Statement of Financial Integrity
Since the beginning of this ministry, we have committed ourselves to fulfilling our responsibility to be accountable to God who has entrusted this work to us; to honor those who support MFC Ministries and Restoration Church International and to comply with all governmental requirements, including those relevant to exemption from federal income tax under §501(c)(3).
MFC Ministries implements the following measures to help assure that we fulfill our responsibilities to God, to you, and to the government.
Organizational Structure – Morgantown Faith Center began in 1998 with an unincorporated religious association meeting from house to house. Over the years, that home Bible study grew into a vibrant church on fire for God. In 2006, Morgantown Faith Center reorganized and became MFC Ministries, Inc., a 501(c)(3) tax-exempt non-profit corporation, with Morgantown Faith Center being a registered trade name still used for the conduct of worship services and similar activities. Men of Honor Ministries (a men’s ministry), Women of Witness Ministries (a women’s ministry), and Leading Ladies Ministries (another women’s ministry) have all been birthed out of MFC Ministries and operate as trade names within MFC Ministries, Inc. In December of 2014, we announced that Morgantown Faith Center would become Restoration Church International and that trade name was duly registered with the State of West Virginia.
Integrity – Each member of MFC Ministries’ Board of Directors complies with a conflict of interest policy, requiring each board member to recuse him or herself from any deliberations and voting on any matter that directly relates to him or her, and to always act in the best interest of the organization.
External Monitoring – Since 2006, MFC Ministries has been monitored monthly by a prominent national outside accounting firm.
Outside Advisors –MFC Ministries does not rely solely on its own resources, but, when needed, retains the services of nationally known and knowledgeable legal and compliance advisors to provide insight, guidance, and training.
Reasonable Compensation – Compensation guidelines for all staff members, including Apostle Joe Perozich and Pastor Rena Perozich, officers and directors, prevent any employee from benefiting from church resources beyond what they specifically earn. The compensation (including any appropriate housing allowance) for Apostle Joe Perozich and Pastor Rena Perozich, officers, directors, and key employees is established and reviewed once annually by an independent Executive Leadership Compensation Committee (ELCC) as required by the Internal Revenue Service. The ELCC is composed of non-interested non-compensated directors advised by respected professionals. The committee reviews independent compensation survey data and each individual’s contribution to the achievement of the Church’s ministry objectives when setting each person’s compensation. This method is consistent with “best practices” for nonprofit organizations, and with a “safe harbor” method preferred by the Internal Revenue Service, and prevents Apostle Joe Perozich and Pastor Rena Perozich, officers, directors, and key employees from setting their own or each other’s compensation.
Internal Financial Controls – In accordance with “best practices,” as recommended by our accounting firm and auditors, MFC Ministries has implemented additional internal controls related to deposits of cash and checks, purchasing, systems protection, inventory, security, etc. to protect organizational assets.
Internal Audit Team –Our internal audit team is sanctioned and established by our board. This team has considerable authority to accomplish consistent compliance throughout the organization. All employees, including Apostle Joe Perozich and Pastor Rena Perozich, officers, directors, and key employees, are required to abide by the team’s determinations.
Mission’s Integrity – MFC Ministries takes its responsibility as a recipient of your donations very seriously. All control party compensation and other general or administrative costs of the organization are funded by contributions from the attendees of the Restoration Church International church services. This means that 100% of any other contributions to MFC Ministries or its other related ministries, such as donations by mail, telephone, or Internet, are utilized for spreading the Gospel of Jesus Christ and other tax-exempt 501(c)(3) purposes. Similarly, all contributions to Restoration Christian College and School of Ministry remain “in house” to fund the continued provision of church services, Bible classes, and other 501(c)(3) tax exempt activities by that organization.
MFC Ministries is committed to operating at the highest level of financial integrity with the primary vision of advancing the Kingdom of Jesus Christ around the world and empowering Christians to come into the full Blessing of God!