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PASTOR GENERAL'S
REPORT
TO THE MINISTRY OF THE
WORLDWIDE CHURCH OF GOD
VOL.6, N0.14
PASADENA, CALIFORNIA
REPORT FROM THE TREASURER'S OFFICE
APRIL 6 , 19 8 4
The first quarter of 1984 has come and gone, so it is time for another
financial review. Those of you in the United States have more than likely
been reviewing your personal financial situation too, since the filing of
annual income tax reports is due April 15.
Conditions improved in March with our cash-flow problem. A month ago it
appeared that we would be considerably below safe operating levels for most
of the month before the spring holy days. This was evident from careful
daily projections of income, expense and bank balances.
As a result of certain financial restraints that were imposed on spending,
in addition to a slightly higher than projected income, this condition im
proved by about $1 million in operating reserves over what was expected.
Until mid-April, we will probably continue to have balances just above what
is considered a minimum safe operating level. If these reserves go any
lower, it will upset the normal and smooth day-to-day financial operations.
At the two historically low times of the year (just before the spring and
fall holy day seasons), we need to have more in reserves than we have now
for efficient operation.
Even though we should get through the current cash-flow problem, the fall
low point is still projected to be lower than a minimum safe operating
level.
In March, these projections have improved greatly, and I believe
that God will provide this need if we all do our part.
Even though the present cash-flow problem has diminished, the income pic
ture has darkened a little since my report a month ago. At that time, we
had 15% more income for January and February than for the same period in
1983. During March, the month's income dropped to a 7.7% increase, which
pulled the year-to-date, or first quarter income increase, down to 12.4%.
This is about 1% over income budget projections.
Mr. Herbert W. Armstrong has mentioned the need in recent letters to have
good spring holy day offerings to offset our low balances. I also mentioned
this a month ago.
As a result of these comments, along with the fine
attitude of God's people, I expect a better than average increase for these
offerings. I hope each of you will do your part, as you are able, and as
God has blessed you.
The Arthur Andersen & Co. auditing staff and our accounting staff have been
working for months now on completing the 1983 audit for the Church,
Ambassador College and Ambassador Foundation.
The U.S. audit has been
completed by the staff and is now being reviewed by the Arthur Andersen
partners. This is the final major step before publishing the audit.
The international or worldwide
slightly behind the U.S. audit.
audit is also now in progress, but is
It seems that each day recently, we have