Due to two major triennial events, the approved budget is $12 million higher in FY20 than in FY19, but the expenses for those events are essentially recovered through fees.
The move, which brings the Synod’s indebtedness to external entities to zero, will save $1.4 million a year in principal and interest payments.
Preparations for the Synod convention are proceeding on schedule, and three major Synodwide initiatives are newly underway or soon to be.
Audits and summary budgets are available for the LCMS, LCEF, the LCMS Foundation, all 35 LCMS districts and Concordia Publishing House.
Meeting in St. Louis May 18–19, the LCMS Board of Directors adopted a fiscal year 2019 operations budget of $69.4 million, a figure nearly $8 million lower than that of the current fiscal year, which ends June 30.
“Finances are first and foremost on everyone’s heart,” LCMS Board of Directors Chairman Rev. Dr. Michael L. Kumm says during the Board’s Nov. 17-18 meeting in Schaumburg, Ill.