DENVER (ELCA) "Quite adequate" are the words that Treasurer Richard L. McAuliffe chose for describing the current financial position of the Evangelical Lutheran Church in America (ELCA), as he addressed the ELCA Churchwide Assembly.
The churchwide assembly, the chief legislative authority of the ELCA, is meeting Aug. 16-22 here at the Colorado Convention Center. There are more than 2,500 people participating, including 1,039 ELCA voting members. The theme for the biennial assembly is "Making Christ Known: Hope for a New Century."
McAuliffe's report, delivered Aug. 17, focused on the ELCA's income and expenses since the church's 1997 assembly to help prepare assembly members for the first presentation of the church body's proposed 2000-2001 budget.
Although the ELCA's expenses increased by $2.6 million from fiscal year 1997 to 1998, revenues grew by even more, McAuliffe told the assembly. Each of the two years ended with a $4 million surplus, he said.
Total revenues were $79.3 million in 1997 and $81.7 million in 1998.
At more than $66.7 million, mission support -- revenue from congregations to the churchwide organization through the ELCA's 65 synods -- reached a new high for the ELCA last year, McAuliffe told the assembly. Other revenues grew as well, largely as a result of increased bequests, interest income and gifts, he said.
"Revenue in excess of expense or net -- the 'bottom line' -- is important to us financially because it builds cash reserves and gives us the flexibility to support new mission opportunities," McAuliffe said.
McAuliffe showed the assembly a graph that tracked the ELCA's annual revenue and expenses since 1989, the year after the church body began operations. After a rocky start, income has exceeded expenses for the past eight years, he said.
A positive financial report also was delivered to the assembly by the Rev. Arnold L. Pierson, vice president for marketing, ELCA Mission Investment Fund. The MIF used funds invested by congregations, organizations and individuals to provide low-cost loans for building and renovating church buildings.
"Since we last met, in Philadelphia, the fund has reached record heights," Pierson said. He reported that:
-- MIF assets increased from $308 million in 1997 to more than $330 million today.
-- Total investments grew from $200 million to $217 million.
-- New loans issued last year rose from $61 million to $86 million.
The MIF has 621 active loans totaling $250 million, Pierson said.
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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
