2003 Financial Audit

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2003 Independent Financial Audit

Once again the outside auditors and the OCF Audit Review Committee praised us for the condition of our books and records, and for the conservative, servant-like management of our resources in 2003.

Summary Statement of Financial Position

	2003	2002
Assets	4,471,262	3,780,554

Liabilities	824,162	508,871
Net Assets
Unrestricted	3,347,326	3,064,528
Temporarily Restricted	199,442	207,155
Permanently Restricted	100,332	0
Total Net Assets	3,647,100	3,271,683
Total Liabilities & Net Assets	4,471,262	3,780,554

Statement of Activities

	2003	% of 2003 Income	2002
Contributions*	2,550,920	77.3%	2,207,754

REVENUE
Conference Centers	673,438	20.4%	522,466
Regional Ministries	31,821	1.0%	18,854
Other	42,456	1.3%	51,636
Total Income	3,298,635	100%	2,800,710

EXPENSES
Conference Centers	1,132,297	34.3%	1,115,539
Regional Ministries	374,905	11.3%	323,714
Academies and ROTC	348,548	10.6%	342,890
Publications	243,321	7.4%	258,358
Education Centers	163,133	4.9%	157,508
Director of Field Outreach	77,060	2.3%	65,666
Executive Ministries	12,323	0.4%	16,224
Administration	420,943	12.8%	392,504
Fund Raising	150,688	4.6%	99,661
Total Expenses	2,923,218	88.6%	2,772,064

Changes in net assets**	375,417	11.4%

Net assets, beginning of year	3,271,683
Net assets, end of year	3,647,100

*Includes contributions to all components of the ministry.

**The significant increase in net assets was contributed to by some unusual income in 2003: $129,000 came from the one-time sale of hardwood trees, which paid for a new staff home at White Sulfur Springs; $100,000 was given to an endowment to preserve Harrison House at White Sulphur Springs; and, a total of $245,000 was given specifically for facilities construction and improvements at both Conference Centers.

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