Financial Services provides finance and accounting services that support WELS ministries and safeguard the assets that God has provided.
“WELS is in a very strong financial position as we enter the fiscal year 2023–24 and 2024–25 biennium,” notes Mr. Kyle Egan, WELS’ chief financial officer and treasurer. “It is with joyful thanks to our gracious Lord that the synod has continued to see strong levels of unrestricted support through gifts, grants, and bequests, which allows for the continued expansion of mission and ministry. We ask God to provide pure hearts, clear vision, and patient faith as the plans for this biennium are carried out.”
Congregation Mission Offerings (CMO) are critical to WELS’ financial position as they fund approximately 70 percent of WELS’ operating budget every year. WELS finished fiscal year 2023 (year ended June 30, 2023) with CMO of $23.4 million, which was 1.3 percent higher than the previous year. WELS is thankful for the continued generosity of its people in supporting ministry efforts.
Other critical components to WELS’ financial position are strong reserves, including the Financial Stabilization Fund, which is utilized every year to support approximately 30 percent of WELS’ operating budget. The Financial Stabilization Fund holds all undesignated non-CMO funding sources (gifts, grants, bequests, investment income, and other support) to assist in supporting the synod’s annual operating expenses.
Synod convention delegates passed the proposed fiscal year 2023–24 and 2024–25 ministry financial plan in July 2023, which includes support for WELS ministerial education, home and world missions, congregation and district ministry, and general ministry. Total synod expenses (including the four ministerial education schools) for the biennium are expected be approximately $90 million each year supported by synod operating support consisting of CMO and the Financial Stabilization Fund (approximately 35 percent) as well as tuition, reserves, individual gifts, and grants (approximately 65 percent).