Mixed news in latest financial report
Filed Under: Budget, CFO, CMO, Finance, Offering
The latest Executive Summary—prepared by WELS' chief financial officer for the Synodical Council and the Conference of Presidents—shows mixed news for the synod's operating budget the first month into a new fiscal year.
Mr. Todd Poppe, chief financial officer, reports that support in July 2008 was $300,000 less than expenses—not unexpected since July tends to be one of the lowest support months. But Poppe says developing negative trends in two key support sources—gifts from congregations known as Congregation Mission Offerings (CMO) and gifts from individuals—need to be closely monitored.
CMO in July were off $50,000 from July 2007 and gifts from individuals were off $400,000. Total CMO receipts for June and July were down 9 percent and 2.5 percent, respectively, from the same months in 2007, but CMO receipts for the 2008 calendar year are up 3.1 percent over the same period last year thanks to greater-than-projected giving earlier in the year.
"Please join me in prayer, giving thanks for the support congregations and members provided the last twelve months," Poppe says, "and pray that they increase their support for the work we do together."
To read the Executive Summary in detail, go to www.wels.net/jump/finance
