LOUISVILLE – The 2017 financial statements for the Presbyterian Church (U.S.A.), A Corporation, have received a “clean opinion” from their independent auditors, indicating they believe the statements “present fairly, in all material respects,” A Corporation’s financial position and operations. The 2017 audit was conducted by MCM CPAs & Advisors LLP. This is the first year that MCM has audited the financial statements for the A Corporation.
During MCM’s audit processes, they identified three areas in the 2016 financial statements mandating a “restatement” — or formal revision — for 2016. These areas included the reporting of expenses of the Theological Education Fund (approximately $2.1 million), the recording of A Corporation outside trust net assets not previously recorded (approximately $4.7 million), and the reclassification of undesignated funds previously reported as permanently restricted endowment (approximately $15.4 million).
“The Audit Committee is pleased with the work of our new outside auditors,” said Tom Fleming, chair of the Presbyterian Mission Agency Board’s Audit Committee. “These and other issues identified in the course of their work are being addressed by our staff to improve our operations and reporting.”
The Consolidated Financial Statements for years ending December 31, 2017 and 2016 can be viewed here.
News release, Presbyterian Mission Agency Board Audit Committee
