COGWA Reports on Its Finances

COGWA supporter Michael Hanisko posted:

Several members have asked recently how COGWA is doing financially. I thought you would appreciate reading this encouraging financial update from Steve McNeely, one of our accountants: “We were blessed with a generous Pentecost offering and steady deposits during the month of June. Total income for the month was just over $800,000, and for the year it stands at approximately $3,880,000. Expenses continue to be well managed and held to a minimum, and we are very grateful for everyone operating on a frugal budget as we become more established in the early organizational stages. As of June 30, 2011, we have approximately $1,430,000 in the bank, of which just under $400,000 has been restricted to use for preaching the gospel. We also have set aside temporarily restricted income that will be used during the year for specific purposes, such as assistance and Feast expenses. The low point for cash flow is historically right before the Fall Feast Days so we are trying to build our operating reserves. We currently have about one month’s worth of expenses in reserves, which is not a lot, but it is significant considering we started with nothing.”

“We are continuing to work on entering detail for contribution receipts. The mail detail is processed through May, and we are working on the holy day offerings. It is a big job. Our goal is to provide a combined first and second quarter contribution receipt in the next two or three weeks.”

“While the money in the bank gives us only a relatively small margin for needs and reserves, given the amount of time we have been in operation, we are very grateful for God’s blessings and the continued, generous financial support from the brethren. This is a very important part of building an organizational foundation upon which we can do the work God has commissioned to us.”

For those unfamiliar, COGWA stands for Church of God, a Worldwide Association, it formed in December 2010 as a split from the United Church of God.

In its last audited financial statements, UCG had reported an income of USD$23,870,107. Most of the paid USA and Latin American ministry of UCG went with COGWA, but apparently not most of the money. If COGWA would have gotten about 1/2, it would have been expected to have an income for the first six months of 2011 much closer to USD$6,000,000.

Thus far, COGWA’s spending focus has appeared to be related to the ministry and local congregations. COGWA has indicated that it would use the internet as its major initial way to reach the public with the gospel of the kingdom. Of course, many groups have claimed that they would utilize this form of media to have an impact on the world.

FWIW, as of 7/30/2011, the Alexa popularity rank of COGWA’s website was 497,952, while the rank for COGwriter.com was 152,485. Essentially what this means is that even though COGWA has claimed about 8,000 members and 170+ ministers/elders, its now preferred gospel proclamation vehicle is considerably less popular than the website of a member of the Living Church of God (let alone LCG’s websites, telecasts, magazines, etc.). I suspect that COGWA still believes it is working towards having improvements in this area.

Some articles of possibly related interest may include:

Attending the Church of Choice This article discusses whose choice is important to worship God; should you attend the church of your choice or the church of God’s choice?
Polycarp, Herbert W. Armstrong, and Roderick C. Meredith on Church Government What form of governance did the early church have? Was it hierarchical? Which form of governance would one expect to have in the Philadelphia remnant? The people decide and/or committee forms, odd dictatorships, or the same type that the Philadelphia era itself had?
Should a Christian Vote? This article gives some of the Biblical rationale on this subject. Would Jesus vote for president/prime minister? Is voting in the Bible? This is a subject Christians need to understand.
Unity: Which COG for You? Why so many groups? Why is there lack of unity in the Churches of God? Has it always been this way? What can/should be done about it?
Differences between the Living Church of God and United Church of God This article provides quotes information from the two largest groups which had their origins in WCG as well as commentary.
There are Many COGs: Why Support the Living Church of God? This is an article for those who wish to more easily sort out the different COGs. It really should be a MUST READ for current and former WCG/GCI members or any interested in supporting the faithful church. It also explains a lot of what the COGs are all about.
Concerns about Church of God, a Worldwide Association (COGWA) This seems to be the largest group that came out of the United Church of God. Here is some history and concerns about it.
Should the Church Still Try to Place its Top Priority on Proclaiming the Gospel or Did Herbert W. Armstrong Change that Priority for the Work? Some say the Church should mainly feed the flock now as that is what Herbert W. Armstrong reportedly said. Is that what he said? Is that what the Bible says? What did Paul and Herbert W. Armstrong expect from evangelists?
The Laodicean Church Era has been predominant circa 1986 A.D. to present. These are non-Philadelphians who mainly descended from the old WCG.