Use of Funds Policy
We desire to serve our ministry partners exceptionally through our services in order to help them share the gospel and grow the kingdom of God.
We understand at times ministries and projects under our 501(c)(3) will fail, be under-funded or the individuals leading ministries or projects will have an unexpected life change. For these reasons, we have a “Use of Funds Policy” in order to best steward funds that would be otherwise sitting unused for years.
All funds that go through Perception Funding are temporarily restricted. This means that the donations can be used for a particular purpose for a specified period, or it must support a specific project or ministry. When the designated time period or the project/ministry are over, unused funds become unrestricted.
Here’s how temporarily restricted funds work specifically:
If a ministry or project ever ceases to exist the remainder of the funds will go to further the mission of Perception Funding. Ceasing to exist occurs when all staff, leaders or missionaries of a project or ministry leave ministry altogether or leave to work in a un-related field of ministry. Funds will be transferred from the ministry or project account the month that the staff, leaders or missionaries of a project or ministry leave the ministry or project.
If a ministry, project or missionary does not submit goals, budget and expenses upon due dates they will be given a 3 month grace period to catch up. If they still do not comply their ministry account will be shut down and all remaining funds will go to further the mission of Perception Funding.
If any funds are misused, spent on personal items or needs or spent on not budgeted or not approved ministry items or needs your partnership with Perception Funding may end immediately with all remaining funds going to farther the mission of Perception Funding.
Our vision with this policy is to remain flexible and always help our Ministry Partners and projects figure out what is best for them and the people they serve. We will always help our Ministry Partners with the transition process and help communicate transparently with their donors.