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EC adopts budget, discusses entity’s financial state

Adam Wyatt presents the financial report to EC trustees at their meeting Sept. 19 in Nashville. Photo by Hunter Lewis.

NASHVILLE (BP) – Executive Committee members approved a 2023-2024 operating budget of $8,305,500 for SBC and EC operating expenses, a decrease of .35 percent from last year.

During the third quarter of the fiscal year, Cooperative Budget Allocation receipts decreased by 3.48 percent compared to the same period last year, reported Convention Finances and Stewardship Development chair Adam Wyatt. A negative change in net assets also occurred in that time to the amount of $1,669,165.

Trustees approved a recommendation to receive, as information, a review of SBC entity fundraising efforts.

They approved a recommendation to decline a referral to study whether any staff member of the EC should serve in the role of treasurer of the Executive Committee and the Convention, citing that such a study conflicts with EC bylaws.

Trustee Drew Landry raised a question as to the sale of the SBC building in Nashville, specifically as to whether there had been discussions or steps in selling it.

“We are looking into every conceivable aspect to make sure that the SBC fulfills its mission, mandated by the messengers, while also honoring the CP,” Wyatt said.

A contract with a listing agent – not a real estate agent – has been acquired, he confirmed.

Noting that the sale of the EC’s only asset is not something to be taken lightly, Wyatt said more information will be forthcoming on the subject.

“You deserve a response,” he said.

A referral from the June annual meeting called for the inclusion of financial reporting by SBC entities that would be found in the Form 990 the Internal Revenue Service requires of tax-exempt organizations. Religious organizations are exempted from filling it out.

Wyatt told Baptist Press that the group has addressed the referral and will offer a report at their next in-person meeting in February.

“I’m looking forward to discussing it over the coming months with fellow committee members and entity leaders,” he said.