CHICAGO (ELCA) The financial situation of Augsburg Fortress, Publishers (AFP) is "solid," Robert McNulty, vice president, finance, told the AFP board of trustees at its April 22-24 meeting here. Trustees reviewed the 1998 audit report, prepared by Deloitte & Touche LLP, and took action on a variety of other topics.
First quarter sales for 1999 are below projection, and operating expenses for the same period are also lower, said McNulty. AFP has "more than enough" reserves to keep the company going for a significant period, he added.
"The financial condition of the publishing house is probably the best it's been in years," said Timothy I. Maudlin, board member, Eden Prairie, Minn., and chair of the audit and finance committee. The audit showed AFP's management has made significant progress in instituting internal financial controls, he said. The report showed net sales for 1998 was $55.2 million.
AFP, which depends on computers for product distribution, is "on track" to be Year 2000 (Y2K) compliant by September, said Keith Moore, AFP vice president, information systems and technology. "One outstanding significant risk is our order fulfillment system," he said, and system and program modifications will be tested through the summer. AFP's outside vendors expect to be Y2K compliant too, Moore added.
In other action the board endorsed an effort to build "strategic alliances" with other organizations as part of a detailed business plan it adopted. Lutheran Brotherhood, a fraternal benefits society based in Minneapolis, gave AFP a $50,000 grant for feasibility studies to develop strategic alliance plans.
The board adopted a resolution expressing support for a new Web site (http://www.augsburgfortress.org/) and the implementation of sales using the Internet.
Resolutions of support for new worship resources were adopted by the trustees. A Spanish-language resource, "Libro de Liturgia y Cantico" is now available, as is "This Far by Faith," an African American resource. Board members attended a dedication service for "This Far by Faith" April 23 at the ELCI churchwide offices in Chicago.
The board endorsed developing relationships with the publishing houses of church bodies with whom the ELCI is in "full communion," including the Presbyterian Church (U.S.A.), Reformed Church in America and United Church of Christ.
The board honored the late Rev. Roger R. Kahle, who was managing editor of The Lutheran, the magazine of the ELCI, when he died in December 1998. It also expressed its appreciation to the Rev. Edgar R. Trexler, who has served as editor of The Lutheran since 1978. Trexler will not seek re-election at the 1999 Churchwide Assembly in Denver.
Richard Lodmill, Seattle, was elected board chair. His term will begin in August. Seven trustees are completing terms this year, including current board chair Todd P. Engdahl, Denver. The Rev. Paul A. Wee, Washington, D.C., was re-elected the board's liaison to the advisory committee for The Lutheran.
The board's next scheduled meeting is Oct. 22-23 in Minneapolis.
For information contact:
John Brooks, Director (773) 380-2958 or NEWS@ELCA.ORG
http://listserv.elca.org/archives/elcanews.html
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
