Independent Auditors Give Financial Statements Clean Bill of Health
The Cincinnati-based audit firm of Clark, Schaefer, Hackett and Co. once again performed the audit, and once again issued an “unqualified” opinion, noting that the financial statements “present fairly, in all material respects, the financial position of [the Church] as of June 30, 2015 and 2014, and the changes in its net assets and its cash flows for years then ended in accordance with accounting principles generally accepted in the United States of America.”
These statements reflect another year of operations in which God has blessed the Church with an increase in income.
Below are some of the highlights of the financial statements:
Due to the continued generosity and faith of Church members, coworkers, and other donors, revenue increased by more than $1 million over the prior year.
As a result of increased income and prudent expenditures, cash balances increased by more than $2 million.
Supporting the Church’s mission to “preach the gospel and prepare a people,” 50 percent of revenues this year was expended in the areas of congregational care around the world, while 25 percent of revenue was spent in public proclamation.
During the year, the Denton, Texas, property was sold, resulting in a loss on the sale of the land. Despite this loss, net assets of the Church increased by more than $1 million over the prior year.
We are grateful to God the Father and the Head of the Church, Jesus Christ, giver of all good gifts, for providing these increases and results. We look to Him to provide continual guidance and direction that “His will be done” and that all we do will bring glory to His name.
Our gratitude and appreciation, of course, also extends to the faithful members of the Church and others who support its work through their faithfulness in giving tithes and offerings. We solicit the prayers of all who support the Church, that God would give wisdom in the management of its financial and other affairs.