Finance
Newsletter

Previous Editions

Previous Newsletters

2025

2024

2023

2022

July - September 2022

Quick Notes

Medical Premium – The medical rates are being reviewed in the next quarter with a possible increase in January 2023

Open Enrollment – The next budget open enrollment will be December 1-31, 2022.

Mileage rate increases to 62.5 cents per mile effective July 1, 2022, through December 31, 2022. The expense form (“FIN.FORM 05.01”) and the WV Expense Report application have been updated. Instructions on how to update the Work Funds report will be emailed in July.

Did you know that the average salary and benefits package for a WorldVenture worker is $100,380 per year as of June 30, 2022? This does not include compensatory expenses.

Please see the list below of announcements, changes, and upcoming news from the WorldVenture Finance Department.

You can also find this letter on the GMC

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!

Quick Links

Finance Update

It is summer here and for me that means more time outside (hopefully!), no school for the kids, hours of meetings and trainings at WorldVenture and… budgets, budgets, budgets. For workers, we had budget open enrollment in June and will finalize those in July. For headquarters, we budget in the late spring and early summer, and in this update, I want to provide you with some highlights of the headquarters’ budget for our next fiscal year, which is from July 1, 2022 – June 30, 2023 (“2023”).

I feel a short disclaimer is in order before some details are shared though – the information that is presented below is a “30,000” foot view and does not go into many details that a director at HQ may see.  This approach is not intended to hide anything, but rather to share with you, in the spirit of transparency, some of the composition of our budget and process.  Should you have additional questions, please do not hesitate to reach out to me

Income

Headquarters’ budgeted income for the upcoming year is $7,172,451 and is primarily composed of fee assessments, funding transfers, contribution income, and rental income.

It may be surprising to note that the fee assessments (the “flat” fee) accounts for only 55% of the total funding for headquarters and is estimated to be $3,957,000 for 2023. The other main source of “income” is funding transfers from other funds – reserve funds and support-based staff and the USFs of global workers’ that are on special assignment to HQ. Rental income is a new item this year – as we embrace a hybrid work-from-home model, we recognize that extra office space at HQ could be rented to another like-minded ministry which would offset some of our costs of ownership. Finally, our contribution income is 8% in 2023 which is two times more than what we budgeted for in 2022. Building out the Partner Ministries division and strategy is one of the focuses this coming year and we anticipate that, as that happens, contributions to the mission will increase and cover more of our operational expenses in the future

Expenses

Headquarters’ budgeted expenses for the year are $7,272,894, and not surprisingly and since we are service organization, the majority of our expenses are found in salary and benefits.

Headquarters provides services to workers, donors, churches, and other stakeholders, but we often live in the tension between finding and retaining talent and paying competitive wages. Fixing this area of our budget and operations is another key focus for 2023 and we welcome your prayers as we undertake this challenge. Other large expenses include professional fees (think consulting, CPAs, and legal), travel – now that COVID restrictions are lifting in many places around the world, and IT (think cloud-based software like SalesForce and the GMC).

I realize that not many of us like to budget. However, we engage in budgeting and planning, not only as part of the responsibility of our roles, but also because of the wisdom that we find in the Bible. We want to use the resources that the Lord has entrusted to us, have Him lead us in the right directions, and to accomplish His outcomes. The budget and planning process for HQ operations is a tool in our effort to be faithful mangers (I Corinthians 4:2). Budgeting and planning is also a team effort (Proverbs 11:14) that involves directors, GO Team, and the board. And while we budget during the spring, stewardship of this occurs throughout the year when directors and GO Team members manage the activities that we set out to accomplish (Proverbs 21:5), meet to discuss results, and continually commit those plans to the Lord (Proverbs 16:3), again, trusting Him for our outcomes. In many ways, I would suggest that budgeting for headquarters is fundamentally the same as what you may do for the ministry that the Lord has called you to, where maintenance and attention is given every month or quarter, updates are provided to ministry partners, and faith in God’s provision is required

I hope that this short summary of our budget and planning helps you to understand a little more of our income, expenses, and processes. It is a joy to serve you and with you as, together, we seek Kingdom impact for God’s glory.

Happy New Year!

Luke Oravec
Treasurer

How to contact Finance regarding any of the content (unless otherwise noted) in this newsletter:

Your Finance Team

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

Open Position, Staff Accountant

Madeline Shanley, Receipting Manager

Becky Binuya, Receipting Staff

Open Position, Receipting Staf

Ryan Volz, Accounts Payable Manager

Renee Chase, Accounts Payable Staff

Belinda Viescas, Payroll Administration & Compliance

New on the GMC Knowledge

Please check out the GMC for the following new information.

FAQ for Work Funds, Find in GMC in Knowledge Tab → FIN.UG.07.05 FAQ for Work Funds

Cost of Living Index Methodology, Find in GMC in Knowledge Tab → FIN.UG.07.09 Cost of Living Index Methodology

Please note that the following previously posted information on the GMC has been updated:

Expense Categorization Listing, Find in GMC in Knowledge Tab → FIN.UG.05.12 WV Expense Categorization Listing

Missionary Rate & Fee Schedule, Find in GMC in Knowledge Tab → FIN.UG.07.02 Missionary Annual Support & Fee Rate Schedule

Housing Allowance, Find in GMC in Knowledge Tab → FIN.FORM.06.02 Annual Housing Allowance Form 

Ministry Funds (Work Funds), Find in GMC in Knowledge Tab → FIN.FORM.07.01 Ministry Funds Request Form

Medical Savings Contingency Fund Update From The Medical Department

Dear Global Worker,

We want to share with you an important update regarding a change in the services provided by our Medical Department.

Summary of the change

Effective October 1, 2022, the Medical Department will no longer pay our global workers’ medical bills. This means that:

  1. HQ will pay any bills received at HQ through September 30, 2022.
  2. Any bills received at HQ after October 1, 2022 will be forwarded to your designated U.S. contact that is on file with Global Initiatives. If you wish for your bills to be sent to an address other than that of your U.S. contact, please give that information to Peg Reeves.
  3. Your health advocacy service is not going away and will be fulfilled by HQ staff as always.

This change carries adjustments to your budget and Medical Savings Contingency Fund (MSC):

  1. Your existing balance in the MSC Fund as of October 31, 2022 will be paid out to the U.S. bank account we have on file for you in Finance.
  2. You may include up to $1000 per month in your budget for medical expenses as a salary line item. This will be referred to as “Medical Salary” budget item from October 1 forward. If you have a medical concern that might temporarily require more than $1000 to save for an upcoming event this can be approved through your Global Director.
  3. The previous $10,000 cap to the amount in your MSC will be removed as of October 1, 2022.
  4. You may adjust your “Medical Salary” budget item amount at open enrollment in either June or December.

Why this change has come about

We know that change can be difficult and takes time and adjustment on each of our parts. We feel the pain of this change with you. This service has been in effect for a very long time. Please know that we have not arrived at this decision lightly and that along with the Global Directors, the Go Team and the Finance Department we have made the necessary adjustments to minimize the impact of this change. The decision to eliminate the payment of medical bills comes as a result of a number of factors.

  1. Peg Reeves who has faithfully served in the role of Health and Medical Plan Coordinator for almost nine years is retiring. Peg has been able to fill the unique responsibilities of this role, but it is a niche that will be difficult to fill in the future. Peg will remain in her role on a reduced schedule starting in September to assist you with this transition. This is a cost cutting measure to reduce the budget.
  2. Medical billing practices have changed. Most medical practices and facilities require payment at the time that services are rendered or hold your credit card to bill your part automatically after the claim is settled.
  3. An increasing number of global workers prefer to pay their own medical bills.
  4. Changes in technology have provided the means for bills to be paid electronically from many parts of the world.
  5. It is becoming increasingly important for individuals to be able to understand and navigate medical billing. Making this change now allows us to come alongside our workers to assist in the understanding of medical billing while continuing to provide advocacy services from the home office.

Beginning on October 1, 2022, any medical bills that arrive at the headquarters office will be forwarded to the address of your U.S. contact. If you wish your bills to be sent to a different person at a different address in the U.S., please send that person’s name and address to Peg Reeves by September 1

While the service of medical bills being paid is being discontinued, advocacy for global workers will continue. This includes such things as assisting with emergency situations, explaining coverage benefits, serving as a liaison with Aetna for processing errors, and training. A more extensive list of advocacy services can be found on the attached Guidelines for Advocacy Process document.

Please note: Training videos will be placed on the WV Learning site by the end of July 2022 to show you how to read your Explanation of Benefits documents, how to understand your bills, and how advocacy will work. Global workers will be notified when these are available on the site. It will be to your benefit to watch these short training videos.

In regards to the MSC Fund, WorldVenture will no longer hold the funds for the workers’ MSC in a separate account. On October 31, 2022, the balance that remains in these funds will be paid out to the global workers. The MSC fund that is held at WorldVenture will no longer exist. What will remain is the “Medical Salary” budget item. Instead of WorldVenture holding these funds on your behalf, each worker will need to save the monthly amount of your “Medical Salary” budget that will be included in your paycheck to use for your medical expenses. A couple of items to note:

  1. A “Medical Salary” budget item will be optional.
  2. If a “Medical Salary” budget item is desired, the amount designated towards it will be done during open enrollment every six months.
  3. There will be a cap of $1,000 per month to your “Medical Salary” budget item. This will remain in your budget until you make changes at open enrollment. We are not setting a limit on the amount that can be accumulated, but it must be remembered that the funds accumulated should only be spent on medical expenses.
  4. There are provisions for emergency situations. Those are outlined in the attached Medical Budget Line Item Guidelines document and will need approval from your Global Director to exceed the $1000 per month limit.

In order to give you a visual of various aspects of these changes, the following informational documents are attached [see email announcement sent on July 8, 2022 from Linda Gawtrhop for attachments below]:

  • Policy on Global Workers Personal Medical Expenses
  • Guidelines for Advocacy Process
  • Medical Salary Budget Item Guidelines

Again we recognize that this is a huge shift from our long-standing practice of a designated headquarters staff paying the personal medical expenses of our global workers. At first, this will require an investment of time for many to understand the process and also how to advocate should challenges arise. But again, our Medical Department members will still be available to assist you as you navigate this new process. It is our desire to continue to serve and come alongside you during this transition and into the future.

If you have any questions, or need help in this process, please contact Peg Reeves, Kara Wynn or myself

Blessings,

Linda Gawthrop Director of Personnel Ministries

Mileage Rate Increase

The IRS announced that it is increasing the optional standard mileage rate for the second half of 2022 by four cents per mile; from 58.5 to 62.5 cents per mile. WorldVenture uses the rate provided by the IRS to calculate the reimbursable amount for ministry miles driven in a personal vehicle. This increase in the Mileage Rate will be effective on July 1, 2022. Please be sure to use the updated forms and instructions below as this change will impact the amount you are eligible to receive for miles driven

  • Expense Reimbursement Form (FIN.FORM.05.01)
    • An updated version of this form, using the increased Mileage Rate, will be uploaded to the GMC Knowledge on Friday, July 1st. Please make a note to download and use this new version when making requests.
  • WV Expense Report program (WVER)
    • The Mileage Rate will be updated on Friday, July 1st. Any Reports submitted before the 1st will still be processed with the current Rate of $0.585. All reports submitted after the 1st will automatically use the new Rate for any Mileage calculations.
  • Work Funds Quarterly Reporting (FIN.FORM.05.04)
    • A second communication will be made on July 20th with instructions on how to update your Quarterly Report to account for the new Mileage Rate.

Please Note: For personal miles driven in a ministry vehicle, this rate will be used for these calculations as well. These are usually recorded on the Quarterly Work Funds Report in the ‘Income’ column or as a Credit to your USF in the WV Expense Report.

Please email the Finance Team at FinanceHelp@worldventure.com, using the word “Reimbursements”, with any questions related to this topic.

Update On Spouse Compensation

The Spousal Compensation Implementation team has met three times and is moving forward with implementation. This is a complex issue with many different facets. Sheryl Gudeman, Joy Watson and Corinne Thorp are representing Global Initiatives and are working with the task force to make sure that it will be advantageous for our workers both in the financial aspect as well as honoring each global worker in our organization. We will be sending out regular updates for the team and keeping you informed of where we are in the process.

Paychex Update -New Payroll Provider

In last newsletter, we shared that we were moving to a different company, called Paychex, to process our monthly payroll, benefits, and tax reporting.

We have been working hard on the implementation this spring and I am pleased to share with you that we have successfully processed our first payroll with Paychex in June.

In July, we will be sending invitations for you to register for a Paychex “Flex” account, which is the online portal where you can log in, review your paystubs, and pull tax documents in the future. When you see that email, please register for your account as soon as possible. Please note that Paychex, like many payroll companies, has limited access to its desktop and mobile applications in countries they have identified as a high security risk. For workers in such countries, we will send additional communications so that we can pre-approve your computer and IP address so that you may register with Paychex.

Budget Items

  1. If you live in a country with a cost-of-living differential from the US, the “ORC”* line item in your budget has changed. We recently updated our Cost-of-Living indexes, so if you have an “ORC Cost of Living Adjustment” line in your budget, that will most likely have increased, although in a few cases it decreased. Please review this line item carefully as it could cause a significant adjustment to your support package.

    * ORC is an index, or measurement, of the additional cost associated with living in a certain area vs the United States. WorldVenture recently started updating these indices again using data from a third party consultant in order to increase the salaries of workers since many parts of the world are experiencing inflationary pressures.

     

  2. If your field takes a portion of your Work Funds, please be careful when checking your Work Funds amount. What used to be Work Funds has now been split into two possible amounts: “Work Funds” (same description as before), and “Field Assessment” (new). Field Assessment is a separate line item in your budget, so if you used to have $400 in Work Funds but your field assesses $100 for an admin fee or for a pooled budget, your Work Funds line will now show $300 and there will be an additional budget line of $100 for Field Assessment. NOTE: If you have a “Field Assessment” line in your budget, please do not raise your Work Funds line back up to what it was last quarter thinking that it is incorrect!
    1. If you are making changes to your Work Funds amount in your budget with the intent of receiving more or less work funds each month, you must submit the new “Ministry Funds Request Form” (this used to be called the “Work Funds Change Request Form”). This will ensure that the correct work funds come to you on the field or to your bank account. Please send the completed Ministry Funds Request Form to financehelp@worldventure.com using the keyword “Work Funds” in the subject line. The new form is available for download from the GMC.
  3. As announced previously, the “Service to Missionary & Church” fee has been increased beginning in July 2022:
    1. Single workers/ Widow/er
      Open Assignment by $39.00/month
      Set Assignment by $29.00/month
    2. Families and/or Couples
      Open Assignment by $68.00/month
      Set Assignment by $51.00/month
  4. July marked the beginning of a new fiscal year, your “Years of Service” salary adjustment was updated based on your length of tenure with WorldVenture.

Please note that for our next open enrollment in December, if you do not want to receive some or all of the Years of Service or the ORC cost of Living adjustments you may write to FinanceHelp@worldventure.com (use the keyword “Budget” in the subject line) and request a reduction in your Base Salary. Please indicate which item you would like adjusted (Years of Service or ORC Cost of Living Adjustment) and by what amount.

Scheduled Maintenance In The Gmc In July And August

Our fiscal year ended on June 30th and we are grateful for the many ways we have seen the Lord provide and how He has helped us face and overcome challenges that we once faced in July 2021. We are eager to experience the Lord’s provision as we seek to acknowledge Him in all ways in fiscal year 2023.

We will soon be working on closing our books for 2022 and want you to be aware of the following:

  1.  We are not scheduled to close the month of June until Tuesday, July 12th, Colorado Mountain Time (GMT-6), in order to process our year-end contributions and journal entries. Please note that this will impact your Statement reports and the balance in your reports will not be accurate until we can finish processing contributions.
  2.  During the months of July and August, we will be doing some weekly maintenance in our system as we prepare for our annual audit. The weekly maintenance is scheduled from 8:00am to 5:00pm, Colorado Mountain Time (GMT-6), and will occur every Friday from July 15th through August 26th. On those Fridays, during those hours, your GMC Statement reports may not report accurately.

We apologize for the inconvenience that these may cause, but wanted to let you know about this and that reporting inconsistencies are an expected result during these times.

Should you have questions about your funds and the related reports outside of these times, please do not hesitate to contact the Finance department at financehelp@worldventure.com.

403(b) Budget Reminder

We want to clarify a question that we sometimes get regarding changing the voluntary contribution amount for 403(b) retirement accounts. As a reminder, the current process for changing the voluntary 403(b) amount requires a worker to log into Envoy’s website or call them and request a change in the deduction amount. Finance then pulls a report from Envoy Financial after open enrollment and your Staff Accountant makes the change for the 403(b) in your budget according to the report from Envoy.

While the worker can request a change outside of open enrollment, it is important to note that those changes are made effective for payroll with the next budget cycle. Another way to think of this is that the budget open enrollment period is also the Envoy open enrollment period. In practice, this means that you would go to Envoy and change your 403(b) in June and/or December and it will be effective for the next budget cycle.

Example:

  • Changes made in June with Envoy, will take effect for July – December Budgets
  • Changes made in December Envoy, will take effect for January – June Budgets

Please note that if multiple changes are made in the same open enrollment period, we will take the last change that was made and use that amount to update your budget. That amount will then be included in your new budget.

Please keep this in mind as you plan for retirement as we approach the next open enrollment period in June for the July – December budget period. If you have any questions or concerns regarding this change please do not hesitate to send an email to financehelp@worldventure.com with “budget – 403(b)” in the subject line.

Helpful Hints

Did you know that you can hold the Ctrl key and click on an article title on the table of contents and it will take you directly to that page

And Finally, Coming Around the Corner...

Reminder – the New fiscal year of WorldVenture started July 1, 2022

MSC FUNDS – MSC balances will be paid out on October 31, 2022 to the Global Workers and sent to the account we have on file.

Print Friendly, PDF & Email

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.