RICHMOND, Va. - A drop in investment income and slower growth in contributions are being blamed for a $10 million shortfall at the International Mission Board of the Southern Baptist Convention, according to a report by the Associated Baptist Press.
The shortfall was confirmed by IMB president Jerry Rankin in an April 22 memo to staff calling for a special forum to be conducted the next day. The discussion was cancelled when news of the meeting leaked to the Richmond Times-Dispatch, ABP reported.
"The trustees have asked us to present options for making up $10 million of our anticipated budget deficit," Rankin said in the memo. "Administrative leadership has been working for several weeks to identify ways to do this without being deterred from accomplishing the strategic objectives of the organization."
The shortfall represents less than 3 percent of the agency's $269 million basic budget.
According to the news service, the IMB declined to answer questions about the shortfall. IMB trustees will meet May 6-8 in Framingham, Mass., to address the shortfall, however, no final action is expected until the agency closes the books on the Lottie Moon Christmas Offering, its primary source of funding, at the end of May.
