Special resolution to amend section VI section 1 of Mount Olive Evangelical Free Church's constitution:
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From
1. At the scheduled annual membership meeting, the Elders’ Board shall present to the membership a duly reviewed financial statement outlining the income, disbursements, assets, and liabilities of the Church.
To
1. At the scheduled annual membership meeting, the Elders’ Board shall present to the membership a compilation statement outlining the income, disbursements, assets, and liabilities of the Church.
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Rational
A duly reviewed financial statement is a technical term used by accountants that has become synonymous with what used to be called an audit. Today a compilation is the term used to represent what used to be a review. Therefore, our accountant has suggested to our ministry leader of finance that a compilation adequately serves our needs as a charitable society.
