By Ronald Kelly
By Ronald Kelly
PASADENA—Member donation income for June was $1,431,000. Our budget projection for the month was $1,466,000. So our shortfall was $35,000 or about two percent less than we planned for.
On the other hand, we had an estate donation and other sources of revenue that totaled more than $700,000 in June, bringing the total income for the month to just over $2.1 million. The totals were actually ahead of projections.
Now for the year-to-date figures as we pass through the halfway mark for 2003. Member contributions for the first six months totaled $8.4 million. Estate donations, litigation settlements and peripheral property sales were more than $9.9 million, making the total for the year so far $18.3 million.
Expenses
Cumulative expenses for the year have been $16.8 million. We have added $1.5 million to the reserve fund. We are still on track to sell at least one adjacent piece of property and later this year begin the sale of selected single-family homes on Orange Grove Avenue. As I have pointed out before, our financial strategic plan has been to sell peripheral properties that have not been planned for the core development project. This has made it possible to keep our 2003 budget on a fairly solid foundation.
2004 budget
At the 2003 halfway mark we are now beginning our budget plan for 2004, and I would like to keep you apprised of our plans. As we round the curve into 2004, we will no longer have property sales to back up our expenses. Thus our budget plan for next year will need to be carefully evaluated and no doubt will include some major decisions on how we allocate funds in each departmental budget area.
We have already had one administrative team planning meeting and will continue to meet regularly until we hammer out a budget that will be submitted to the church board later this year. This budget, by necessity, will have a significant impact on spending and some extremely difficult decisions will have to be made. Please join us in prayer for guidance as we go through the budget-planning process over the next few weeks.
Property sale
In the meantime, we continue to work tirelessly on the property sale project. Meetings with city officials, business groups, neighborhood associations and many other interested parties continue as a high level of priority. The environmental impact study is now well underway, and we hope to see its completion in a few months.
That will lead to public comment, which will in turn lead to a Pasadena City Council determination. We hope that determination will come by late in the first quarter of 2004, but could be delayed till midyear depending on a variety of factors.
As always, I want to express my deep appreciation that so many of you have patiently continued your most generous contributions to the Worldwide Church of God through the on-going transition of our church toward our projected new financial model.
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 to Legal Office, Worldwide Church of God, Box 111, Pasadena, California, 91123.
Copyright © Worldwide Church of God, 2003