Financials
2009 began with a slow start due to the continued global recession but ended with increased giving over 2008. The Foundation’s expenditures totaled $5.9 million in 2009. Approximately 85 percent of these funds were given through over 750 grants to churches and Christian organizations, and over 350 scholarships to individuals. The remaining 14.9 percent, or $885,131, was used to administer this work through an international team of 11 staff located in seven countries around the globe.
Providing seed funding for small startup projects of churches and Christian organizations around the world remains the primary giving area of the Foundation. Over 53 percent, or $3,155,752, of total operating expenditures was given through grants primarily to local churches in major urban centers worldwide. There was noteworthy decline in our average grant award to approximately $4,400 from our historical average of around $5,000.
The remainder of the Foundation’s giving was channeled through a collection of other giving programs. The Harvey Fellows Program grew significantly in 2009 due to the selection of 18 new fellows and restructuring of payments to more closely follow most academic calendars. Our Theological Education scholarships increased slightly over 2008 in continued support of students pursuing theological degrees where the Church continues to experience the greatest growth globally. Our scholarships to graduate students at Bakke Graduate University also increased in 2009 as the school continues to grow and expand the diversity of degrees offered. Our Theology of Work grant program remained at a consistent level of funding from the previous year while broadening the geographic regions of granting. Together these initiatives represent over 30 percent, or $1,888,857, of our 2009 expenditures.
- Excerpt from the 2009 Annual Report
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