Presbyterian Mission Agency releases unaudited 2015 financials

Expense reductions and increased giving credited for $3.4 million surplus

March 31, 2016

LOUISVILLE

The Presbyterian Mission Agency (PMA) of the Presbyterian Church (U.S.A.) released its unaudited 2015 financial statement today, reporting a $3.4 million surplus on combined income minus expenses.

Total giving income from congregations, presbyteries and individuals was $36.6 million, which is 3.3 percent over expectations. Direct mission support, primarily earmarked for mission co-worker support, was $4.2 million, 12.6 percent over the 2015 estimate. Net assets released from restriction to fund programming and other income was $35.5 million, 6.4 percent under the 2015 budget. The combined total income of $72.1 million fell short of expectations by 1.7 percent.

Expenses for the Mission Agency came in at $68.8 million, 10.2 percent less than budgeted 2015 spending, providing the $3.4 million surplus of income minus expenses.

Unrestricted expenses were $1,539,532, or 8.4 percent under expectations and restricted expenses were $6,294,770, or 10.8 percent less than budgeted. Non-budgeted 2015 expenses included $881,922 in legal fees and $82,296 in production costs for reprinting One Great Hour of Sharing (OGHS) promotional materials. 


On the income side, Special Offerings and special appeals receipts were a mixed bag. Overall Special Offerings receipts fell short of expectations by 7.2 percent, for a total of $883,527. The shortages fell across all four Special Offerings: Christmas Joy by 11.0 percent; One Great Hour of Sharing by 6.2 percent; Peacemaking, New Peace and Global Witness by 7.9 percent; and Pentecost by 20.8 percent.

Income from investments was under budget by nearly a million dollars, earning only $669,448 of the expected $1.634 million. This variance was primarily due to losses in short-term investments held in bond funds. Income from funds held by others was over budget by $553,006, or 45.6 percent. Restricted endowments, interest and dividends were over budget by $847,196, a 10.6 percent increase over expectations.

Receipts for special appeals were $1.76 million, which was 13.9 percent over 2015 expectations. Extra Commitment Opportunities giving was over budget by $680,534, or 8.1 percent, due to large gifts for South Sudan, Egypt, and Nicaragua projects. Disaster project receipts include $1.8 million for Nepal and $631,000 for the Philippines.

The Presbyterian Mission Program Fund (PMPF), the unrestricted and undesignated reserves of the Mission Agency, began 2015 with a balance of $11.8 million and ended the year at $7.3 million. The reduction included scheduled payouts and the reallocation of $2,004,569 in debt owed by the Stony Point Conference Center, held as an asset of the PMPF, as a reserve expense of the PMA and will no longer impact the actual value of the PMPF. Additionally, Hubbard Press made a $75,000 contribution to the fund.

The financial report will be received by the Audit and Finance committee, and presented to the Presbyterian Mission Agency Board, along with the proposed 2017-18 budget, at the board’s April 26-29 meeting in Louisville.

“The good news in these numbers is that the Presbyterian Mission Agency is in a solid financial position,” said Tony De La Rosa, PMA interim executive director, of the report. “Careful planning and management of expenses from both staff and the PMA Board during the past year has resulted in an agency well-poised to embrace ongoing change in the life of Christ’s church and the PC(USA). We continue to give thanks to God for the abundantly generous spirit of Presbyterians who have supported us and our programs during difficult times in the past.”