I've been challenged a little in my belief about the existence of modern day prophets and what should the factors be in their existence.  Some say that the old testament standards should apply.  That there are no standards mentioned in the NT and so the OT standards must yet apply.
They are wrong.  Corinthians says that there should be a company of prophets to judge a given word. 
As well, the gift of prophecy, which they leave no room for, is a result of redemption.  It is a proof that the veil between man and God is torn.  Wouldn't their existence be a proof that God has become more personal?  That prophesy being a gift, as opposed to an office, available to all who would take it up.  Things will happen, people will abuse, but that's part of growing in the gift.  If you get it right from the get go, perhaps you might consider it as n office, but typically, it takes a bit of time to grow in it.
My experience is that God's grace is huge.  When I was early in learning about this, I was allowed to prophesy from my knowledge of plants- flowers.  Characteristics of plants that I knew would be substance of the words of encouragement that I had for people...  but then again, there are those who don't believe that qualifies as the prophetic.   That encouragement isn't part of the heart of God?