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A Financial Update from the Oregon Conference

A Financial Update from the Oregon Conference

As we continue to navigate the path toward financial stability, we want to give you a brief financial update.  

At the June 13 Executive Committee meeting, the Treasury team reported on the current financial status of the conference, based on April financial statements.  

  • Tithe returns are near budgeted projections. Projected tithe was $10.8 million. Received tithe was just over $10.6 million. Early snapshots of May tithe returns suggest that strong giving continues and is very close to the budget projection. As God’s people have been faithful in returning tithes, it helps the ministry of the conference get back on track.  
  • For 2024, expenses are $1.2 million over budget so far. This is mostly expected. Employment costs were expected to be over budget in the first part of the year, as we made the necessary-but-painful reductions to the workforce. Now that those adjustments have been made, we expect one more financial statement with high expenses (May), before expenses trend downward, getting us back to a balanced budget in the coming months. Already, health care expenses have reduced drastically in May, giving the first signs that the financial picture is headed in the right direction.
  • Cash-on-hand is very low. While NAD policy calls for 180 days of operating cash, we had six (6) days cash on hand as of April 30.
  • The conference has secured a low-interest $3 million loan from the NPUC to be used as necessary to maintain adequate cash flow as we continue to do the work of ministry. While borrowing is not ideal, this short-term loan will help to maintain core ministry functions while we finish making the necessary adjustments for sustainable operations. As of the finance report, the loan balance was $900,000. Throughout the summer months, we will utilize additional loaned funds, as necessary, with the loan amount approaching the full $3 million by summer’s end.

In the past two months since the resignation of the VP for Finance, administration has worked with the Treasury team to re-organize responsibilities and services. This has resulted in a sustainable interim plan in which our core financial operations are executed, even while missing the leader of the team. One major change is that the Treasury team is no longer providing technical support to treasurers for church finance software. This function has been outsourced to the software developer, providing significant cost savings for the Oregon Conference.  

While the conference is in a difficult financial position, the future remains bright. The hard decisions of this spring will bear fruit in financial stability. By God’s grace, the Seventh-day Adventist work in the Oregon Conference territory will grow in impact as we seek to fulfill the great commission together.

Through this time, we invite your prayers on these specific prayer requests:

  • That God will lead us to the right people to be our next president and vp for finance.
  • For the continued faithfulness of God’s people in returning tithe.
  • For God to sustain our finance team with strength and wisdom as they track and manage our finances in this critical time while understaffed.  
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