There are two kinds of prophecy mentioned in the New Testament:
• Prophecy which foretells future events and also conveys revelations from God to the saints (Acts 11:28; 21:10-11).
• Prophecy that tells forth the mind of God from the Word of God in such a way that it results in the “edification, exhortation, and comfort” of the saints (1 Cor. 14:1, 3).
The first of these was found in the early days of the Church, but when the New Testament Scriptures were completed, this aspect of prophecy did not continue. The Church was “built upon the foundation of the apostles and prophets” (Eph. 2:20; 3:5). Once the foundation was established, these two foundational gifts were no longer given to the Church by Christ. However, we still have their foundational ministry in their inspired writings in the New Testament. The second kind of prophecy is still in function today.