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2002
Financial Report
2002 Preliminary and Unaudited Financial
Statements
Summary of Revenue and
Expenses Spreadsheet
Revenue Summary (Detail)
Spreadsheet
Expenses vs. Spending
Authorization Spreadsheet
TREASURER'S
REPORT
for the year ended January 31, 2003
The churchwide organization of the Evangelical Lutheran Church
in America had an excess of income over expense of $0.85
million in current operating funds for the fiscal year ended
January 31, 2003. An additional $1.45 million was allocated
through Church Council action.
Receipts totaled $82.9 million
for fiscal 2002 compared with $86.6 million the previous year,
a decrease of $3.7 million or 4.2%. Expenses related to these
funds amounted to $82.1 million, a decrease of $1.2 million or
1.5% from fiscal 2001. Receipts compared favorably to the
November estimates approved by Church Council by $0.3 million
or .3%; expenses were below the authorized level by $0.6
million or .7%.
Income from congregations
through synods in the form of mission support decreased from
one year ago with $68.8 million compared to $69.5 million the
previous year, a decrease of $0.7 million. Other funds, both
temporarily restricted and unrestricted, available for the
budgeted operations of the church, amounted to $14.2 million
compared with $17.1 million received in 2001. Major sources of
income in these categories include: Missionary Sponsorship,
$4.0 million; bequest and trust income, $2.8 million;
endowment income $2.2 million; investment income, $1.2
million; Vision for Mission, $1.1 million; fraternal grants,
$0.9 million; gifts from W/ELCA, $0.4 million; and other
income of $1.6 million.
Contributions to the ELCA World
Hunger Appeal in 2002 totaled $17.2 million of which $16.0
million was for the general World Hunger Appeal as compared to
$15.6 one year ago. Stand with Africa income was $1.0 million.
Disaster Response funds received from ELCA members in 2002
amounted to $2.0 million compared to $11.5 million in 2001.
The overall financial results
for fiscal 2002 were mixed. Due to a mid-year reduction in
spending, the churchwide organization was able to operate at a
surplus. While other income categories improved in the second
half of the year, mission support revenue weakened and ended
significantly under expected levels. World Hunger income
closed strongly and surpassed all prior year income totals for
the general appeal, while also increasing support for the
Stand with Africa appeal by over 200% to $1.0 million.
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