IMB trustees approve new 2016 budget

During the International Mission Board’s (IMB) recent trustee meeting Nov. 5–6, a 2016 budget was unanimously approved.

“IMB now has a plan in place for balancing our budget in a way that provides for both short-term financial responsibility and long-term organizational stability,” said David Platt, IMB president. “IMB is grateful for Southern Baptist churches’ generous giving through the Cooperative Program (CP) and Lottie Moon Christmas Offering (LMCO). CP and LMCO funds are not a debt Southern Baptist churches owe the IMB, but rather a partnership of trust linked to the common task of spreading the gospel to unreached peoples and places around the world.”

The 2016 budget proposes expenditures of $278,755,000, which is $22,580,000 higher than the projected receipts of $256,175,000. The projected deficit will be covered from reserves and is almost entirely explained by one-time costs associated with the voluntary retirement incentive.

Four key factors were presented with the budget, listed below.

Key factors

• LMCO giving projections for 2015–16 were based on a historical projection of the past four years’ gifts rather than equal to the offering’s “stretch” goal.
• The impact of the voluntary retirement incentive on the budget is based on the assumption that at least 600 people will accept the retirement incentive, which results in a cost savings in 2016 of $38.6 million. However, the one-time costs associated with the incentive are projected at $23.1 million, resulting in a net savings in 2016 of $15.5 million.
• Global engagement expenses will decrease by $7.5 million, but per capita spending will increase by 10 percent per field personnel.
• Proceeds from property sales have not been factored into the 2016 budget.

Any property sale receipts are planned to replenish and stabilize IMB’s reserves.

“We are thankful to have experienced ongoing growth in both CP and LMCO giving,” Platt said. “Despite a challenging year in which we face difficult economic realities, we praise God for the many missionaries this budget enables us to support throughout the world.

“We appreciate your partnership in the gospel as we work together toward a healthier financial future with a balanced budget and responsible reserves, all while we steward the resources God provides with excellence and with a clear aim of maximizing our ability to make disciples and multiply churches among the unreached.”

(BP)