THE IMPACTS OF ACCOUNTING INFORMATION ON NON-PROFIT MAKINGS ORGANIZATION A CASE STUDY OF GRACE OF GOD MISSION AWKUNANAW

CHAPTER ONE

INTRODUCTION

The applications of Accounting Information have contributed to the growth and development of every business entity. Non-profit making organization on the other hand has immensely benefited from accounting information to survive, integrate and stabilize in this current economic recession in the country. Any of the non-profit making organization that neglect the roles and impacts of accounting information will at the end of the day fold up. Many churches today have split, folded up, merged with another due to claims that the church funds has been embezzled, diverged and mismanaged where the committee or the priest concerned fails to present and document financial records of the church. This has created loopholes for the spreading of churches at every street and corners, hence churches are seen as the fastest means of making money.

1.1 HISTORICAL BACKGROUND

Grace of God Mission started in the late seventies, but was registered as a corporate body under the “Land Perpetual Succession Act Lap 98” on 14th October, 1980. Grace of God Mission as one of the leading and dynamic Pentecostal churches in Nigeria has a network of branches across each region of Nigeria and some branches outside Nigeria. However, Awkunanaw began as a local church branch in 1984 under the pastoral care of late Rev. Raymond Iwundu. The church at Awkunanaw grew like mustard seed to its summit as a Division Headquarter in 1997 having five (5) district churches and 23 local churches under her control.

1.2 STATEMENT OF PROBLEM

The persistent increase in cost of ineffective management of accounting information in church has caused schisms, folding up, breaking away and springing up of mushroom churches.