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General Board of Global Ministries
Combined Statement of Financial Position
as of Dec. 31, 1997

All figure taken from the 1997 Treasurer's Report (unaudited)

ASSETS:

Cash including cash equivalents

$51,585,981

Marketable Securities at Market Value

$258,264,568

Due from General Council on Finance and Administration

$13,677,739

Receivables, advances and other

$66,430,297

Mortgage receivable

$13,438,604

Beneficial Interest in Collins Alman or Forest

$37,227,123

Property, buildings, and equipment, net of accumulated depreciation

$5,557,260

Equipment, net of accumulated depreciation

$2,158,225

Other Assets

$1,576,217

Total Assets

$449,916,014

 

LIABILITIES and NET ASSETS

Liabilities Accounts Payable

$2,841,532

Deferred Subscription Revenue

$431,590

Accrued Post Retirement Benefit Cost

$15,146,039

Annuities Payable

$2,197,984

Other Liabilites

$27,251,666

Total Liabilities

$47,868,811

 

Net Assets

Undesignated funds

$105,883,016

Board designated funds

$29,435,180

Designated funds functioning as endowments

$24,737,010

Total Unrestricted
(includes unrealized gains of $52,878,705 for 1997; $43,761,041 for 1996)

$160,055,206

Temporarily Restricted
(includes unrealized gains of $25,342,686 for 1997; $18,177,610 for 1996)

$138,851,505

Permanently Restricted

$103,140,492

Total Net Assets

$402,047,203

 

Total Liabilities and Net Assets

$449,916,014

See also Net Assets by GBGM Agency


Layman's Version

by Rev. John Warrener, MDiv., MBA (Masters in Business Administration)

For those who do not have a business or accounting degree, Assets are the financial resources left if all the bills are paid off at the time of the report. It is like cash in the bank, with no bills to pay except loans. Net Assets are the financial resources left if all the bills and loans are paid off at the time of the report. It is like cash in the bank, with no bills to pay, not even the loan company. It is money NOT BEING SPENT!

Designated Funds are still NOT SPENT, they have just been given a future purpose, but they still remain like cash in the bank.

If you believe that NOT SPENDING the gifts a global UM agency receives is a problem, then, the accumulation of Excess Funds, cash in the bank, has grown to over $400 million for the largest UM global agency!

Total Funds

Building (and equipment)

$7,715,485

Money

$394,331,718

Money from Debt

$47,868,811

Total

$449,916,014

 

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Unspent Funds Available

Unspendable (must stay in the bank and earn more money)

$103,140,492

Spendable

$298,906,711

Total (the debt was subtracted)

$402,047,203

 

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As you can see, not matter how you explain it away, vast quantities of our spendable apportionment dollars are remaining unspent!

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