Synod financial audit update
Filed Under: CEF, Synod Finances
WELS Chief Financial Officer Todd Poppe reports the audit of synod finances is on schedule. Preliminary results indicate the operating budget was virtually balanced for fiscal year 2006-07.
“I am extremely pleased with both our preparedness and the auditor’s execution,” says Poppe. This is the first year WELS has been audited by Virchow, Krause & Company, LLP, a Wisconsin-based firm selected by the Accounting Oversight Committee.
Both WELS Investment Funds and WELS Church Extension Fund received unqualified (the highest possible) opinions from the audit firm. Audits of the other entities and WELS consolidated are progressing as planned and should be completed by November.
Mr. Poppe also said that for the first time his office will prepare annual financial statements and supporting notes for both the WELS operating and special funds. These new reports are intended to highlight, in financial terms, the ministry of the synod and compliance with the approved budget.
