RZIM FY2015 Audited Financial Reports
This past year was another period of fruitful expansion and for that we offer much praise. In practically every area, Ravi Zacharias International Ministries continues to thrive and flourish above planned expectations. In the US, total revenues, including designated projects such as the Zacharias
Institute funding, increased by nearly 15 percent over prior year. Excluding non-cash income, revenues arrived at $25.8 million, reflecting an increase of nearly 16 percent over 2014. Expenses, which exclude capital investments but include international grants and global affiliate support of over $9 million, totaled $25.7 million. Overall, the US reported a positive consolidated change in net assets of $2.8 million in the period, after reflecting a year on year direct program support allocation increase of over $1.2 million. This is equivalent to an overall effective 6 percent increase, of which nearly 83 percent was poured into core programs and other ministry activities. This was possible due in large part to intentional increased distributions towards domestic core services and programs. These are disclosed specifically in the Statement of Activities as additions to media as well as evangelistic and training events reported under conferences and lectures. Thus, the ministry’s functional allocation to programs, fundraising, and management remained solid and consistent in the year at 84 percent, 11 percent, and 5 percent respectively.
The balance sheet enhancement mostly reflects earmarked gifts associated with The Hope Within Us campaign. The focus this fiscal year was the Zacharias Institute facilities, which will also house our global headquarters in Alpharetta, Georgia. Specifically, gifts towards the Zacharias Institute amounted to $2.7 million by the close of the period. In light of the ongoing program expansion, the ministry continued to exercise prudence and a risk management approach towards unforeseeable economic uncertainty. Through a variety of strategies, our team worked to protect our sustained programs abroad efficiently, and by God’s grace we are humbled to report that we accomplished this with minimal unfavorable variances against our internal budget goals. Additionally, with rapid expansion on all ministry fronts, with the support of the global board in collaboration with our international offices, we worked to raise and maintain adequate cash reserves to measure up with the growth of the ministry worldwide.
Ravi Zacharias International Ministries, Inc. maintains and frequently updates internal controls designed to provide reasonable assurance that the ministry’s assets are safeguarded from loss or unauthorized use and that transactions are executed in accordance with our management authorization policy and are recorded properly to allow for the preparation of clear and accurate financial statements under US GAAP. The Audit Committee, composed largely of outside directors, meets directly and separately with the ministry’s independent auditors, internal auditors, and management to ensure that each area is properly discharging its responsibilities.
We are filled with much gratitude to the Lord and to you, our ministry partners. Thanks to you, this year Ravi and our global itinerant team had the privilege of making a great impact with some of the most influential groups in academia, business, government, arts, and media circles. Thanks to your prayers and financial support, RZIM powerfully proclaimed the gospel with gentleness and respect before new key audiences in numerous corners of the world. Our calling is significant and the work is vast, but we are immensely grateful for what has been achieved this fiscal year and that the Lord has used RZIM as his instrument in reaching souls for his kingdom.