Estates and AccountingIn the last couple of years, God’s Work has been particularly blessed by the estate donations it has received. Those who can make such donations are indeed leaving a lasting legacy that can do great good for those whom God calls and to whom He wants to send a message of witness. So we are very grateful for these donations as they come. Of course, this brings some accounting challenges, as those of you familiar with generally accepted accounting principles will recognize. For instance, our auditors last year required that some estate donations that were made in 2013, but not yet received in full until 2014 or even 2015, would be booked as “income” for 2013, because they were considered to be “receivables.” As a result (as you may remember from the article accompanying the 2013 audit, published in the September-October 2014 Living Church News, p. 20), this had the effect of “overstating’’ our 2013 income. Also, some estate receipts in 2013 were held over so the funds could be spread out for additional TV stations in 2014 and 2015. This had the effect of increasing our stated 2014 expenses and creating an operating deficit for that year. So, even though we were blessed in 2014 with about a 5 percent real increase in regular income over 2013, the auditors’ statement for 2014 will show a paper decrease in income of about 9.1 percent in total income, largely because of these generous estate donations. The good news is that the reported income decrease and operating deficit will be due largely to established accounting rules.Update and "Thank You" from the Business OfficeLCG Business Office
Ok, wait, I'm confused. So you lied about how much tithe money you brought in in 2013 to make the numbers look good and to profess your all so important "growth" thereby "proving" that LCG is being blessed as God's one and only true church so the deficit that you are running in for 2014 isn't really as bad as it looks because 2013 wasn't really as great as you said it was? And then you "held receipts" so you could spread out TV stations in 2014 and 2015? And the takeaway is supposed to be the income is down 9.1 percent on paper but it's really up 5 percent?! Sounds like deception to me but what do I know.
As usual, it's likely that a large number of sleeping sheep won't even question this insanity because if headquarters says it, it must be real.