Statement of Financial Integrity
Petersen Ministries Inc. is operated as a Section 501 (C)(3)
"church" as that term is used and understood by the
Internal Revenue Service. Petersen Ministries Inc. is
classified and recognized as a public charity by the I.R.S..
The Ministry is not operated for the private gain or benefit
of any person or member, and the church has filed all
required state and federal filings and reports required by
Contributions from you are deductible under section
170 of the Code. Petersen Ministries is also qualified
to receive tax deductible bequests, devises, transfers
or gifts, under section 2055, 2106 or 2522 of the Code.
Our books will be audited each year by an independent
CPA firm. We are in the process of interviewing CPA
Firms to make a choice of a firm who understands the
mission and belief of this Ministry. These audits will be
conducted in accordance with generally accepted
accounting principles. The audits include examining
evidence, on a test basis, supporting amounts and
disclosures in the financial statements. They will also
assess the accounting principles used, decisions made
by staff, as well as financial presentation to determine
that there is assurance that our financial statements
are free of material error.
Our Ministry operates within the guidelines set forth
in our bylaws. One of which is that we have a Board
of Directors, consisting of 3 (will be increased to 5 or
more) members who must unanimously agree on
decisions concerning our real property. Other matters
of ministry business are discussed and voted upon by
the Board, including the annual Ministry budget and
personnel decisions. The Board will receive regular
financial statements through quarterly meetings,
disclosing matters of financial business. The annual
Ministry budget is voted on by the Board.
All disbursements must go through the proper channels,
which include three layers of management approval.
All checks require two check signers when over
$1,000.00. Checks are typically signed by one of the
pastors and a designated staff member.
All charitable contributions, as defined by the Internal
Revenue Service, are recorded as such, whether they
are cash or non-cash donations. Appropriate
statements or non-cash contribution letters are sent
out in a timely manner to be used by donors for
charitable giving tax credit, if they so choose.
Petersen Ministries firmly believe and understands
that partners and donors are placing their hard earned
seed money as an investment in us to be used to
win souls to Christ.
We do all we can to put ample controls in place to
ensure that donor contributions are handled with
the utmost care.