Update from Finance

Update from Finance & Planning

Third quarter income steady,
expenses increase

By Mathew Morgan

PASADENA—As announced in a previous issue, Ron Kelly retired in July, and I have assumed his responsibilities as controller. I look forward to keeping you informed quarterly about the church’s finances and other related issues. I consider it a privilege to be a steward of the church’s day-to-day financial operations, and I will strive to be a good steward. I welcome your comments and suggestions.

Third quarter

The third quarter is complete, and we are in the process of preparing the budget for 2006. On the income side of the equation, all is holding steady to date due primarily to an unexpected estate donation and higher than expected return on investments.

However general donations are below budgeted levels, raising some concern as we enter the fourth quarter of the year. Your consistent offerings are important to the work of your local congregation and to the administrative headquarters of the church. Thank you for your consistent and generous support.

The expense side of the equation has proven more challenging this last quarter. Increasing health-care costs and unexpected delays in the permit process on the remodeling project for the Glendora administrative building have caused expenses to exceed budget estimates. These areas will continue to be a challenge in the remaining months of 2005 and for the first quarter of 2006.

I am happy to report that many of you donated generously to help your brothers and sisters in the path of Hurricane Katrina. As of Oct. 18, donations of about $273,892 have been received. The funds are being forwarded to pastors in the region affected by Katrina for disbursement to members in need.

Work parties from neighboring congregations have provided much needed labor to help members clean up in the wake of the storm.

Thank you on behalf of those who have received and will receive this emergency assistance. What a joy to see members of the body of Christ working together to overcome this devastating trial.

WCG Disaster Relief Fund to replace Katrina Fund

As we reflect on the catastrophic events of the past year, including the earthquake and tsunami in the Indian Ocean and the devastating hurricanes in the Gulf of Mexico, we recognize the need to set up a disaster relief fund with the flexibility to help members who are victims of disasters and those who will be affected by future disasters, domestic or international.

Therefore, we have established the WCG Disaster Relief Fund. Money donated to this fund can be used to assist members affected by hurricanes Katrina and Rita, and if funds remain, they will be available to help members of the WCG family who are affected by future disasters.

This WCG Disaster Relief Fund will be the primary corporate financial vehicle to provide assistance for WCG disaster victims, in lieu of establishing special funds for each new incident. Please do not send additional funds to the WCG Katrina fund.

If you or your congregation wishes to donate to the new disaster fund, please send donations to the WCG Disaster Relief Fund, c/o The Worldwide Church of God, Box 5005, Glendora, CA 91740. Thank you again for your prayers and your financial sacrifices to help members of the WCG family who are suffering. To donate online, click here.

New headquarters office

Progress has been made on the new headquarters building in Glendora. Most interior demolition and earthquake retrofitting is complete. In addition, a contractor has been selected, and all plans are in place to begin the task of remodeling. The remodeling work will commence as soon as permits are approved by the city. We expect work to begin the last week in October with a 12- to 16-week time frame to completion.

PTM initially planned to share office space with the church at the new location. However, it has been decided that this is an opportune time for them to relocate to a separate office well suited for their ministry plans. As they have anticipated and are planning for such a move, they expect to be relocated near the end of the year.

The church is in the process of finding a tenant to lease about 6,000 square feet of office space initially slated for use by PTM. We will miss the opportunity to work so closely with the dedicated PTM employees and wish them well as they make this transition.

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