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Publication of the Church Services Commission

To Executive Committee Members:

Those of us serving on the Association's Investment Advisory Committee have been informed that delegates at the recent Annual Meeting rejected certain of your proposals intended to alleviate the problems of continued deficits in the General Operating Fund budget. Consequently, looking two years out, instead of a proposed balanced budget in the fiscal year 2001-2002, the delegate-approved budget is expected to develop a deficit of nearly $140,000.

Accordingly, we reiterate our deep concern to you and others within the Association that this lack of fiscal responsibility will continue to diminish the Association's investment portfolio. These funds are intended to produce income through capital appreciation, interest and dividends on securities held. If principal continues to be invaded in order to pay operating expenses, returns will be subject to a significant reduction.

The delegate-approved, proposed budget for the General Operating Fund for the fiscal year 2000-2001 carries a deficit of $121,100. We strongly recommend that every effort - - including those you presented at the Annual Meeting - - be brought to bear to bring this alarming figure to a level that is significantly less than that with which we are faced.

This move toward a financially _ responsible operating budget could help alleviate our grave concerns regarding the long-term viability of the Association's many Christian programs.

For Members of the Investment Advisory Committee,
J. Fred Rennebohm

National Association of Congregational Christian Churches
P.O. Box 1620
Oak Creek, WI 53154
1-800-262-1620

E-mail: naccc@naccc.org

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