For The Record

Submit birth, marriage and obituary records online.

Personal Ads

Meet new friends today!

Advertising

Put your message in front of 19,000 readers.

PDF documents on this site require the free Adobe Reader:

Get Adobe Reader

2010-09-01 issue:

Financial indicators show improvement

Mennonite Church USA audits show net gains in 2010 after losses in 2009.

by Mennonite Church USA

Print Article

Audit reports from the fiscal year ending (FYE) Jan. 31 show that, overall, Mennonite Church USA's various agencies and entities are doing better financially than the year before.

For example, Mennonite Mission Network's net assets in FYE Jan. 31, 2009, showed a loss of $2,310,976, while FYE 2010 showed a gain of $748,035.

Others that had a net loss in FYE 2009 but a net gain in FYE 2010 include Church Extension Services, Inc. (CES); The Mennonite, Inc.; Mennonite Health Services Alliance (its FYE is Dec. 31, 2009); and Mennonite Women USA.

Although Mennonite Church USA Executive Leadership (EL), Mennonite Publishing Network and Mennonite Mutual Aid (its FYE is Dec. 31, 2009) showed a net loss in FYE 2010, in all cases it was a much smaller one than they experienced in FYE 2009.

For example, EL's net loss in 2009 was $237,957 but only $23,599 in 2010. MPN's numbers, respectively, were $267,151 and $135,308, while MMA’s were $3,268,695 and $82,225.

Mennonite Men's net assets remained positive in both years, with a slight increase this past year.

"I am pleased with the financial indicators for FYE 2010; the numbers look a lot better than they did in 2009," says Glen Guyton, director for constituent resources for Menno­nite Church USA.

"I am thankful for the finance team and others who have worked hard to reduce expenses and keep an eye on our financial practices. And I am especially thankful for the members of Mennonite Church USA who showed their faithfulness and their faith in the church through continuing to give in spite of the poor economy," Guyton says.

The area in which the most positive change occurred for EL, Mission Network and MHS Alliance was in investment income. (A large part of this, however, is tied to annuities and endowments and is not part of the operating budget.) EL's investment income went from a loss of $120,335 in 2009 to a gain of $88,310 in 2010. Mission Network’s went from a loss of $1,304,775 to a gain of $924,904. And MHS Alliance’s went from a loss of $124,164 to a gain of $122,749.

CES, whose investment income was positive in both years, showed much less in 2010 ($6,787, compared with $33,412 in 2009).

Mennonite Education Agency operates on a fiscal year ending June 30, so its numbers for 2010 are not yet available.

"Individuals and congregations across the church continue to support God’s mission even through challenging economic times," says Paula Killough, senior executive for advancement for Mission Network. "Because of contributions and estate giving alongside expense reduction, Mission Network has been able to support ministry and mission in North America and around the globe.

"We celebrate the generous spirit of all who have heeded the call of mission."

EL and Mission Network also showed a positive increase in income from estate/bequests.

Most of the agencies and entities reduced their expenses in FYE 2010, including staff cuts. However, with severance pay, these may show up more in the next fiscal year’s numbers. Click here for a report of these financial indicators.

Reader Comments

Add Comments

Current Stories

Articles

News stories, digests and Meno Acontecer

Columns

Births and Marriages

Readers Say

Subscribe