Update from Finance

PASADENA—We have closed the books on the first quarter of 2005—a quarter that is now operating 100 percent under the new financial model.

All in all, we are pleased with how smoothly the transition has gone and how well our congregations are managing local funds.

As you know by now, the international headquarters of the Worldwide Church of God will be operating on an apportionment income that is a percentage of each congregation’s total offerings. We have budgeted $3.5 million annually for this income. That means our target is $291,666 per month or $875,000 per quarter. We also budget other sources of income, so our projected total income for the first quarter was $1.5 million.

Apportionment income for January through March did not quite reach the target of $875,000, but income from other sources more than made up the difference. In addition to the apportionment, co-worker donations, estate donations and a variety of other sources brought operating income up to $1.7 million.

Expenses for the same period were $1.8 million. So we operated close to our budget projections.

These figures will be in a state of flux for some time because the financial transition and relocation require expenses that will gradually be phased out. For example, we pay the new owners a monthly rent for use of the Hall of Administration. And we still have a few employees working on the relocation plans. These expenses will gradually diminish over the next few months until we are relocated in a new facility in Glendora, California.

Renovation has begun on the Glendora property, and we expect that to be completed so we can begin the move in September or October. We thought for a while the move could take place in August, but that now looks unlikely (it seems construction usually takes longer than original estimates).

We are on target to maintain a balanced budget for 2005. That means church expenses will not exceed income. But would you believe we are already at work on the 2006 budget? As we determine the fixed expenses here at headquarters, we can plan our staff size and operating budgets more accurately now than we have been able to in the past.

Our current plan is to publish a financial update once every quarter, so we look forward to preparing the next report for the July WCG Today.

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.