FINANCIAL ACCOUNTABILITY
Greater Grace World Outreach, as a nonprofit organization is funded primarily by freewill contributions from our parishioners and others who support our mission. As such, GGWO is a steward of these funds and takes it as a sacred duty to operate with the highest level of accountability and integrity. This integrity and accountability is achieved by operating to the following principles:
1. Since its founding in 1987, GGWO has without exception commissioned an annual audit by an independent Certified Public Accountant. These audits are an investment worthy of both the time of our dedicated staff and the monetary cost1 to ensure good stewardship. The annual audits, every year over four decades, have resulted in a clean2 opinion letter being issued by the CPA firm. These audits are available for inspection upon request.
2. GGWO finances are managed by the Board of Trustees, with subsequent approval of the Board of Elders. Both operating and capital budgets are approved by these boards. The role of the church staff is to implement the board-approved budget.
3. GGWO conducts periodic financial forums to inform the congregation of the condition and trend of church finances.
4. Funds given for a designated purpose are maintained as segregated accounts and not commingled with general operating funds
5. Missionary fund expenditure is approved by a committee currently consisting of eight members.
6. All offerings and deposits are held securely until counted by two individuals, followed by verification with bank records.
7. All expenditures are approved by at least four individuals before disbursement. Paper checks require as many as six individuals.
8. No Elder, including the Senior Pastor, nor Trustee, nor staff member can alone authorize, demand or otherwise effect the disbursement of monies.
__________________________________________________________________
1.Currently annual cost is about $35,000.
2.An unqualified opinion (often called a “clean opinion”) is the best type of report an auditor can issue. It signifies that a company’s financial statements are accurate, fair, and conform to GAAP or IFRS standards, free from material errors. It provides assurance to stakeholders that financial records are transparent and reliable.
ECFA WITHDRAWAL (2026.4.14)
Greater Grace World Outreach was an accredited member of the Evangelical Council for Financial Accountability (ECFA) starting in 2013. On March 13, 2026, GGWO voluntarily withdrew its membership. We enjoyed a warm and fruitful relationship with the ECFA, and withdrew with regret. The ECFA is an excellent organization, and we fully support its goals and service to God’s work. We hope to reapply when future conditions allow.
ECFA’s accredited members adhere to the ECFA’s Seven Standards of Responsible StewardshipTM. GGWO has met, until now, all seven of those standards. ECFA’s standard #2, related to Board independence, is the standard we can no longer maintain. Greater Grace’s bylaws define an independent Board member as one who does not work for the church. The ECFA standard is more stringent, including having certain relatives working for the church as conditions that preclude being an independent Board member.
Greater Grace has two characteristics that have made this independence standard challenging to adhere to. First, GGWO is a multigenerational church. Families remain in the church for decades. Children grow up and marry other church members. Second, for a church of less than 1000 regular attendees, we have a large staff. GGWO operates three schools and a missions office in addition to normal church activity, resulting in a staff of over 100 individuals, evenly split between part time and full time. The staff size relative to the size of the church, on top of numerous family ties, created a challenge we can not overcome in finding enough independent Board members.
Please note, regarding financial accountability, since its inception 40 years ago, Greater Grace has been audited annually without exception by an outside, independent certified public accountant.
__________________________________________________________________
GGWO Bylaws: IV A 6 At no time shall paid employees of Greater Grace World Outreach constitute more than a minority of members of the Board of Elders.