Friday, December 7, 2018

LCG: Income Audit Says Income Is Down 7%



LCG released its latest audit. Income is down approximately 7%. The excuse provided is that in 2016 there was some extraordinary income not repeated in 2017.

The fact that the COG is rapidly aging received a rare public acknowledgement. 

"Demographics continued to play a significant role in the Church’s finances in 2017, with many of our older members moving into retirement." 

But don't worry there are "...a growing number of young families and new attendees... in the United States" according to the news release. As with most such statements no details are provided.

The reality is LCG increasingly resembles a Sardis type church as does the rest of the COG (Revelation 3:2) and is sadly about to implode.

submitted by Aristophanes







D. Jerry Ruddlesden and Dexter B. Wakefield 
The Living Church of God continues to carefully manage the financial resources that God provides through our members and coworkers. For the year 2017, regular income was flat, but total income declined from that of 2016 due to some extraordinary income items that occurred in 2016 but were not repeated in 2017. Expenses were adjusted accordingly, so that net income and expenses were approximately equal for the year.

Demographics continued to play a significant role in the Church’s finances in 2017, with many of our older members moving into retirement. However, we were very pleased to see a growing number of young families and new attendees adding to the attendance of our local churches in the United States. The international Work continues to grow, especially in Central and South America. 
The Church continues to evaluate and cut underperforming programs and media outlets in order to replace them with new opportunities to preach the Gospel. 
As in previous years, the Church allocates the bulk of its resources to preaching the Gospel (38 percent) and feeding the flock (55 percent). Administrative costs were kept at a very low seven percent of expenditures. 
The Church entered 2018 on a good financial footing and looks forward to a successful year for God’s Work. As in previous years, the Church was audited by the accounting firm, Cherry Bekaert, and the full 2017 audited statement (with notes) is available at www.lcg.org. To read it, click on About Us, then on Living Church of God: 2017 Consolidated Financial Statements.

19 comments:

Unknown said...
This comment has been removed by the author.
Anonymous said...

Where were all the new attendees and new babies?
Site I went to had close to zero new attendees and very few babies in the blessing of the children ceremony.
The circulation of the magazine is constantly shrinking and the sermons have become increasingly void of real content.
Recording and replaying sermons on LCG sermons site has become a problem in two ways: ministers cannot keep repeating their favorite sermon, and they are having to replay old sermons presumably because it is hard to find enough good sermons to publish.

Anonymous said...

For the year 2017, regular income was flat, but total income declined from that of 2016 due to some extraordinary income items that occurred in 2016 but were not repeated in 2017.

Those "extraordinary income items" in 2016 still left that year's income below 2015 (and 2013). According to the audits LCG has published, going back to the year 2002, 2017 is only the third year (out of 16) in which income has dropped rather than risen. The figures, in millions of dollars, are:

2002: 9.3
2003: 9.0
2004: 9.6
2005: 10.4
2006: 11.1
2007: 11.9
2008: 13.5
2009: 13.6
2010: 14.3
2011: 15.4
2012: 17.2
2013: 20.3
2014: 17.0
2015: 18.4
2016: 19.4 (by comparison, UCG reports 18.0 this year)
2017: 17.8 (by comparison, UCG reports 18.2 this year)

Yes, despite the members lost some years ago in the split with COGWA, UCG reported higher 2017 income than LCG. COGWA reported income of $12.2 million in 2016 , dropping to $12.0 million in 2017.


Anonymous said...

Does it mean, if I'm retired I don't have to tithe?

Anonymous said...

The US government claims that inflation is about 2%, yet using 1980s criteria, is about 10%. A visit to the supermarket proves this. Likewise, it would be interesting to know the LCGs definition of administrative costs and Feeding the Flock. The devil (ie, creative accounting) is often in the fine print.

Byker Bob said...

This goes against national economic trends. It might have helped the membership better understand the income drop if the report had enumerated the “extraordinary income items” of 2016 that were not repeated.

It is becoming more and more difficult to credibly “sell” the end as the movement continues to contract.

BB

Anonymous said...

D. Jerry Ruddlesden and Dexter B. Wakefield wrote:

"The Living Church of God continues to carefully manage the financial resources that God provides through our members and coworkers. For the year 2017, regular income was flat, but total income declined from that of 2016......The Church entered 2018 on a good financial footing and looks forward to a successful year for God’s Work..."

I suggest that God's Work, something actually done by God, was/is and will always be successful, but what does Living group means when they use that phrase "God's Work." The audit is showing the work Living believes it is accomplishing, but God's Work?

Could God's Work, unbeknownst to Living leaders (Matt 15:14), be being accomplished elsewhere?

How about SHT? Is God's Work being done there?

Then, there are groups, like Flurry's, Frank's, Westin's, Hulme's, etc., all professing to do God's Work.

Now, God's Work is very important. How do we know? God said He wants them remembered:

"He hath made his wonderful works to be remembered: the LORD is gracious and full of compassion." Psalm 111:4

Really! Does God have works?

"Known unto God are all his works from the beginning of the world." Acts 15:18

Well, if not know unto anyone else, His works are known to Him.

So, how can those of the Living group be so confident they have anything to do with those works: God's work?

Jesus Christ said:

"Then said they unto him, What shall we do, that we might work the works of God?" John 6:28

:29 Jesus answered and said unto them, This is the work of God, that ye believe on him whom he hath sent.

Are the Living group leaders et al helping any of us out to "believe on Him whom He hath sent?"

What good is all of their expenditures doing for anyone.

Thinking about Living's ideas about the "work of God," well, just who is their God? Is it the Father? Is it Jesus Christ? Is it 2 gods? 1 god? Is one god in place of another god?

Moses was inspired to tell us that there is only 1 God in the following verse:

"For I lift up my hand to heaven, and say, I live for ever." Deut 32:40

Who's that? The Word was made flesh. Jesus Christ was dead for a few days. It appears neither of them could have lived for ever. What does that leave?

The xcog leaders are continuing to insure that they are warm and fed; they have done very well taking care if SELF, but if God did not plant them, then how much longer will they really last?

Jesus Christ said: "...Every plant, which my heavenly Father hath not planted, shall be rooted up."

As time moves forward, I suspect xcog(s) incomes will continue to drop...eventually to zero.

But, time will tell...

John

Anonymous said...

A "full" audit would probably list every expense by every minister. Every stop for gasoline, every restaurant meal, etc. I doubt if that is in the report. So why do they call it a "full" audit?

Anonymous said...

According to Ezra Pound, the religious reforms of Jesus were his attempt to break up a Rabbinical money racket. The whole Rabbinical system was based on paying way too much money to the priesthood. 10% is a lot. What other religion demands so much money from their followers?

Anonymous said...

It is becoming more and more difficult to credibly “sell” the end as the movement continues to contract.

Thanks for pointing that out Captain Obvious.

Anonymous said...

As in previous years, the Church allocates the bulk of its resources to preaching the Gospel (38 percent) and feeding the flock (55 percent).

That sentence is so deceptive, I am ashamed of Jerry Ruddlesden, a man I knew and respected years ago before he sold his soul. This year's 38 percent is not "as in previous years." Jerry knows this. He used to brag about Global, and then about Living, because his church spent more on preaching the gospel than on feeding the flock. Now, however, when LCG has turned inward like the other ACOGs, Jerry forgets his old standards and plays the tune Meredith/Weston want him to play. I am shocked that more LCG members are not disgusted by that 38 percent figure.

The Church continues to evaluate and cut underperforming programs and media outlets in order to replace them with new opportunities to preach the Gospel.

It would be more accurate to say that LCG evaluates and cuts politically unpopular expenses. When Jim Meredith came to HQ, he and his half-brother David convinced their father to cut expensive but productive television airtimes to get money for their Internet schemes. LCG members, do you remember how your church used to announce weekly TV responses above 8,000? The Merediths cut a successful TV effort so Jim and David could have their own little playground... and it has remained both little and laughable. Lately, just as "cord cutters" are giving up cable and satellite TV and going with Internet and OTA channels, LCG is spending most of its TV money going on cable/satellite outlets. It's as if someone is deliberately trying to sabotage LCG's audiovisual efforts. If COGWA gets its act together and releases a high-quality weekly TV program, LCG's death spiral will intensify.

R.L. said...

To Anonymous 3:54 - Maybe old sermons are being replayed because COGs (not merely Living) can't find men considered trustworthy enough to give a sermon at all.

As for the money: unless Wall Street gets over its nervousness and has a December rally, COGs may find their income for 2018 down again.

Unknown said...

A couple of interesting notes after reviewing their audit.

-They increased cash reserves by some 600K, an increase of 40%. (increasing their buffer for future downturns?)

-This downturn all occurred under a tremendous jobs recovery and economy. (what will happen when their is the inevitable recession?)

- Offerings were down 1.7% and regular tithes/contributions were down 9%

- Yes, there were extraordinary estate contributions in 2016 as compared to 2017, but this is not a factor in the decline numbers of HD offerings and regular tithes.

_ At a 9% annual decrease, LCG will have HALF of its current income in just 8 years. With demographic factors also added, it will likely be even faster than that. LCG should consider a merger with COGWA. Like Sears and Kmart merging, it may add a few more years to the misery.

Byker Bob said...

I’m not pointing that out to ourselves in the choir, doofus. My statement was for the benefit of the COGlodytes who should be becoming very introspective over this report.

Did you know that regularly taking L Glutamine has been proven effective in boosting human intelligence? You should try it sometime?

BB

Anonymous said...

Did you know that regularly taking L Glutamine has been proven effective in boosting human intelligence? You should try it sometime?

It hasn't done much for you. Did Bob Theil tell you that?

TLA said...

Dennis has very effectively pointed out the lack of scholarship in the COGs.
Science keeps finding out more and the COGs keep responding to yesterdays knowledge.

Instead of singing caterpillars, they should address DNA discoveries that appear to debunk both the first modern humans being created 6000 years ago and British Israelism.

They should also see how other groups keep services interesting and informative.
You can advance with the times and still maintain moral standards.

Also - study the Bible to see what you are not doing - which is a lot.
And take members seriously when they ask questions or be prepared to keep losing members.

Anonymous said...

RL , you are probably right, they don't trust one another. Just as one crook will not trust another crook.

Byker Bob said...

This and a couple other comments pretty much confirm it. The slug (1:39) is back.

BB

Lake of Fire Church of God said...

Does the Church require tithing on social security income?