2010 Annual Report
Read or download: gbgm-umc.org/AR.pdf (PDF, 24 pp., 4 MB)
2009 General Board of Global Ministries
Audited Financial Statements
The audited financial statements for Global Ministries (Parent Only) for the year 2009, issued by Crosslin and Associates, are attached. The auditor’s opinion is unqualified. The financial performance of Global Ministries during 2009 continued to be relatively stable.
Total Net Assets of Global Ministries at the end of 2009 were $166.9 million, which can be divided into the three categories of Unrestricted Net Assets: $27.2 million, Temporarily Restricted Net Assets: $30.9 million, and Permanently Restricted Net Assets: $108.8 million.
The Unrestricted Net Assets of $27.2 million include $4.1 million that has been set aside for the retirement benefits of our missionaries, and $12.5 million that has been designated by directors of Global Ministries for specific mission programs. The General Operating Fund balance of the Board at the end of 2009 was $8.2 million, and other Undesignated Funds totaled $2.4 million.
The Operating Revenue for Global Ministries in 2009 was $61.5 million, a $6.5 million decrease from the previous year. The General Board receipts in 2009 from the World Service Fund, which is its largest source of income, decreased by $0.6 million, or 2%, from 2008, due primarily to a decreased allocation of World Service funds to Global Ministries for the year, as well as the fact that World Service apportionments came in at 84.7% in 2009, against 86.5% in 2008.
Operating Expenses for Global Ministries were $63.5 million in 2009, which is $2.8 million lower than the previous year’s costs of $66.3 million. Mission Personnel expenditures alone in 2009 were $16.9 million.
There was thus a $2.0 million operating deficit in 2009. This deficit relates largely to the release of funds held under Temporarily Restricted Net Assets. This does not include an increase in net assets from non-operating activities of $20.6 million. The net impact of the capital appreciation and costs incurred on the Collins Pension and Post-Retirement Health Plans for missionaries is booked as non-operating income of $7.4 million in 2009, compared with depreciation in the value of the Plans’ assets of $41.4 million in 2008. This line accounts for any unfunded liability under the plans, as well as other costs incurred by Global Ministries to support them. There was also a net appreciation in fair value of investments and perpetual trusts totaling $17.0 million.
Download Financial Statements for 2009 (PDF, 32pp., 210K)
Roland Fernandes, General Treasurer