By Ronald
Kelly
By Ronald
Kelly
As I write, we are completing financial tabulations for 1999.
Regular tithes and offerings, complemented by generous special offerings during the final two months of the year, helped a great deal. Income for December averaged $100,025 per banking day.
The average daily income for the year was $93,478. That was short of the $95,000 per banking day we had projected. The total 1999 income from all sources was $34 million. Expenses were $36.8 million.
Of course, all who deal with the financial matters of the church hope to have donations equal or exceed expense projections. When they don't, in order not to have major reductions in budget, we have to take funds from the reserve fund or make painful expense-reduction decisions.
During 1999, to meet expenses, we needed to allocate a reduction of $3 million from the reserve account, hoping of course, that would be the maximum reduction of those funds. It was necessary to take about $2.7 million from reserves.
We don't want that to sound like good news. Depletion of the reserve account is a major concern. Any organization, to operate effectively, needs to maintain an appropriate reserve fund. Keeping expenses in line with income and maintaining an adequate reserve is extremely difficult if income continues to decline month-by-month.
To not dip further into reserves, we instituted a number of decisions that included further staff terminations, reduced maintenance levels in Pasadena and Big Sandy and asking several pastors to become dual-career ministers by finding part- time work outside the salaried ministry.
Now we look forward to 2000. We have adjusted our projections for donations and expenses. However, because this year has two critical milestones, we will once again need to use reserves to supplement the budget. Those two milestones are the sale of our properties in Big Sandy and Pasadena.
Had Big Sandy sold in early 1999, the plan was to at least partially fund the discretionary assistance program for retired employees. When that sale was not completed, the discretionary assistance program had to be maintained from regular operating capital, thus further reducing the reserve fund.
If Big Sandy sells before mid-2000, the proceeds of the sale will primarily be used to replenish the reserve fund, with little funding available for other budgetary items. So please continue to pray for the successful sale of the Ambassador University campus. Our staff is hard at work on this project and deeply appreciates your prayers and your financial support.
The proposed sale of the Pasadena headquarters property to Legacy Partners is on track. When the sale is completed depends largely on obtaining city and other agency approvals of each parcel of the proposed development. Legacy still anticipates the completion of escrow by the end of this year, while hoping it might close early in the fourth quarter of the year. Again, we solicit your continued prayers for this sale.
Many of you probably have been working on your family budgets for the year. We hope you will prayerfully consider the stewardship opportunities to fund the work of the WCG as we continue in the transforming work our great Creator has given us to do. If you can maintain
a consistent amount, whether weekly, biweekly or monthly, we would appreciate it.
In spite of the financial difficulties we have endured the past few years, we maintain 430 U.S. congregations. That has been one of our primary objectives. And while we have had to greatly reduce our contributions to the international missions of the church, we still provide at least some assistance to most of our international offices and churches.
The primary focus of our church--to provide spiritual instruction to our members and prepare for future growth--remains a priority.
Also this year we will continue our ministry leader regional conferences (see article, page 3). Nine conferences will be conducted bringing together pastors, elders, ministry leaders and many members of our churches in a weekend of worship, inspiration and education.
The first of these conferences took place Jan. 14 to 16 in Jekyll Island, Georgia--for our leadership teams from the southeastern United States. A major theme of this round of conferences is directed toward spiritual growth of our ministry leaders and a spiritual strategy for our future. We'll be discussing the present reality of our finances and the future possibilities as we reorganize after the sale of our properties.
Pastor General Joseph Tkach will be at most of the regional conferences speaking about the calling we each have to be an integral part of the fellowship of the Worldwide Church of God.
Your prayers and your generous financial support in regular tithes and offerings, along with special seasonal and festival offerings, will help ensure a successful 2000. It should be an exciting year that will set the pace for the work God has planned for our fellowship at the beginning of a new millennium.
We pray God will bless each of you as you continue your spiritual journey with joy and enthusiasm.
Statement of Income and Expenses for WCG and PTM combined for December 1999
For the Month For the Year-to-Date
Income
Daily average of
Mail Income $ 100,025 $ 93,478
Donation Income $ 3,179,606 $ 28,463,020
Other income 792,174 5,678,494
Total income $ 3,971,780 $ 34,141,514
Expenses 36,883,565
Net loss to bank reserves in 1999 $ (2,742,051)
Copyright © Worldwide Church of God, 2000