Title: ELCA Bishops Told Early 2006 Financial Results 'Favorable' ELCA NEWS SERVICE
October 24, 2006
ELCA Bishops Told Early 2006 Financial Results 'Favorable' 06-156-JB
CHICAGO (ELCA) -- Overall financial results for the churchwide organization of the Evangelical Lutheran Church in America (ELCA) were "favorable" for the first seven months of the church's 2006 fiscal year through Aug. 31. Based on those results, the churchwide organization is expected to close the current fiscal year on Jan. 31, 2007, "with positive net results," said Christina Jackson-Skelton, ELCA treasurer.
Jackson-Skelton reported the most recent financial results to the ELCA Conference of Bishops. The conference is an advisory body of the church, consisting of the ELCA's 65 synod bishops, presiding bishop and secretary. It met here October 5-10.
Overall, financial results thus far in 2006 are very close to what the churchwide organization expected, Jackson-Skelton said.
Total receipts were $43.9 million from Feb. 1 to Aug. 31, compared with $45.1 million the previous year, a decrease of $1.2 million. Related expenses were $43.4 million, a decrease of $600,000 from one year ago. Expenses were below the 2006 budget forecast for the period by $3.3 million, the ELCA treasurer said in her written report.
Mission support funds contributed by congregations through the 65 ELCA synods totaled $35.6 million, down $200,000 or less than 0.7 percent from one year earlier. Other funds available for budgeted operations of the church were $8.3 million, compared with $9.3 million in the first seven months of 2005, Jackson- Skelton wrote.
She reported that income from investments increased $900,000, while income from bequests and trusts decreased $1.9 million for the period.
Investment income performance is "markedly improved" from the past several years, and Jackson-Skelton said it is expected to continue to outperform budget estimates for the remainder of the year.
ELCA World Hunger Appeal contributions through Aug. 31 were $7.5 million, up $300,000 compared to one year ago. Jackson- Skelton noted that the increase can be attributed to a special offering at the ELCA Youth Gathering given for hunger programs.
Direct gifts to the World Hunger Appeal increased by $900,000 for the first seven months of fiscal 2006 compared to one year earlier, while gifts given through synods decreased by $400,000, she added.
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