Financial Accountability


Financial Accountability

Voice of the Martyrs Is Awarded Korea’s First Financial Transparency Certificate

Voice of the Martyrs Korea (VOM Korea) has recently been selected as a model organization by Christian Council for Financial Transparency Korea (CCFK) for having the most transparent and sound financial system among all Christian organizations in South Korea. The accreditation is the first ever given by CCFK to a Korean Christian organization since its inauguration in 2015.

CCFK earlier adopted the major programs and systems of Evangelical Council for Financial Accountability (ECFA) under a cooperative agreement between the two organizations. The organization provides information and financial transparency certificates in the fields of financial transparency and financial management of Korean churches and para-church organizations in South Korea. It also renders transparency certificates to exemplary Christian entities. CCFK Director Ho-Chan Hwang said, “VOM Korea is audited every year, and I was amazed by the level of financial transparency every time I examined the financial reports including balance sheets presented by Rev. Eric Foley. I often say to other churches and Christian organizations, ‘Just follow the example of Voice of the Martyrs Korea.’”

Rev. Eric Foley and Dr. Hyun Sook Foley originally based the entire administration and financial management of VOM Korea in Colorado Springs, U.S.A. until 2014, at which time the organization’s financial practices received accreditation by ECFA. The Foleys eventually moved to South Korea along with the organization’s finance and administration. VOM Korea is audited annually in Korea and bears double the cost in order to produce audit reports in English due to numerous partnerships in other countries.