wfn.org | AACC FINANCE CHAIR TO ASSEMBLY: THE FINANCIAL STORM HAS BEEN

[Worldwide Faith News <wfn@igc.org>]

For Immediate Release
AACC Media Team: (011) 237 966 3059 or 3063

AACC FINANCE CHAIR TO ASSEMBLY: THE FINANCIAL STORM HAS BEEN WEATHERED	     
  

November 24, 2003, Yaounde, Cameroon - The AACC finances are in a state of
reasonable health, but there continues to be grave concern over the
failure of churches to pay their membership fees.

“There is cause for both hope and concern” was the message of 
Chief Dr. SO
Adekunle, Chairperson of the AACC Finance and Personnel Committee, in his
report to the Eighth Assembly, meeting in Yaounde. “The economies of
our
main partners in Europe and North America had not grown,” he noted, 
“The
general socio-economic malaise that prevailed in the early and mid
nineties prevailed for most of the period.”

Although property had contributed 22 percent to the organisation’s 
income
during the period under review, the AACC was taking over day-to-day
management from Lloyd Masila Limited. Grants from partners, at 65%, was
the other major source of income.

Dr Adekunle reported on the favourable situation regarding the US$1
million loan from Oikocredit. Obligations under the agreement had been
fully met, and only nine years remained until the loan would be fully
liquidated.

Despite continued moral support from member churches, and a reduction, by
50 percent of membership fees requested, the amount received was less that
one sixth of the amount budgeted. “Where do we go from here?” the
Chairperson asked.

After referring to the personnel position, and attempts to downsize staff,
Dr Adekunle answered questions from the floor, after which the Financial
Statements were unanimously adopted.

By David Wanless
AACC