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June 2023 Financial Update

10 July 2023

The Presiding Bishopric has released the June 2023 Financial Update. In this update, you will find important information about mission tithes, Bridge of Hope tithes, World Church Finance Board action, and our future. 

Some highlights: 

  • Thanks to the generosity of many, Worldwide Mission Tithes in 2022 totaled $12.4 million exceeding the World Church Finance Board approved budget of $11.06 million!
  • As of June 13, 2023, the church has raised $113.4 million toward the $120 million Bridge of Hope retirement responsibility goal. As a reminder, we are working toward exceeding the $120 million goal to ensure the plan is fully funded and to annuitize participant benefits for the future. 
  • The Presiding Bishopric and some fields are exceeding their targets, which means the remaining balance of $7.5 million does not reflect the total amount required for fields to reach their targets. This amount currently stands at approximately $15 million. 
  • Worldwide Mission Tithes through May totaled $3.7 million, which is 15% or $650,000 behind the goal for 2023.
  • The May World Church Finance Board approved income and expense assumptions to prepare the 2024 worldwide mission budget. This included budgeted Worldwide Mission Tithes of $10.85 million.

 These challenges and opportunities will be a focus for the Presiding Bishopric: 

    • Engage new generations of disciples and seekers in our transforming mission, including whole-life stewardship response.
    • Explore and implement new sources of income to build endowments and sustain focused support of our global mission.
    • Explore and implement new partnership models to share gifts of ministry, story, leadership, and finances across fields, mission centers, and congregations in a decentralized church structure.
    • Increase effective utilization of all our facilities, including our headquarters facilities, for mission.

Experiment with new ways to convey and live our principles of generosity and commitment to economic justice that offer hope for a sustainable future for all on our planet. 

Tags: financial, june, update, 2023


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