After a very small increase in income for December, January started off very well with a 15.5% increase over the previous January. This is encouraging for the beginning of a new year and is several percentage points above projected income. As a result, our bank balances have increased a little more than expected for the month. We hope and pray that this trend continues, or even improves. The reserves need to be higher, as I have mentioned several times previously.
We are watching departmental expenses carefully and are pleased to report that they were below budget for January. It is hoped that they will remain under budget throughout the year.
During the recent Regional Directors Conference, most of the business managers from the regional offices were also able to attend. On the last Friday of the meetings, they, along with some of the Regional Directors, were taken on a tour of the Accounting, Personnel and Data Processing Departments. This gave them an opportunity to meet some of the people they regularly interface with by mail or phone. They were also able to see the other employees at work and to observe our data processing equipment in operation.
Afterward there was a seminar relating to business and financial subjects of interest to all. Topics covered included banking, data processing, budgeting, accounting and auditing. We believe this information will enable all offices to function more uniformly and work together as a worldwide team.
During December, auditors from Arthur Andersen were on campus doing preliminary work on the 1984 audit. During January they were gone, but they have now returned to complete their work. Not only does this require the work of their staff from now through April, but also the full-time efforts of five employees in our General Ledger section of the Accounting Department. Other employees here and in the regional offices will also need to do considerable work to complete this large annual task.
The auditors, in cooperation with our employees, will produce several certified audits covering the Church, College, and Foundation, both for the United States and worldwide.
REPORT FROM THE TREASURER'S OFFICE
Worldwide Church of God