Update from Finance & Planning

December closes upbeat

By Ronald Kelly

A hearty thank you for your generous financial support during December.

Donation revenues for December topped $3.2 million, making it the best month of the year. It comes close to the income of December 2000, which was $3.4 million.

In addition to regular mail income, we received $890,000 from other sources of income, including estate donations, Legacy Partners escrow extension agreements, asset sales and rental income. Thus, the tally for December topped the $4 million mark for total income.

Income for 2001 was more than $29.6 million. We are thankful for what all of you dedicated members have done to keep church income at these levels.

Expenses for 2001 were just over $34.5 million. We used $4.8 million from the church reserve fund to meet expenses. That is not good news, but it was within the parameters we set at the beginning of the year.

We will need to continue budgeting funds from reserves until the close of escrow on the Pasadena campus. The burden of maintaining the campus and the financial commitment we have to fund the church discretionary assistance program for retired employees will of course be removed after the sale.

In the meantime we have to bite the bullet by keeping a tight watch on expenses as well as establishing how much we can absorb by using church reserves. Thank you all for your patient endurance.

Predicting the date for the close of escrow is by no means an exact science. Projected dates have come and gone for two years. And once again delays in the city approval process now hint toward a mid-year (or later) closure rather than a late first quarter escrow completion.

These delays are difficult for all of us. Local churches are unable to implement our new financial model. Our reserve fund is affected. Legacy Partners cannot begin construction until escrow closes. And escrow can’t close until the City of Pasadena gives approval for the project.

The Ambassador project has been called one of the most extensive and complicated Southern California developments in many years. A project of this complexity takes a huge amount of study, time and adjustments before escrow can close and construction can begin. In the meantime we strive to exercise patience. Your loyal support is appreciated.

We trust your 2002 is off to a good start and that your walk with our Savior is spiritually uplifting. Through these ups and downs, the one constant is God’s care and love for each one of us. We have trials, but we know God’s purpose will be served.

Statement of Income and Expenses for

WCG and PTM combined for December 2001

                                                For the Month                     For the Year-to-Date

Income

    Mail Income                             $ 3,279,000                                   $ 23,262,000

    Other income                                 890,000                                         6,394,000

Total income                                     4,169,000                                     29,656,000

Expenses                                             3,656,000                                 34,508,000

Net gain (loss) to bank reserves             $ 513,000                                    $ (4,852,000)

Wills and trusts

Many members have requested information on how best to make a gift to the Worldwide Church of God, either during their lifetime or upon death through wills, trusts or other means.

If you want to receive information regarding such gifts, the Legal Department of the church is available to aid you in this regard without cost or obligation. Please write Legal Office, Worldwide Church of God, Box 111, Pasadena, California, 91123.

The Legal Department regrets that, because of the variance in laws of other countries, such legal information is only applicable to residents of the United States and Canada. However, in regard to other countries, the Legal Department will furnish whatever limited information it may have available.

Copyright © Worldwide Church of God, 2002