ATLANTA — The national Cooperative Baptist Fellowship (CBF) announced a 20 percent spending reduction for the next 19 months as part of a financial contingency plan presented to its coordinating council Feb. 19–20.
The council’s finance committee and advisory council approved the plan that impacts the CBF missions and ministry budget, including CBF partners.
CBF controller Larry Hurst reported CBF’s receipts are down about 20 percent from the budget but only 7 percent from last year. As a result, the approved financial contingency plan reduces CBF spending by 20 percent for a total of $4.66 million over the next 19 months.
The reductions to CBF’s operational budget include the following: an across-the-board pay cut of 1 percent for all CBF employees, a 3 percent reduction in contributions to employees’ retirement, a hiring freeze, a 20 percent travel reduction for all staff and the elimination of other staff-related expenses.
Of the $4.66 million in cuts, about $315,420 come from funding intended for partners and $544,921 from funding for partner seminaries and theology schools. The contingency plan took effect March 1.
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