Financials
The Foundation’s expenditures totaled $9.4 million in 2007, roughly 15 percent more than 2006. Approximately 86 percent of these funds were given to individuals, churches, and Christian organizations through over 1,700 scholarships and 1,000 grants. The remaining 14.4 percent, or $1,352,246, was used to administer this work through an international team of 16 staff located in eight countries around the globe.
Nearly 53 percent, or $4,947,476, of total operating expenditures was given through grants primarily to local churches in major urban centers worldwide. Granting remains the primary giving area and continued to grow in its share of our total expenditures in 2007. The Foundation divides granting into eight geographic regions. The percentage of granting in North America continued to fall relative to 2006, primarily due to intentional limits placed on giving in the United States. As a result, Europe was the largest granting region in terms of financial investment, surpassing giving in North America for the first time.
Scholarship giving was channeled through the Harvey Fellows, Theological Education, and Bakke Graduate University scholarship programs. Together these scholarship initiatives represent 31.1 percent, or $2,923,098, of our 2007 expenditures. While scholarships increased in total dollars, it remained constant as a percentage of total giving compared to 2006.
The remaining two percent of our giving went to new or special initiatives of the Foundation. These included our new Theology of Work grant program, and matching personal gifts given by Foundation Board and staff to Christian organizations.