Update from Finance

Update from Finance & Planning

May income holds steady,
near budget projections

By Ronald Kelly

s we approach the halfway mark for 2003, our regular donation income continues to be less than our projections. However, overall cash revenue from all sources is still ahead of estimates.

May income

For the month of May, we had projected donation income at $1.68 million. Total contribution income was just over $1.57 million or about $110,000 less than budgeted.

However, during this month other sources of income including estate donations, gain on investments and pilot program church apportionments added more than $460,000 to our funds. So total income was more than $2 million—almost exactly what we had forecast for our totals.

May expenses were just over $3 million. That, of course, means we needed to use roughly $1 million from the reserve fund. These ups and downs are, however, on target with our forecasts.

Last month I reported that between January and April, because of peripheral property sales and a litigation settlement, we had added $3 million to the reserves (after completing our accounting records, the amount was actually more than $3.5 million).

Adding to reserves

We projected our expense budget for the year-to-date, January through May, to be $14.95 million. Expenses so far this year have been $14.27 million. So with expenses being less than budgeted and other sources of revenue higher than budgeted, we have been able to add $1.9 million to the reserves so far this year. And that’s a welcome addition because our cash-flow estimates for the next couple of months were projected to be a little tight.

However, in July and August, two additional peripheral parcels of property are scheduled to close, so I anticipate holding steady for the coming third quarter of the year.

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 5005, Glendora, CA 91740.

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