Auditing firm issues WCG audit

Auditing firm
issues WCG audit

By Ronald Kelly

PASADENA—Once again we are pleased to report that our independent auditing firm, PricewaterhouseCoopers, has given an unqualified opinion on our accounting and financial records.

In accounting terms, that means an independent professional auditing firm has carefully reviewed the financial records of the Worldwide Church of God for 2000 and issued an opinion.

Their opinion includes this primary overview statement: "In our opinion, the accompanying consolidated statement of financial position and the related consolidated statements of activities and changes in net assets, and cash flows present fairly, in all material aspects, the financial position of Worldwide Church of God (the "Church") and its subsidiaries at December 31, 2000, and the changes in its net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America."

For many years the church has retained the professional services of an independent and respected firm of certified public accountants to examine our books and issue an opinion. These procedures provide confidence to banks, financial institutions and the many businesses with whom the church conducts business.

Church members should also feel confident that the financial affairs of the church are handled with integrity and in a professional manner. To issue an unqualified opinion, PricewaterhouseCoopers staff spent several weeks in our offices examining the assets, liabilities, income and expenses of the church and reviewing church accounting procedures and financial reporting. If they were to find inappropriate record keeping or that the church financial picture did not meet their high professional standards, they, of course, would not issue the desired unqualified opinion.

The independent auditors have been impressed with the ability of church management to make the extremely difficult decisions of downsizing essential in maintaining financial stability the past several years. They have seen our income dramatically decrease from 1994 through 2000, yet have observed the church maintaining about 150 salaried pastors and preserving local congregations as bivocational pastors stepped in to serve our smaller congregations.

And they have noticed the dedication of thousands of church members who continue to donate generously to the Worldwide Church of God. Our auditors complimented our members, whom they have never met, but highly esteem for their loyalty to their denomination.

Because the annual auditor’s report is lengthy and technical in nature, we do not publish it in the WN. However a copy can be sent to any Worldwide Church of God member who requests one. If you need a copy of the audit, send your request to Ronald Kelly, Controller, Worldwide Church of God, 300 W. Green St., Pasadena, California, 91123. In your letter, please note the congregation you attend.

We’ll keep you posted on the general financial trends with my monthly update column. For most of our members, these monthly updates provide an appropriate overview of the financial affairs of the church.

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