LifeWay Christian Resources stands to see a 3.4 percent increase in overall revenue for 2003, providing employees continue to perform well in a bleak economy, Ted Warren told trustees of the Southern Baptist Convention entity Feb. 10 in Nashville.
LifeWay’s executive vice president and chief operating officer said revenues would still fall more than $18 million short of the budget for the fiscal year of Oct. 1 through Sept. 30, with revenues down across the board within LifeWay’s business units due to the sluggish national economy. Still, Warren said, each division controlled expenses well so far this fiscal year.
Warren also reported that the market value of LifeWay’s retirement trust fund has dipped below its future payout obligation, but LifeWay plans to designate reserve funds to make up the current deficit. The deficit is due to the significant decline in the stock market during the last three years, he said.
Trustees elected Roger Willmore, pastor of First Baptist Church in Boaz, as vice chairman of the board, while George Iwahiro, a layman and retired utility executive from Honolulu, was re-elected chairman.
Trustees also approved a recommendation authorizing an increase in the price of all dated and undated Sunday School curriculum by as much as 3.7 percent, effective in the spring of 2004. The actual price and percentage increase, if any, will be determined this summer.
Ken Stephens, vice president of Broadman & Holman Publishing, told trustees the Holman Christian Standard Bible is progressing on schedule and will be available in April 2004.
Mike Arrington, vice president of corporate affairs, reported that a committee is continuing to study water availability for proposed developments at the LifeWay Glorieta Conference Center in New Mexico.
Arrington shared results of a recent LifeWay brand identity study by Ellison Research, which showed that 88 percent of Southern Baptist ministers are “very familiar” with the LifeWay brand, while brand recognition among SBC laity and customers continues to rise. Corporate affairs commissioned the research to help LifeWay increase awareness of its brand.
LifeWay is working to alert churches and Southern Baptist organizations about the significant savings available through the newly named Southern Baptist Purchasing Alliance (SBPA), trustees heard.
Formerly known as the Cooperative Purchasing Agreement, the SBPA utilizes SBC entities’ relationships with several large companies to provide high-quality software, hardware, equipment, furniture and supplies to Southern Baptist churches and members at discounted rates.
Since its inception in 1998, the SBPA has saved Southern Baptist entities about $13 million, Carter said.
(BP)
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