A Corporation Board hears a strong financial report for the first 11 months of 2025

LOUISVILLE — Strong market performance continues to lead the growth in the financial position of the Presbyterian Church (U.S.A.), according to financial statements for the Interim Unified Agency and Administrative Services Group, the A Corporation Board of Directors learned during its second day of online meetings on Friday.

The PC(USA)’s controller, Denise Hampton, and Ian Hall, the interim president of the A Corporation and its chief operating officer and chief financial officer, took board members through financial reports through Nov. 30, 2025, comparing them to the same period in 2024.

As of Nov. 30, 2025, net assets were $808 million, an increase of $48 million compared to the same period last year. Total liabilities amounted to $23 million, a decrease of about $200,000 form the previous year. Total net assets increased by $47.7 million.

For the same period in 2025, income was $111.9 million, or $49.4 million over the budgeted amount. Compared to the prior year, income increased by $10.6 million, primarily due to year-to-date realized and unrealized market gains on investments. Expenses were $67.5 million, or $12.7 million below the budgeted amount.

Contributions were $2.8 million over budget. Per capita and shared mission support donations were $1.5 million lower than the budget. Gifts, bequests and grants were $1.7 million over budget and included a large unrestricted gift of $1.85 million from a trust. Special giving was $2 million over budget due to increased Presbyterian Disaster Assistance receipts (up by $1.9 million), Hunger Program receipts (up $200,000) and Directed Mission receipts (up by $100,000). Those were offset by fewer Extra Commitment Opportunity and Special Missionary Support receipts, down by $200,000.

Special Offerings receipts are about $560,000 over budget.

Investment return exceeded the budget by $47.5 million, primarily due to greater realized and unrealized gains on investments of $40.3 million. Unrealized activity is not budgeted.

On the expense side of the ledger, salaries and benefits are $2.1 million under budget due to position vacancies. Travel expenses are about $302,000 less than the budget, and meeting expenses are about $165,000 lower than the budgeted amount.

Administration expenses are $5.6 million below budget. In the program category, expenses are $3.4 million lower in part due to lower-than-anticipated attendance at last year’s Presbyterian Youth Triennium. There is also underspending on the Special Offerings promotion in Stewardship and Funds Development as well as with program expenses in church growth, racial equity and women’s programming, global ecumenical partnerships, and the Young Adult Volunteer program.

In answer to a question, Hall said that unspent funds from restricted sources go back to the source of the funds. Unspent money from unrestricted sources “grows our balance,” he said.

He said he expects no surprises once the books on December 2025 have closed. “The trajectory is the same,” Hall said, with “greater than expected revenue and underspending,” comparing actual expenses with budgeted amounts.

An inter-agency team is making progress and meeting its deadlines for building a proposed 2027-28 unifying budget, Hampton said. The initial draft was ready by its Jan. 10 deadline. The plan is to have the budgeting work completed by March 10 and to have the A Corp Board and the Unification Commission go over the proposal during a joint meeting.

“We are bringing a balanced budget,” Hall said. “This is a lot of work for a lot of people across the Unified Agency and for the Administrative Services Group. It’s not a very simple task.”

As with preparations for the 2025-26 unifying budget, staff are looking at some 4,000 restricted funds to determine how difficult it would be to remove some of the restrictions placed by donors. “That’s happening again this budget cycle,” Hall said, with help from Legal Services and from the Presbyterian Foundation.

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The Rev. Jihyun Oh, Stated Clerk of the General Assembly and Executive Director of the Interim Unified Agency, said the IUA continues its work “streamlining position categories” and “helping people to look at position descriptions and goals so they have a better sense of the work the Assembly has given us.” She expressed gratitude to the director of Human Resources, Ruth Gardner, and her colleagues for their partnership. The new name for the IUA is scheduled to be shared sometime next month, Oh said.

“We are 4½ months from General Assembly, and we continue to move ahead,” Oh said. GA planners are working with the Committee on Local Arrangements and the Presbytery of Milwaukee to shape what Oh called “the public witness piece around the Guns to Gardens work the presbytery has been doing.” That public witness action and a General Assembly town square event is set for June 27.

Oh joined the A Corp Board meeting from Atlanta, where she’ll participate in the installation of Cherokee Presbytery’s stated clerk and moderator. Last week she attended meetings of the executive committee of the World Communion of Reformed Churches and the installation of its new general secretary, the Rev. Philip Vinod Peacock, the first WCRC general secretary from Asia.

“It was a real gift to represent the denomination and be present for that event,” Oh told board members.

Board actions

The board changed its bylaws, increasing its membership from 14 to 17, with three members representing advocacy committees having voice but not vote on the board.

The Nominating, Governance and Personnel Committee noted the resignation of the Rev. Heidi Bolt from the board. Bolt has joined the Presbyterian Foundation as a ministry relations officer.

Board members approved a compensation award for eligible employees of 3% effective on April 1 as well as proposed changes to the employee handbook.

They approved the A Corporation’s responses to referrals to the 227^th General Assembly as well as the A Corporation’s report to the General Assembly pending completion of the 2025 audit.

The board endorsed a list of corresponding members to the 227^th General Assembly and meeting dates for the rest of the year.

At about 70 minutes into its meeting, board members entered privileged (closed) session to discuss personnel matters.