Church Has Strong Financial Foundation, Says Treasurer
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Sound financial policies mean the General Conference is moving forward in mission from a strong financial foundation, said world church treasurer Robert Rawson in his report to world leaders gathered for Spring Meeting at the church's headquarters in Silver Spring, Maryland, United States. |
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Sound financial policies mean the General Conference is moving forward in mission from a strong financial foundation, said world church treasurer Robert Rawson in his report to world church leaders gathered for Spring Meeting at the church's headquarters in Silver Spring, Maryland, United States.
A diverse portfolio and a budget "not dependent in a material way" on investment market returns has helped protect the General Conference's investments from market volatility, he said. In his remarks, he cautioned against allowing the operating budget to become dependent on market-driven investment income and gave strong caution about acquiring institutional debt.
Rawson pointed to two key policy decisions that have helped the church achieve its current financial position. First, in 1999 the church took action to increase it's "working capital requirement" from 20 percent to 30 percent of a year's revenue, which has enabled the church to accommodate "wide swings in budget needs for the strategic initiatives of the church." This has allowed the church to absorb a more than $3 million decline in the value of marketable securities without affecting the appropriations to the Divisions and institutions or the operations of the General Conference headquarters.
Second, the church has introduced "supplemental budgets" in instances where there's a clear surplus of working capital. This initiative has allowed the Adventist Church to release more than $37 million to be used in projects around the world. "During the years 1998 to 2000, the supplemental budgets have been used to establish endowments, provide funding opportunities for capital projects, and conduct evangelism as the Lord provides expanded opportunities," he said.
Rawson's address marked his final report to the executive committee as treasurer of the world church. As he moves into retirement, Rawson said he lays down his responsibilities "with a quiet confidence in the future."
"What an exciting time to be alive!" he said. "Evidence of God's leading His church are prevalent every day, everywhere."
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