SBC Executive Committee financials missing for third year; trajectory ‘not sustainable’

For the third year in a row, the financial reports for the Southern Baptist Convention’s Executive Committee are missing from the annual SBC Ministry Reports website. Despite promises to post the information, it hasn’t appeared. The last time their financial audit was posted was in 2021, covering the years 2019 and 2020.

The latest available audit, for the year ending in September 2022, shows concerning trends. There was a significant decrease in assets and liquidity, meaning they had less money available in the short term. The decline is attributed to legal costs related to sexual abuse cases and investigations, including defending against a U.S. Department of Justice inquiry.

The audit also reveals expenses related to these matters, including over $5.95 million spent through 2022. The investigation by the U.S. Attorney’s Office is ongoing, and the Executive Committee is cooperating.

Overall, the financial situation of the Executive Committee appears precarious, with significant legal expenses and declining liquidity, which could have long-term consequences if not addressed.

Baptist News Global:

An introductory paragraph to the website says: “The 2024 Ministry Report is the compilation of SBC entity responses to questions, and related reports, presented in separate groupings. These groupings are: President’s Letter, Ministry Inquiries, Ministry Goals and Accomplishments, and Financial Statements. Each seminary includes an additional report: Seminary Formula and ATS Report.”

Yet under the menu for the Executive Committee’s report there is no tab for financial statements this year. For the previous two years — 2022 and 2023 — the tabs are present but carry this note: “The current SBC Executive Committee audit was not available at the time of posting but will be posted once received.”

Two and three years later, the financial information has not been posted as promised.

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The media spokesman for the Executive Committee did not respond to BNG’s request for an explanation.