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.