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Reliant missionaries may request the Reliant Finance Department to transfer funds internally out of the MTD account for which they’re responsible to another Reliant ministry account, including another missionary MTD account or church/project account. The request is usually made due to an ample fund balance in the missionary MTD account and a financial need in another. Requests come from active missionaries and exiting missionaries. Requests from Active Missionaries and Exiting MissionariesFill out the internal MTD Fund Transfer request form below and email the completed form to finance@reliant.org. The following rules apply:
Automatic Internal Fund Transfer Policy for MTD Accounts of Exiting Reliant StaffWhen a Reliant missionary exits with a balance remaining in the MTD account they’re responsible for, the following policy will automatically apply toward the treatment of any remaining funds in the closed MTD account: 1. If at the date of exit the fund balance is $10,000 or more.
The amount transferred to the Reliant church ministry fund will remain in that account, but can be accessed through the Reliant ministry grant process. If there is no obvious Reliant church or project ministry fund associated with the missionary’s work, Reliant management will determine the Reliant fund that provides the closest reasonable match to the field ministry of the missionary. After the excess balance transfer is applied, of the remaining $10,000 balance, $5,000 is eligible for MTD fund transfer requests. The remaining balance after approved MTD fund transfers have been made will be transferred to the Reliant staff ministry fund. Example:
2. If at the date of exit the fund balance is less than $10,00
Example:
3. Year-Long ProgramsIf the missionary is involved in a one-year intern ministry program experience, where the church or ministry has a Reliant Ministry Project Fund and will have new intern participants each year, the full amount remaining in the intern missionary MTD fund will be transferred directly to the corresponding Reliant Ministry Project Fund. AFTER the process and approval of any prior submitted missionary MTD fund transfer requests, any remaining ministry fund balance will be internally transferred directly into Project Fund to be used in that ongoing Reliant Ministry Project Fund. As of 7/1/2016 the only Reliant program participating this way is the Brentwood Baptist Church program. 4. Fully Funded ("One Check Donor") MissionariesIf a church or ministry is the single donor to Reliant for a missionary and the missionary is exiting employment, Reliant will contribute all remaining funds in the MTD fund to the church or ministry. This allows the church to give additional donations to Reliant to keep the missionary fully paid without experiencing short-checks, and keeps Reliant from having a negative balance in the MTD account. |
Exception Requests:
- All exception requests for an internal MTD fund transfer above the $5,000 policy limit up to $20,000 will need to go to the Executive Management Committee (EMC) for review and approval.
- All exception requests for an internal MTD fund transfer above $20,000 will need to go to the Audit Reivew Committee (ARC) for review and approval.
Annual Board Reporting
At year end, Reliant management will provide a summary report for review by the Audit Review Committee. The report will list all internal fund transfers initiated by staff from MTD accounts that were approved by management under this policy for that year. This summary report will show the fund numbers and names of persons responsible for the funds involved, amount of the transfers, and the purpose behind the MTD fund transfer request. Note: only transfers initiated out of staff accounts should be included, transfers initiated from department/ministry funds need not be included on the report. As the transfers are complete the summary report should be updated.
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If a Reliant missionary is transferring their employment to another 501(c)(3) non-profit ministry and thinks there will be an MTD account balance remaining upon their exit from Reliant, they should contact hr@reliant.org to discuss the process of transferring to another ministry and the possibility of contributing any remaining MTD fund balance to the new 501(c)(3) non-profit ministry. |