Stewardship Update
As part of our financial stewardship here at Woodmen, and because we desire to hold ourselves to the highest standards of financial integrity, we commit to being accredited by the Evangelical Council for Financial Accountability (ECFA) on an annual basis. Integral to the accreditation process is to adhere to ECFA’s Seven Standards of Responsible Stewardship. Financial Oversight is one of these standards which states that every member shall prepare complete and accurate financial statements which are to be audited by an independent certified public accountant (CPA) and approved by the Elders of Woodmen. Woodmen engages CapinCrouse, a national CPA firm whose focus is service mission-focused not-for-profit organizations, churches, and higher education. It is the responsibility of CapinCrouse annually to evaluate and report to the Elders of Woodmen the accuracy of the financial statements, provide metrics to the overall financial health of the church and to identify any material weaknesses in our financial policies and procedures.
As a church, we have been extremely blessed by the generosity of our congregation. Not only through your generosity have we been able to do amazing ministry, but also through the stewardship of the resources that God has entrusted Woodmen have we been able to be certified by ECFA on an annual basis. This year’s annual audit by CapinCrouse found that there were no material weaknesses to be addressed with the Elders and, in CapinCrouse’s opinion, this has been one of, if not the most, clean audits conducted at Woodmen. When comparing the overall financial health of Woodmen to peer church averages, Woodmen exceeds the peer group averages in cash flow and reserve ratios, debt ratios, and notably, in personnel and missions expense ratios. Woodmen has averaged 16% of total expenditures going to local and global missions over the last four years, which is a direct reflection of the generosity of our congregation in areas like the LoveWell fund and contributing time and resources to local and global partners.
Thank you for your part in faithfully contributing to the overall financial health and stewardship of resources here at Woodmen as we remain in compliance with ECFA’s standards!