She shall keep accurate records of receipts, expenditure, financial planning records, and statements of accounts and books of entry.
  2. The Finance and Investment Director shall prepare annual budgets and cash flow projections as ratified and approved by the board.
  3. He/She shall present interim and final financial reports at board meetings called for such purpose.
  4. The financial year for the Mercy City Christian Church International and all its subsidiary financial undertakings shall be as the normal calendar year: 1st January to 31st December of each year.
8.4      BANK ACCOUNTS.
  1. This ministry shall open and maintain bank accounts as deemed necessary from time to time and shall set up, review and amend panels of authorised signatories as and when required.
  2. The standard signing arrangement shall be two signatures for each cheque or asset acquisition to be duly approved. These signatories shall include the Executive Director and Finance Director jointly or with any other Executive board member.
  3. The President and another named Executive Board Member shall be authorised to sign documents above 16(4) (b) as a second signatory. These two signatures shall however not suffice in the absence of at least one signatory in 16(4)(b) above.
  4. The opening, administration of bank account, reconciliation’s and queries shall be done by the Finance and Investment Director or an officer appointed for the purpose of assisting him/her in this regard.
  5. All expenses above the stipulated and authorised weekly percentage expenditures must be approved and sanctioned by the Executive Director and president after following the formal hierarchy