Standard 4 - Use of Resources and Compliance with LawsĮvery organization shall exercise the appropriate management and controls necessary to provide reasonable assurance that all of the organization’s operations are carried out and resources are used in a responsible manner and in conformity with applicable laws and regulations, such conformity taking into account biblical mandates.Įvery organization shall provide a copy of its current financial statements upon written request and shall provide other disclosures as the law may require. The board shall be apprised of any material weaknesses in internal control or other significant risks.
The board or a committee consisting of a majority of independent members shall approve the engagement of an independent certified public accountant, review the annual financial statements, and maintain appropriate communication with the independent certified public accountant. Seven Standards of Responsible Stewardship™ - PowerPointĮvery organization shall subscribe to a written statement of faith clearly affirming a commitment to the evangelical Christian faith or shall otherwise demonstrate such commitment, and shall operate in accordance with biblical truths and practices.Įvery organization shall be governed by a responsible board of not less than five individuals, a majority of whom shall be independent, who shall meet at least semiannually to establish policy and review its accomplishments.Įvery organization shall prepare complete and accurate financial statements.
Seven Standards of Responsible Stewardship™ (PDF) The members of the Evangelical Council for Financial Accountability must comply with all of the standards. They are not standards that allow for grading on the curve. The brief statements included in the standards have significant implications for organizations that pledge to follow these standards. The standards have been described as simple but not simplistic. The ECFA standards are infrequently changed, providing members a steady baseline for consistent application of the standards to members. "taking precaution that no one should discredit us in our administration of this generous gift, for we have regard for what is honorable, not only in the sight of the Lord, but also in the sight of men."
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