The General Board reports a surprise financial upturn in 2003.

The Church of the Brethren General Board's financial situation returned to stability in 2003 after unusually large losses the previous year, and after three years of investment losses. The welcome news was reported by Judy Keyser, the agency's chief financial officer and treasurer, in a year-end summary.

Programs supported by the General Ministries Fund, the General Board's main operating fund, went through major struggles in 2003. Special fund-raising efforts were added, budgets were underspent by $163,420, and staff reductions and realignments occurred for 2003 and 2004. These steps, careful planning, and a major stock market correction propelled net income to $77,850 in 2003.

This surprise upturn stabilized the board's finances and gave it an opportunity to rebuild and strengthen the foundation of its ministries. The board had the income to cover its revised General Ministries budget, so that $81,000 approved for direction from other priorities did not need to be used. This was welcome news since 2003 marked the first time ongoing ministries were "patched" with one-time monies.

The General Ministries Fund is undergirded largely by gifts from congregations and individuals. Support of $3,218,110 was received from congregations in 2003, 1.2 percent lower than in 2002, and $648,610 was received from individuals, 9.2 percent lower than in 2002. In addition to these gifts, special partnerships provided $395,210 for increased ministries.

Two of the four self-funding ministries of the General Board ended the year with net income, while two sustained losses despite underspending expenses and seeking extra income. Service Ministries finished the year with $80 of income over expense, and Messenger magazine with $10,940. The New Windsor (Md.) Conference Center and Brethren Press showed deficits of $82,940 and $49,090 respectively.

Three special-purpose funds support ministries through donor gifts. Donations to the Emergency Disaster Fund made possible $1,074,590 for Emergency Response. Gifts to the Global Food Crisis Fund and the Emerging Global Missions Fund provided $463,310 and $57,440, respectively.

While General Board finances have been stretched and patched for 2003 and 2004, the agency remains a solid financial entity with no external debt, Keyser said. The General Ministries Fund budget for 2004 includes a one-time amount of $276,000 to stabilize staffing, build new momentum, and develop long-term solutions to the financial situation. Living within the means of the board's income by 2005 remains a priority, Keyser said.

Source: Newsline 2/20/2004
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