2004 Independent Financial Audit

Once again the outside auditors and the OCF Audit Review Committee praised us for the condition of our books and records, and for the conservative, servant-like management of our resources in 2004.

Note: A complete audited financial report is available upon request.

Summary Statement of Financial Position

	2004	2003
Assets	4,659,908	4,471,262
Liabilities	766,096	824,162
Net Assets
Unrestricted	3,499,889	3,347,326
Temporarily Restricted	185,456	199,442
Permanently Restricted	208,467	100,332
Total Net Assets	3,893,812	3,647,100
Total Liabilities & Net Assets	4,659,908	4,471,262

Statement of Activities

	2004	% of 2004 Income	2003
CONTRIBUTIONS*	2,593,088	79.2%	2,550,920
REVENUE
Conference Centers	625,697	19.1%	673,438
Regional Ministries	25,905	0.8%	31,821
Other	30,053	0.9%	42,456
Total Income	3,274,743	100%	3,298,635
EXPENSES
Conference Centers	1,206,744	36.9%	1,132,297
Academies and ROTC	411,305	12.6%	348,548
Regional Ministries	347,082	10.6%	374,905
Publications	257,403	7.9%	243,321
Education Centers	172,377	5.3%	163,133
Director of Field Outreach	81,586	2.5%	77,060
Executive Ministries	10,963	0.3%	12,323
Administration	396,393	12.1%	420,943
Fund Raising	144,178	4.4%	150,688
Total Expenses	3,028,031	92.5%	2,923,218
Changes in net assets**	246,712	7.5%
Net assets beginning of year	3,647,100
Net assets end of year	3,893,812

*Includes contributions to all components of the ministry.

**A significant increase in net assets was contributed to by some unusual income in 2004: $64,450 came from the one-time sale of hardwood trees, which is being used to pay for new staff quarters at White Sulfur Springs; $108,000 was given to an endowment to preserve Harrison House at White Sulphur Springs; and, a total of $178,500 was given specifically for facilities construction and improvements at both Conference Centers.