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[PCUSA NEWS <PCUSA.NEWS@ecunet.org>]

Note #7959 from PCUSA NEWS to PRESBYNEWS:

Correction
03421
October 2, 2003

Correction

Some restricted funds pay administrative costs

by Jerry L. Van Marter

LOUISVILLE - A story about administrative costs for restricted funds (#03403,
Sept. 25, 2003) incorrectly reported that "currently all costs of
administering restricted fundsare paid with unrestricted funds."

	Some of those funds are currently paying administrative and
promotional costs.

	At its Sept. 24-27 meeting, the General Assembly Council tabled a
controversial proposal to begin charging up to 5 percent of all General
Assembly restricted funds to those funds to cover their administrative costs.

	According to Mission Support Services, the following costs were paid
in 2002 (with 2002 receipts):

	* Pentecost Offering ($650,870) - administrative, 2.74 percent;
promotional, 13.04 percent

	* Peacemaking Offering ($1,040,537) - administrative, 2.5 percent;
promotional, 10.45 percent

	* Theological Education Fund ($2,665,466) - administrative, 0.7
percent; promotional, 10.96 percent

	* One Great Hour of Sharing Offering ($9,968,371) - administrative,
1.53 percent; promotional, 2.65 percent

	* Christmas Joy Offering ($5,472,085) - administrative, 0.48 percent;
promotional, 2.92 percent.

	The Witness Offering ($62,574), disaster relief accounts
($1,847,176), Extra
Commitment Opportunity accounts ($8,686,146) and the Presbyterian Hunger Fund
($576,087) pay none of their administrative or promotional costs.

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