The Presiding Bishopric shares the December 2024 Financial Update. In this update, you’ll find important information about the audit process, the 2025 worldwide mission budget, mission tithes, endowments, and ongoing efforts to fund the mission of the church. Church leaders are grateful for the continued generosity of members and friends around the world who support Community of Christ’s global mission to create a more just and peaceful world.
A few highlights:
- The church raised $681,000 USD on Giving Tuesday! Thank you for this amazing expression of generosity!
- Worldwide Mission Tithes as of 18 November 2024 were just under $7.7 million USD or 2% above goal year-to-date. The incredible generosity of members around the world has positioned the church to finish the year close to the 2024 goal of $10.2 million.
- As shared previously, the World Church Finance Board designated $175 million from the sale of historic assets for the endowments. This will generate annual income for the Worldwide Mission Budget based on the Spending Rate Policy for Endowments approved by the board in 2017. Currently the spending rate on endowment assets is set at 3% and is reviewed annually. The legacy of generosity represented in these assets will bless the church for years to come.
- The 2023 audit report was approved during the September 2024 World Church Finance Board meeting.
- On 7 December 2024, the World Church Finance Board approved the 2025 Worldwide Mission Budget which includes total income of $17.1 million, total expense of $16.6 million, leaving a projected net income of just over $500,000 USD.
- The 2025 budget includes inflation informed salary increases for employees across the globe. It also includes a long-deferred market-based compensation adjustment for USA employees. This adjustment achieves part of what is essential to set the foundation for recruitment and retention as a generational change in leadership and ministry positions occurs over the next several years.
- Current financial projections support a consistent level of ministries and services through 2029 using worldwide mission tithes, designated gifts, other income, and endowment spending rates. In 2030 a projected budget reduction of approximately $1.5 million will be needed without new sources of income.
- As discussed in prior updates, the gradual decline in the number of contributors will require continued exploration and innovation in our approach to revenue generation, new ways to engage younger generations in mission, and thoughtful decisions about how to best utilize assets for mission.
- The Presiding Bishopric’s five strategic priorities focus efforts on addressing challenges and opportunities as collaboration continues with quorum and field leaders to implement strategies to change the church’s financial trajectory over time.
- The Worldwide Mission Tithes goal range for 2025 is $10.16 to $11.16 million USD. The gifts and contributions of all are needed to support global mission.
- Your generosity is making a significant difference. Thank you!
Read the entire financial update.