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GCFA Explains Source of Excess Funds Report

The General Council on Finance and Administration has had brought to its attention the article "UM Global Agencies Amass $100's of Millions in Excess Funds" posted on The Unofficial Confessing Movement Page. We respectfully request that your posting clarify that the source of this information is not "The 1996 United Methodist Treasurer's Report". The details were excerpted from a report prepared by one member of the GCFA's Audit and Review Committee as a working document for that committee's work. It became the basis for action taken at the 1997 GCFA Annual Meeting which directed study of the level of general agency reserves, with the development of a policy recommendation on the minimum, maximum and optimal level of those reserves. That process is currently underway.

Steve Zekoff Assistant General Secretary

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