This quinquennium report of the Lake Union Conference (LUC) is being written from financial data that is managed by a highly professional and spiritual treasury staff who are mission-focused and ministry-driven. We know and firmly embrace the reality that this session brings us closer to the second return of our Lord and Savior, Jesus Christ. Our department is empowered by the Scripture text engraved on the treasury department wall. The earth is the Lord’s and everything in it, the world and all who live here. (Psalm 24:1 Clear Word).
Our treasury team includes four individuals who are committed to the mission and ministry that happens across our Union: Richard Moore, Janna Quetz and Vicki Thompson. Jermaine Jackson was also a member of our treasury team for four of the five years being reported; he accepted a call to serve outside of our Union effective January 2026, and we are grateful for his faithful service during his time at the Lake Union. As a team we have the honor of daily managing the resources entrusted to us for the advancing of God’s Kingdom.
Over this past quinquennium we have had two interns as part of our treasury team. They have been a direct blessing to our field. Our internship program allows us to send individuals to work directly with local conferences to obtain hands-on experience in church operations and non-profit accounting.
This report is one of three presentations that will be used to communicate to you as a constituent, the financial performance over the past quinquennium. This report will be the least complex and technical of the three presentations. My goal for this report is simply to share some key high points of our financial performance. On May 31, a PowerPoint presentation will be shared with Lake Union Conference session delegates to cover greater technical aspects of our financial performance. Additionally, a full General Conference audited report will be provided to delegates, with the highest level of detail in a technical accounting format for this past quinquennium.
Operating Fund
The financial highlights in this Herald report cover the years 2021 to 2024. Due to the January 2026 Herald deadline for this written report, the financial performance for 2025, which is not finalized until February 2026, will be shared at our May 2026 constituency session.
The first financial highlight I would like to share is total tithe received (see graph A). Total tithe received at the beginning of the quinquennium 2021 was $86,465,281 versus $91,604,437 at the end of 2024. This represents an increase of $5,139,156 or 5.9% over the four-year period. The decrease in tithe for 2024 is primarily due to a special tithe of $2.6 million received in 2023.
Total income and expenses for the four years are captured on graphs B & C. Total income and expenses include appropriations from the North American Division (NAD) for programs that directly/indirectly support our five local conferences. Total income fluctuations year-over-year are directly attributable to tithe income, auditing cost subsidy from NAD, investment earnings and Herald advertising. The increase compared to prior years in total income and expenses for 2024 is due to a change in accounting software and how financial activity is reported.
Our net worth (graph D) has grown over the four years reported. Our net worth for 2021 was $10,643,073 and for 2024 was $13,376,876. This represents an increase of 25.6%. Our growth is directly related to conservative budgeting and careful management of expenses.
We experienced operating gains (graph E) over the four years reported. This financial performance is directly related to tithe gains and departments that elected to carry forward fund balances for future ministry initiatives.
Our working capital (graph F) has been strong over the four years reported. NAD policy requires entities to have a minimum of six months of expenses as working capital (Assets minus Current Liabilities minus Current Assets Held for Donor Restrictions). Our target is to have nine months of working capital to assist our conferences should a major financial need take place and we are requested to give support.
In summary, as a treasury department we are inspired and challenged as we have experienced God’s blessings upon our Union over this past quinquennium. Scripture states: “Yours, O Lord is the greatness, The power and the glory, The victory and the majesty; For all that is in heaven and in earth is Yours; …” (1 Chronicles 29:11 NKJV) May we all commit to be faithful stewards as we wait for the 2nd return of our Lord and Savior Jesus Christ. “Even so, come Lord Jesus!” (Revelation 22:20 NKJV)
ASSOCIATION/REVOLVING FUND
The Lake Union Revolving Fund provided $15 million to 62 entities for various building/maintenance projects during the past quinquennium, 2021–2025. These funds were provided by deposits to the revolving fund by members, conference entities, and earnings from investments.
Total Assets as of Dec. 31, 2024, were $53,871,600 (graph G). This means that over the four years total assets increased by 10.4%. Total liabilities as of Dec. 31, 2024, were $37,941,819 (graph H), or a 14.6% increase over the past four years. Over the same period, net assets increased to $15,929,781 (graph I), or by 1.65%.
As a result of investing and lending activity from 2021–2024, the Revolving Fund Trust had an overall gain of $355,950.
Glynn Scott is treasurer for the Lake Union Conference.
Richard Moore – associate treasurer
Vicki Thompson – associate director of human resources |assistant treasurer
Janna Quetz – administrative assistant
Department of Office Operation and Maintenance
Lenay Edwards – janitor
Jason Seigal – facility manager