Strategies for financial self-sustainability: the case of Cameroon Union mission

Abstract

The attainment of financial self-sustainability is the essential goal of any organization, including faith based organizations. The main purpose of this study was to set up strategies for financial self-sustainability of Cameroon Union Mission of the Seventh-day Adventist Church. The study employed a cross-sectional survey research design. The target population comprised executive committee members, financial committee members, church administrators and key church members. The sample was the same with the target population and consisted of two hundred and thirty participants (N=230). Out of the 230 participants, only 160 effectively responded, that to say 87 church workers and 73 key church members. The research instruments were a questionnaire and a self-administered interview guide for key church members. The research findings were analyzed and presented using means and percentages. The analysis of the five last audited financial ratios revealed that the selected organization did not yet attain the level of financial self-sustainability. Findingsrevealed also that some fundamentals documents and policies such as the employees’ manual, the internal control document and the performance appraisal document did not exist in the organization with respectively a mean of 1.21, 1.30, and 1.49, whereas the capitalization policy, the code of conduct and ethics, the audit committee, the procurement committee and the investment policy seldom existed with respectively a mean of 2.36; 2.29; 2.28; 2.08 and 2.03. Respondents revealed also that misuse of church funds, corruption of church leaders, weak tithe promotion programs, lack of trust in church leaders, the unfaithfulness of church members, ineffective oversight responsibilities of the committee, the lack of financial planning, the low income of church members and the dependency spirit were equally major threats to financial self-sustainability. They suggested that to overcome these challenges, pooling funds together, diversification of income stream, appointing trustworthy leaders and staff, appointing qualified treasury staff, emphasis on the stewardship programs and sound financial administration were equally important solutions. Based on the findings, the study recommends some strategies for financial self-sustainability of the Cameroon Union Mission.