Episcopal Church's Audit Report Now Available Online
Episcopal News Service. October 19, 2005 [101905-2]
The Episcopal Church’s independent certified public accountant has given the church’s 2004 consolidated financial statement an unqualified opinion, stating that it found “no material deficiencies.”
Grant Thornton prepared the report and audited the consolidated financial statements for the Domestic and Foreign Missionary Society (DFMS), the corporate organization charged with legal and financial responsibility for the operations of the Episcopal Church.
The statement includes the activities of Episcopal Relief and Development—now a separate 501(c)(3) organization—Episcopal Church Women, the United Thank Offering, and all direct agencies of DFMS, as well as missional church and school activities in Micronesia/Guam.
The report puts the total 2004 assets of DFMS at $396,062,000, including investments of $337,453,000 and current assets of $17, 327,000. Principal financial support in the form of diocesan commitments for 2004 totaled $28,000,000, with an additional
$2,400,000 from non-governmental fees. Expenditures totaled $30,000,000.
The report and the statements are available on the church’s finance office website at http://www.episcopalchurch.org/documents/DFMS2004Fs.pdf.
Completing the audit took longer than usual this year owing to the illness of Controller Tom Hershkowitz. Alpha Conteh was recently hired to replace Hershkowitz.
Kurt Barnes, the church’s treasurer and chief financial officer, said that he was especially happy that the finance office staff was cross-trained during the process of conducting the audit.
“The staff now has deeper and broader experience,” he said.
The 2004 audit also produced documented schedules, links and formulas that relate the general ledger to the financial statements. Barnes said these efforts will facilitate producing various financial statements in the future.