Despite uncertainty, Adventist Church finances are on target, Treasurer says

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Annual Council 2019
Annual Council 2019

Annual Council 2019
Annual Council 2019
Juan R. Prestol-Puesan, Treasurer, General Conference (GC), delivers his Treasurer’s Report during the Annual Council 2019 in Silver Spring, Maryland, United States of America.
(Photo: Brent Hardinge / GC Communication)

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Adventist Church treasurer Juan Prestol-Puesán began his financial report to the members of the Executive Committee attending the 2019 Annual Council in Silver Spring, Maryland, United States, by giving “first and foremost” credit to God for His blessings.

“We wish to acknowledge our dependency on God for His continuous presence, guidance, and sustaining grace,” he said on October 14, 2019 as he reported on Adventist Church finances through September 30.

Prestol-Puesán said the church’s current financial picture points again to a break-even by December 31, 2019. Results could be better, he said, as long as gross tithe and offerings reported remain steady, there are no additional major fluctuations in key currencies and fiscal discipline as regards expenditures and allocations is maintained.

Liquidity levels are also key, he emphasized.

“Equally critical to our financial success is retaining an adequate liquidity level that… will offer us a better opportunity to face the challenging future that awaits us,” he said.

Investment Earnings in the Black

Prestol-Puesán reported that as of September 30, General Conference net assets have increased US$1.2 million. It is the result, he explained of investment earnings. Despite the continued volatility of US stock markets—which have not made net gains in 2019—the church has been investing “almost exclusively” in fixed instruments, which carry less risk.

“We are minimally exposed,” Prestol-Puesán said. “Our position has proven to be wise.”

Tithes, Exchange Rates, and Liquidity

According to the report, total gross tithe has increased US$89,094,912, or 3.6 percent, in 2018. (Of that amount, close to US$56 million in tithe increase comes from the North American Division, and the rest from the other 12 world divisions.) Prestol-Puesán explained that despite that positive result, the reality at the end of 2019 may be different.

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