wfn.org | [ENS] Episcopal Church's audit report now available onli

["Matthew Davies" <mdavies@episcopalchurch.org>]

Wednesday, October 19, 2005

Episcopal Church's audit report now available online

ENS 101905-2

[Episcopal News Service] The Episcopal Church's independent certified
public accountant has given the church's 2004 consolidated financial
statement an unqualified opinion, stating that it found "no material
deficiencies."

Grant Thornton prepared the report and audited the consolidated financial
statements for the Domestic and Foreign Missionary Society  (DFMS), the
corporate organization charged with legal and financial responsibility
for the operations of the Episcopal Church.

The statement includes the activities of Episcopal Relief and
Development-now a separate 501(c)(3) organization-Episcopal Church Women,
the United Thank Offering, and all direct agencies of DFMS, as well as
missional church and school activities in Micronesia/Guam.

The report puts the total 2004 assets of DFMS at $396,062,000,
including investments of $337,453,000 and current assets of $17, 327,000.
Principal financial support in the form of diocesan commitments for 2004
totaled $28,000,000, with an additional $2,400,000 from non-governmental
fees. Expenditures totaled $30,000,000.

The report and the statements are available on the church's finance
office website at http://www.episcopalchurch.org/documents/DFMS2004Fs.pdf.

Completing the audit took longer than usual this year owing to the
illness of Controller Tom Hershkowitz. Alpha Conteh was recently hired
to replace Hershkowitz.

Kurt Barnes, the church's treasurer and chief financial officer, said that
he was especially happy that the finance office staff was cross-trained
during the process of conducting the audit.

"The staff now has deeper and broader experience," he said.

The 2004 audit also produced documented schedules, links and formulas
that relate the general ledger to the financial statements. Barnes said
these efforts will facilitate producing various financial statements in
the future.

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