Quarterly financial report
Filed Under: Budget, CFO, CMO, Finance, gift, Offering
Financial numbers for the synod's operating budget are in for the second quarter of the 2008-09 fiscal year—from all indications it appears the synod's operating budget remains headed for a $3.7 million deficit by the end of the fiscal year. That's $300,000 more than the $3.4 million buffer fund created by a surplus the prior year. Under spending will be used to make up the difference.
While support of $10.7 million from October through December exceeded expenses of $9.9 million by $800,000, congregations tend to submit a higher percentage of their annual subscriptions in this quarter than any other. Compared to the second quarter of the prior year, support is $700,000 less due to lower Congregation Mission Offerings (CMO) and reduced gifts from individuals.
For the calendar year ending Dec. 31, 2008, CMO of $21.6 million reflects an increase of $260,000 (1.2 %) over the prior year; but if a one-time gift of $200,000 is not included, the increase drops to 0.3%. At the beginning of 2008, congregations had committed to give 2.7% over the prior year.
The forecast deficit—due in large part to the downturn in global financial markets and its impact on key individual and foundation donors—may require ministry reductions of $8 million next fiscal year. The Synodical Council will consider both the support forecast for the current year and the next biennium when it meets in February.
To read the entire financial summary prepared by WELS' chief financial officer for the Conference of Presidents and the Synodical Council, go to: www.wels.net/jump/finance
One other note: the 2008 Annual Report is now online. It provides a brief snapshot of the activities of all areas of ministry and a synopsis of the synod's finances as of June 30, 2008, the end of the last fiscal year.
