Update from Finance & Planning

August income
returns to 2001 levels

By Ronald Kelly

I’m happy to report that August contributions came in just over $1.62 million. That’s within about $30,000 of the August 2001 income of $1.65 million. Our July donations were down about eight percent from the previous year, so coming back to nearly even is indeed pleasant news to report.

As you will see from the accompanying chart, our total donation income for the year is almost $13 million for the first eight months. Added to that, we have had other funds and revenues totaling about $4 million, bringing the total useable funds for the year to $17 million. Comparing those totals to the previous year, we are down less than one percent from the first eight months of 2001.

As I have mentioned numerous times in this column, I get a great deal more excited about using the word increase rather than words such as less than or decrease. I feel good about the total funds you have so generously given during this current year to the work of our church.

As you know, we had to reorganize the Pasadena sales project when Legacy Partners withdrew in late April after about three years of planning. Costs are attached that we had not anticipated when we prepared the 2002 budget. Thankfully those funds have been carefully planned to maximize the value of the project and limit the expenses of the sale team, and in a technical sense those expenses are recouped when the sale is completed.

Also, as I’m sure you all know, we have chosen to maintain the campus at an appropriate level so as to maximize the value of the property. Occasionally we receive letters that suggest we should let the campus grow up in weeds and stop spending money on it.

However, mowing lawns is only a small part of the expenses. We also have to pay taxes, and for utilities, security and minimal custodial services, and administrative costs for appropriate preservation of this facility until the sale is completed. Expenses for campus maintenance and the sale are wise and prudent investments in the financial future of the church.

As 2002 winds down, I want to thank you so much for your continued financial support of the church. Words alone cannot express our appreciation, but words are about all we have in the WN, so a hearty thank you for all you do.

Statement of Operating Income and Expenses for
WCG for the Month Ended Aug. 31, 2002

                                                    For the Month             For the Year-to-Date

Income

    Mail Income                                   $ 1,626,000                 $ 12,929,000

    Other income                                     (156,000)                     1,313,000

        Subtotal                                         1,470,000                   14,242,000

    Gain on sale of SEP Orr                               $ 0                  $ 1,336,000

    Income from Legacy

        deposit forfeiture                                        0                     1,439,000

            Subtotal                                                 0                     2,775,000

            Total income                             1,470,000                    17,017,000

Expenses                                               2,691,000                   20,350,000

Net gain (loss) to bank reserves         $ (1,221,000)                 $ (3,333,000)

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.

Copyright © Worldwide Church of God, 2002