In compliance with sound standards of financial accountability, Alpha Omega Institute is committed to the following stewardship standards, which are meant to reflect generally accepted Biblical truths and practices.
Standard #1 – Doctrinal Statement (as is stated here):
There is one true God who has created all things. He is infinitely perfect and exists eternally in three persons: Father, Son, and Holy Spirit. The Scripture (both Old and New Testaments), as the inspired Word of God, is without error in the original writings and provides the basis for our faith in Jesus Christ. The scriptures clearly reveal salvation only through faith in Jesus Christ, who is true God, and true man, having been conceived of the Holy Spirit and born of the Virgin Mary. He died on the cross to atone for our sins, rose bodily from the dead, and is preparing a place for those who have received Him. The Holy Spirit is to glorify the Lord Jesus Christ, convict men of sin, and regenerate the believing sinner who He then indwells, guides, instructs, and empowers for godly living and service.
Man was created in the image of God, and he, like all of the Creation, did not evolve from “lower” forms. Man fell into sin, and, in so doing, caused the whole creation to be put into the bondage of sin and corruption. God created everything in six literal days, and man wrecked it, in but a moment. On the brighter side, God will restore His creation in the near future when He creates a new Heaven and a new Earth.
Standard #2 – Board of Directors & Audit Review Committee
Alpha-Omega Institute is governed by a responsible board of not less than five individuals, a majority of whom is other than employees and staff, or those related by blood or marriage, which meets at least semi-annually to establish policy and review its accomplishments.
The board shall appoint a functioning audit review committee, a majority of which is other than employees/staff and/or related by blood or marriage. The purpose of this board is to review the annual audit, and report its findings to the board.
Standard #3 – Use of Resources
Alpha-Omega Institute exercises management and financial controls necessary to provide reasonable assurance that all resources are used, nationally and Internationally, to accomplish the exempt purposes for which they are intended.
Standard #4 – Financial Disclosure
Alpha-Omega Institute shall provide a copy of the current financial statement upon written request.
Standard #5 – Conflicts of Interest
Alpha-Omega Institute shall avoid conflicts of interest in the following manner: Transactions with related parties may be undertaken only if all of the following are observed: 1) a material transaction is fully disclosed in the financial statements of the Institute; 2) the related party is excluded from the discussion and approval of such transaction; 3) a competitive bid or comparable valuation exists; and 4) the board of Alpha-Omega Institute has acted upon and demonstrated that the transaction is in the best interest of Alpha-Omega Institute.
Standard #6 – Fund Raising
Alpha-Omega Institute holds to the following 12 areas of responsibility in fund raising:
#6.1 – Truthfulness in Communication
All representations of fact, description of financial condition of the Institute, or narrative about events, are current, complete, and accurate. References to past activities or events will be appropriately dated. There will be no material omissions or exaggerations of fact or use of misleading photographs or any other communication which would tend to create a false impression or misunderstanding.
#6.2 – Communication and Donor Expectations
Fund raising appeals will not create unrealistic donor expectations of what a donor’s gift will actually accomplish within the limits of the Institute’s ministry.
#6.3 – Communication and Donor Intent
All statements made by Alpha-Omega Institute in its fund raising appeals about the use of the gift will be honored by the Institute. The donor’s intent shall be related to both what was communicated in the appeal and to any donor instructions accompanying the gift.
#6.4 – Projects Unrelated to the Ministry’s Primary Purpose
When Alpha-Omega Institute raises or receives funds for programs that are not part of its present or prospective ministry, but are proper in accordance with its exempt purpose, they shall either be treated as restricted funds, and channeled through an organization that can carry out the donor’s intent, or they shall be returned to the donor.
#6.5 – Incentives and Premiums
If Alpha-Omega Institute makes any fund raising appeals which, in exchange for a contribution, offers premiums or incentives, significant in value, the Institute will advise the donor of the fair market value of the premium or incentive, and that the value is not deductible for tax purposes.
#6.6 – Reporting
On request, Alpha-Omega Institute will provide a report, including financial information, on the project for which it is soliciting gifts.
#6.7 – Percentage Compensation for Fund Raisers
Alpha-Omega Institute does not pay compensation based directly or indirectly on a percentage of charitable contributions raised.
#6.8 – Tax Deductible Gifts for a Named Recipient’s Personal Benefit
Tax deductible gifts will not be used to pass money or benefits to any named individual for personal use.
#6.9 – Conflict of Interest on Royalties
An officer, director, or other principal of Alpha-Omega Institute can not receive royalties for any product that is used for fund raising or promotional purposes by the Institute.
#6.10 – Acknowledgment of Gifts In Kind
Property or gifts in kind received by Alpha-Omega Institute will be acknowledged, describing the property or gift accurately, without a statement of the gift’s market value. It is the responsibility of the donor to determine the fair market value of the property for tax purposes. The Institute shall inform the donor that there are IRS reporting requirements for all gifts in excess of $5000.
#6.11 – Acting in the Interest of the Donor
Alpha-Omega Institute will make every effort to avoid accepting a gift from, or entering into a contract with, a prospective donor which would knowingly place a hardship on the donor, or place the donor’s future well-being in jeopardy.
#6.12 – Financial Advice
The representatives of Alpha-Omega Institute, when dealing with persons regarding commitments on major estate assets, will seek to guide and advise donors, so they have adequately considered the broad interests of the family and the various ministries they are currently supporting, before they make the final decision. Donors will be encouraged to use the services of their attorneys, accountants, and other professional advisors.
No subpages found.