Trustees of LifeWay Christian Resources unanimously approved a $210 million budget Aug. 25 for the 2020–2021 fiscal year that includes reductions of 17% year over year.
LifeWay President and CEO Ben Mandrell estimates a $21.7 million net loss in the 2019–2020 fiscal year due to loss of revenue related to cancellation of camps and events.
According to the report to trustees, LifeWay’s cash position remains strong and the organization has nearly completed paying off leases from stores.
Mandrell told trustees he sees a future that includes an acceleration of online products and services from LifeWay, as well as a laser focus on church leaders.
Read the full report at tabonline.org/lifeway-budget.
Reprinted from Baptist Press (www.baptistpress.com), news service of the Southern Baptist Convention.