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http://www.pcusa.org/pcnews/2007/07272.htm [http://rs6.net/tn.jsp?t=be9cw4bab.0.6wdgw4bab.9dc9s4bab.2056&ts=S0239&p=http%3A%2F%2Fwww.pcusa.org%2Fpcnews%2F2007%2F07272.htm].
07272 May 10, 2007
Fundraising totals overstated
Accounting errors lead to $1.4 million reduction in totals for Mission Initiative
by Evan Silverstein
LOUISVILLE - Two accounting errors led to a $1.4 million overstatement of funds raised by the Presbyterian Church (U.S.A.)'s Mission Initiative: Joining Hearts & Hands [http://rs6.net/tn.jsp?t=be9cw4bab.0.5wdgw4bab.9dc9s4bab.2056&ts=S0239&p=http%3A%2F%2Fwww.pcusa.org%2Fjoiningheartsandhands%2F] (MIJHH) fundraising campaign.
The PC(USA) General Assembly Council (GAC) announced May 9 that the two errors were discovered in the process of preparing the first quarter 2007 financial report for a meeting of the Joining Hearts & Hands steering committee.
According to Joey Bailey, the PC(USA)'s deputy executive director for Shared Services, the corrected total for pledges and gifts, as of the end of 2006, is $26,157,892, a figure approximately $1.4 million lower than previously reported.
Bailey also released a new report, dated March 31, 2007, which shows $26,331,807 in total pledges and gifts for Joining Hearts and Hands.
The erroneous totals appeared in a year-end 2006 MIJHH report and the oral report given to the General Assembly Council in March.
Joining Hearts & Hands (MIJHH) is a five-year campaign of the PC(USA) to raise $40 million for new international mission workers and church growth in this country, particularly racial-ethnic and immigrant congregations.
"The errors were simple mistakes between campaign staff and accounting staff, but they had significant consequences," said Bailey, who also serves as the GAC's chief financial officer. He said the $1.4 million error consisted of the unintentional double reporting of a $1 million gift and the omission of its associated investment income, and a separate mistake in calculation, which increased the amount of a pledge by the amount already given (approximately $400,000).
"We take our obligation for accuracy and integrity of accounting and reporting seriously and regret these mistakes," said Bailey. "We have taken measures to strengthen our processes and internal controls in order to prevent such mistakes from being made in the future."
Bailey cited a new quarterly activity report as one of the process improvements - "with the new report we will be able to track more closely the campaign's comprehensive progress in each quarter, making errors easier to spot and correct."
"We sincerely regret the human errors, which led to the release of incorrect information on behalf of our fundraising efforts," said the Rev. Joanna Adams and the Rev. Dave Peterson, co-chairs of the Joining Hearts & Hands steering committee, in a joint statement. "Joining Hearts & Hands has always been about moving forward in hope toward God's new day, which is what we will continue to do from here."
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