The South Carolina Baptist Convention Executive Board approved a recommendation from the budget, finance and audit committee concerning the allocation of monies received beyond the 2007 budget requirements.
At the end of 2007, Cooperative Program gifts from churches exceeded the budget goal of $32,425,000 by $1,053,768. Messengers to the 2006 annual convention meeting approved a recommendation for the distribution of gifts received beyond the budget. The recommendation stated that these gifts be allocated to the Kingdom Challenge Fund, through which 50 percent would be distributed to the Southern Baptist Convention and 50 percent would go to the South Carolina Kingdom Challenge Fund to be allocated by the Executive Board.
Of the more than $1 million received beyond the 2007 budget requirements, $526,884 has been sent to the Southern Baptist Convention. During the April Executive Board meeting, the budget, finance and audit committee recommended to the full board a distribution plan for the 50 percent of the monies yet to be allocated totaling $526,884. The following distribution was approved unanimously by the full board: International Mission Board (55 percent) $289,786; North American Mission Board (25 percent) $131,721; South Carolina mission trip scholarships (20 percent) $105,377.
The allocation meets the recommendation approved at the 2006 convention meeting for the 2007 budget, and implements the recommendation for gifts beyond budget which was approved at the 2007 convention for the 2008 budget. This plan moves to increase the funds distributed to the two Southern Baptist Convention mission agencies.
This allocation also moves the allocation of budget funds toward a 50 percent split with the Southern Baptist Convention. With this newly approved allotment of funds, the final Cooperative Program percentage sent to the Southern Baptist Convention for 2007 totals 41.57 percent.
For the 2008 budget, 40.35 percent of all budgeted funds will go to the Southern Baptist Convention, and all funds beyond the budget goal will be allocated 55 percent to the International Mission Board, 25 percent to the North American Mission Board and 20 percent for South Carolina mission trip scholarships. This will mean that 80 percent of all funds received beyond the 2008 budget goal will go to the two Southern Baptist Convention mission agencies.
The planning and ministries committee of the Executive Board has begun work to develop guidelines for the use of the scholarship funds.