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2004 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, 2005

The churchwide organization of the Evangelical Lutheran Church in America had an excess of income over expense of $4.5 million in current operating funds for the fiscal year ended January 31, 2005.

Receipts totaled $81.3 million for fiscal year 2004 compared with $80.8 million the previous year, an increase of $0.5 million or 0.6%.  Expenses related to these funds amounted to $76.8 million, a reduction of $3.5 million or 4.4% from fiscal 2003.  Revenue was favorable to the budget approved by Church Council by $0.9 million or 1.1%. Expenses were the primary reason that income exceeded expenses, operating below the Church Council authorized level by $3.6 million or 4.5%.

Income from congregations through synods in the form of mission support decreased to $65.6 million compared to $66.5 million the previous year, a decrease of $0.8 million or 1.2%.  Other funds, both temporarily restricted and unrestricted, available for the budgeted operations of the church, amounted to $15.6 million compared with $14.3 million received in 2003.  Major sources of income in these categories included: Missionary Sponsorship, $3.8 million; bequest and trust income, $3.2 million; endowment income $2.4 million; support from the Mission Investment Fund, $1.7 million; Vision for Mission, $1.3 million; fraternal grants, $1.0 million; and other income of $2.2 million.

Total contributions to the ELCA World Hunger Appeal in 2004 reached $17.3 million, of which $16.2 million was for the general World Hunger Appeal as compared to $16.5 one year ago. Designated world hunger income was $1.2 million, with the majority, $0.9 million, given for “Stand with Africa.”  Disaster Response dominated both the world and church news during the last month of the year, with ELCA members contributing a total of $10.5 million in 2004 compared to $3.5 million in 2003.  Of this, $5.0 million was designated for South Asia Tsunami and $2.1 million was received for Hurricane Relief.

The overall financial results for fiscal 2004 were mixed. Mission support revenue declined for the third consecutive year.  Eight of nine regions and 57% of synods sent less in mission support income in 2004 than in 2003. The range in variances was also higher than normal, with increases as high as $276,746 or 25.9% and decreases as low as $700,676 or 51.9%. Investment income also declined 55.7% or $0.25 million due to declines in account balances and the value of the investments. Increases in bequest and trust income of $0.8 million and an increase in support from the Mission Investment Fund of $0.5 million were able to off-set the decrease in mission support, but their rate of increase cannot be anticipated to continue.

 

 
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