Financial Stewardship Policy
ReNew Partnerships is committed to the following principles of financial stewardship:
Integrity: We believe that every dollar that is invested in our ministry is a trust from our Lord Jesus Christ. It is our responsibility to the Lord and our ministry partners to spend each dollar in a way that maximizes its impact for Christ. (Matthew 25:14-30) ReNew intends to seek certification and membership with the Evangelical Council for Financial Accountability as soon as this step is practical for the ministry.
Efficiency: We are committed to avoiding excessive or unnecessary expenditures. We comparison shop and seek discounts where possible to extend our resources as far as possible.
Strict Accounting: We keep detailed records for each transaction and have a variety of systems in place to monitor all expenditures.
Chain of Approval: Every expenditure is reviewed and must be approved by the ReNew Director or his designee.
Transparency: We have an "open door" policy when it comes to our finances. We will be glad to provide detailed accounting information to any ministry partner which requests it. This includes… projected budgets, donations received, and expenditures paid.
Limiting fund raising and administrative costs: We are committed to keeping our fund raising and administrative costs as low as possible. We seek to keep our administrative costs below 3% and our support raising costs below 5% of the donations we receive.
Diverse sources of income: We seek diverse sources of income to increase our financial stability. This allows for the continuation of our ministry if one type of funding is reduced. Our primary source of income is monthly and one-time support from individuals, ministries, foundations, and charitable organizations. Secondary sources of income include the sale of fund raising merchandise (ex. benefit music CD or T-shirts) and fees for services.
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