Finance
Newsletter
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Reminder!
Open Enrollment will be June 1-30, 2023 for JulyDecember 2023 budget cycle
The Long Term Disability (LTD) benefit is currently being reviewed as part of the Global Worker Compensation project. Stay tuned for further information on benefits at large and LTD specifically!
We are pleased to announce that, effective on May 1, 2023, international donors from certain countries will be able to contribute to your ministry at WorldVenture via the TrustBridge Global network.
This newsletter is also published on the GMC for your future reference as well. We know that you have so much going on and that keeping up with what is happening in Finance may be another item on a never-ending task list – thank you in advance for taking some time to read these announcements and for the important work that you do every day. Our hope with sending this to you is not that you become an expert in all WV financial matters, but that you are informed of changes and know where to turn if you need help. It is our pleasure to serve alongside you!
I will let my worries go.
I will trust God completely.
I am unconditionally loved.
I will let God control my life.
I will refuse to let anxiety rule me.
I do not need to fear anything.
I will ask God to put my broken pieces together today.
Thank you LORD!
Soraya Marin, VP/Chief Operations Officer
Luke Oravec, Treasurer
Fabian Perea, Assistant Treasurer,
Christina Segura, Senior Staff Accountant – Europe/MENA, Americas
Dan Penney, Staff Accountant – Africa, Asia
Madeline Shanley, Receipting Manager
Becky Binuya, Donor Receipting Specialist
Mary Ackermann, Donor Receipting Specialist
Ryan Volz, Accounts Payable Manager
Renee Chase, Accounts Payable Staff
Belinda Viescas, Payroll Administration & Compliance
Open Position, Finance Assistant
Global Worker Ministry Description, Find in GMC in Knowledge Tab → GLOBAL WORKER MINISTRY DESCRIPTION
Global Worker Definition of Work, Find in GMC in Knowledge Tab →GLOBAL WORKER DEFINITION OF WORK
TrustBridge, Find in GMC in Knowledge Tab → FIN.UG.04.13 Donations Through TrustBridge
Missionary Rate & Fee Schedule, Find in GMC in Knowledge Tab → FIN.UG.07.02 Missionary Annual Support & Fee Rate Schedule
New International Donations Capability
Good news!
While we have been able to receive contributions from donors outside of the United States, we were not able to provide them with the tax benefit that they sometimes requested since we are a U.S. 501(c)(3) organization. Over the last couple of months, the Finance Department has been working with TrustBridge Global, a global network of donor advised funds, to develop a way for donors that are not located in the United State to make a contribution to the ministries at WorldVenture.
We are pleased to announce that, effective on May 1, 2023, international donors from certain countries (link below) will be able to contribute to your ministry at WorldVenture via the TrustBridge Global network in their currency and receive a tax benefit in their country of residency.
What you Need to Consider
We are Listening
WorldVenture has been a part of the TrustBridge Global network for many years, but it wasn’t until one of our worker’s reached out to us and invited us to participate in the network at-large that we discovered this potential. As a result, we received over $10,000 USD for one of our workers in 2023. If you have an idea please share it with us!
If you have further questions about this, please send an email to financehelp@worldventure.com.
On March 7, 2023 we made some changes to our contribution commitment suspension procedures changing this to an automated process. This notice will describe the changes that we made, the expected impact to you, and what you will need to consider as you manage your ministry finances. You spoke, we listened! This improvement was made in response to feedback that we received from our worker community. Your input is important, and we want to provide services and improvements in our software services that assist in making your ministry finance experience as smooth as possible. Please continue to provide us your thoughts and suggestions as we do this good work together!
Contribution commitments are an important part of your ministry finances and help us gauge the (future) health of a support/special project fund. When a donor neglects to fund their commitment, Finance “suspends” such commitments to accurately report the support percentage of your ministry. Suspending a commitment moves the commitment to a dormant status but does not inactivate it or delete it from our system. The good news is that the next time that a donor makes a contribution associated with their suspended commitment, the commitment status will automatically move back to “active” status.
Commitment suspensions are now being reviewed and suspended on a daily basis through an automated process. Previously, commitments were suspended on a monthly basis. Doing this on a daily basis will result in a more accurate support percentage for every support/special project fund. Please note that commitments will not be suspended for Appointees while they are in appointee status.
Greetings Worker – This is an automated message to notify you know that one of your commitments has been suspended due to lack of payment by the donor within the grace period. Please consider reviewing your financial reports on the GMC and/or reaching out to the donor that is listed below about their commitment. We want you to know that commitment suspensions may reduce your percentage supported and may have an impact on our ability to pay a full salary since we pay salaries based on commitments. We are here to help support you and ensure our records and your financial wellness are as accurate as possible. Should you have any questions, or believe that this was suspended in error, please reply to this email and we will be happy to assist you.
Contributor: Smith, Donor
Amount: $10.00 USD
Please consider contacting the donor related to the suspended commitment when you receive a suspension email. This would be a great opportunity for a conversation with them to perhaps renew the relationship, see what is going on, have them update their credit card/banking information on file with WV, and even might be a good conversation for a potential increase in their giving.
This may be an opportunity to help your Donors understand the Partner Community and how donations are applied to Commitments.
If you would like to know which Commitments have been suspended, please access your Commitment Action Report on the GMC by going to the “Reports” tab.
Please send an email to FinanceHelp@WorldVenture.com if you have any questions concerning this procedure.
On September 1, 2023 we will be changing the grace period for commitment suspensions. Commitments are not automatically suspended as soon as they register as unfulfilled. This notice will describe the change that will be made, the expected impact to you, and what you should consider as you manage your ministry finances.
Contribution commitments are an important part of your ministry finances and help us gauge the (future) health of a support/special project fund. When a donor neglects to fund their commitment, Finance “suspends” such commitments to accurately report the support percentage of your ministry. Suspending a commitment moves the commitment to a dormant status but does not inactivate it or delete it from our system. The good news is that the next time that a donor makes a contribution associated with their suspended commitment, the commitment status will automatically move back to “active” status.
In March 2023, we automated the commitment suspension process which included sending a suspension notification to the worker when a commitment is suspended. This process improvement provides real-time transparency into the commitment management actions that are being taken so that you can make useful decisions regarding your ministry finances.
As we reviewed the automation process, we noted that the grace periods for commitments were excessive which can result in overextending ministry “credit” to workers and overstate the health of the ministry finances. For example, annual commitments, if unfulfilled, currently have a grace period of 1099 days, in other words an annual commitment will not suspend until over three years after the last commitment contribution.
Current grace periods are as follows:
| Frequency | Grace period (days since the last commitment contribution) |
|---|---|
| Monthly | 91 days |
| Quarterly | 271 days |
| Semi-Annually | 541 days |
| Annually | 1,099 days |
The grace period for funding all commitment will be 91 days beginning September 1, 2023 as follows:
| Frequency | Grace period (days since the last commitment contribution) |
|---|---|
| Monthly | 121 days |
| Quarterly | 181 days |
| Semi-Annually | 273 days |
| Annually | 456 days |
Please note that commitments will not be suspended for Appointees while they are in appointee status and not until the worker has been on the field for at least four months.
Please consider reviewing your list of commitments now and be aware of which ones are active and being fulfilled and which ones are not.
Consider reaching out to any donor that has a commitment that is suspended or who has not fulfilled their commitment within the 90 day grace period and would be suspended in September. Our hope is that this notice will prevent unnecessary suspensions.
Please consider contacting the donor related to any suspended commitment when you receive a suspension email. This would be a great opportunity for a conversation with them to perhaps renew the relationship, see what is going on, have them update their credit card/banking information on file with WV, and even might be a good conversation for a potential increase in their giving.
This may be an opportunity to help your Donors understand the Partner Community and how donations are applied to Commitments.
If you would like to know which Commitments have been suspended, please access your Commitment Action Report on the GMC by going to the “Reports” tab.
Please send an email to FinanceHelp@WorldVenture.com if you have any questions concerning this procedure.
Dear Global Workers,
The Global Worker Compensation Implementation Team continues to meet regularly and work hard towards the goal of having all systems in place for the project. These last four weeks we have talked a lot about onboarding and what software changes need to be in place for the transition to the Consolidated Salary Model.
There are some exciting things coming so please watch for updates!
Since this is a finance update we will keep it brief:
This change can be found on your GMC report page next to where you see your “USF Statement.” To date, not all regions have been transitioned to this format but they all will be soon.
Thank you for your continued prayers for this team and for tracking with us through a lot of details. We appreciate it!
If you have any questions, you can always reach out to: compensation@worldventure.com
Serving Together,
The Global Worker Compensation Implementation Team
*Republished from e-mail distribution
Dear WorldVenture Family,
I have an update regarding WorldVenture’s monthly assessment. We need to make an increase and the new rates are effective July 1, 2023. I will share the numbers right away, but please read through my entire letter.
| Upcoming Increase (Fiscal Year 23-24) | Last Year’s Increase (Fiscal Year 22-23) |
|---|---|
|
Single Workers/Widow/er • Open Assignment - $25.00/month • Set Assignment - $18.00/month |
Single Workers/Widow/er • Open Assignment - $39.00/month • Set Assignment - $29.00/month |
|
Couples and/or Families • Open Assignment - $43.00/month • Set Assignment - $32.00/month |
Couples and/or Families • Open Assignment - $68.00/month • Set Assignment - $51.00/month |
We need to increase the assessment because inflation worldwide is still significant and the cost to provide services has increased. While average inflation has technically slowed down in the USA (from 9% in July 2022 to 6% in March 2023), it is still raising the cost of everything significantly. I was just telling a friend about my shock at the price increases on food, fuel, utilities, really everything and everywhere! I know what it’s like to raise support and I would rather not lay this burden on you. Despite the challenge of the increase, I believe this is another opportunity for us to thank God for His continued provision and faithfulness during this difficult economic year.
We continue to work hard to mitigate assessment increases, which is why the increase is lower than last year’s increase. As part of my announcement last year, I shared the following:
“The GO Team has been working hard to mitigate this increase by supplementing the operations budget with alternative sources of income. This includes wise asset/donation investments, continuous expense reductions and/or cost avoidance, space leasing in the HQ building, and launching a new Partner Ministry strategy to raise funds towards our corporate expenses.”
The collaborative effort of our teams has yielded the following results:
Additionally, we have some added service updates:
So, I invite you to join me in prayer for three requests:
In closing, let’s remember Paul’s words in Philippians 4. Paul writes:
“I have learned to be content whatever the circumstances. I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want: I can do all this through him who gives me strength, yet it was good of you to share in my troubles.” (Philippians 4:11-14).
Asking our partners to increase their support by another $25 or $50 per month is an opportunity for them to join us in sacrificial faith, in sharing in our troubles, and in embracing the “secret of being content.” Please, use this increase in assessment to encourage increases in commitment and investment from your partners.
But more importantly, please join me in increased commitment to our shared calling and increased prayer for more multitudes of disciples who are compelled by the love of God and willing to risk all so that people are transformed by God.
If you have any questions or comments to share with me or the GO Team, please drop us a note at: GOTEAM@WorldVenture.com.
Engaging the world for gospel impact,
Soraya Marin on behalf of the GO Team
VP Operations/COO, WorldVenture
*Republished from GMC
Dear WV Community,
As of May 11, 2023, WorldVenture will no longer be reimbursing personal expenses that are incurred as a result of COVID-19. Please continue reading for more background and details related to this practice.
For the past three years, we have been living under unusual circumstances due to the COVID-19 pandemic. The pandemic was declared a national emergency by President Trump on March 13, 2020. In response to this decision, certain personal expenses were permitted to be reimbursed as business/ministry expenses during this emergency under the disaster relief provisions. During these last few years, we modified our standard practice for certain compensatory expenses in order to recognize them as reimbursable when they were incurred exclusively as a result of the COVID-19 crisis.
Earlier this year, President Biden announced there would be an end of the COVID-19 national and public health emergencies on May 11, 2023. To continue to stay up to date with our practices and policies, we will be ending this benefit of allowing certain personal expenses to be reimbursed as business/ministry. This will take effect on May 11, 2023.
We will no longer be reimbursing personal expenses that have been considered eligible for reimbursement as a result of COVID-19.
We will still allow COVID-19 tests that are expensed specifically as a result of travelling or obtaining travel documents. Since these tests may still be required to travel to/from certain countries, this would be considered a travel related expense and not a personal health expense.
If you have any questions, please contact us via email at financehelp@worldventure.com.
*Republished from January-March 2023 Newsletter
With many Global Workers switching over from receiving advanced Work Funds to only submitting reimbursement requests as needed, we have decided to add a new line to the budgets to help both you and us manage that. Until recently, budgeting for routine ministry expenses has been done with the single budget line called “Work Funds (Advanced).” Late last year we did add a new line called “Field Assessment” to allow tracking of Work Funds that went directly to the worker’s field to contribute to a pooled field budget or for field administrative expenses. This was needed so that those for whom all their Work Funds went to field administration could opt out of having to complete the quarterly Work Funds reports.
This new budget line will be for those who desire their Work Funds (or any portion thereof) to remain in the USF until requested for reimbursements. The new budget item will be called “Ministry Savings for Reimbursement”. Note that with this change, workers can opt to split their ministry funds—what used to be called Work Funds—into all three new categories, as appropriate.
To visualize this, consider a scenario where a worker traditionally had a single line in their budget for $400 in Work Funds. However, $120 of that went directly to their field for a pooled budget, another $180 is advanced into their ministry bank account by direct deposit to cover regular monthly expenses, and the final $100 remains in their USF for eventual requests for reimbursement. In such a situation, we can now budget separately for each of these types of ministry funds, such as:
We hope you will find this more understandable as you manage your budget for ministry expenses. It will assist us in making sure we’re sending those funds to the right locations, and it coincides better with the Ministry Funds Request form that we began to use last year.
An official excess funds policy will be rolled out this summer that will specify what happens with surplus funds in a special project, appointee support fund, and worker’s support fund.
A draft of the new banking standards policy will be published on the GMC for worker review.
A survey for field leaders and treasurers will be sent out in early summer in preparation for our annual financial audit.
Information contained in this newsletter is intended for internal use by WorldVenture workers, staff, approved volunteers, and board members. Unauthorized distribution to other parties is not permitted without permission from Finance leadership.