INDIANAPOLIS (BP) — Budget recommendations for the upcoming fiscal year were approved by raised ballot at the 2024 Southern Baptist Convention (SBC) annual meeting.

The budgets recommended by the SBC Executive Committee (EC) provide funding for all SBC entities including the six seminaries, as delineated in the Comprehensive Summary Operating Budget of $1.067 billion; as well as the SBC Executive Committee and SBC Operating Budget Summary of $10.23 million. The second budget is a more detailed account of the Convention Operating Budget included in the larger comprehensive operating budget.

SBC EC President and CEO Jeff Iorg thanked messengers for their approvals and alerted them to resources available at sbc.net and at sbc.net/CP100 in advance of the 100th anniversary of the SBC Cooperative Program in 2025.

“Southern Baptists, I want to thank you for adopting these budgets related to the Cooperative Program allocation and the operating budgets for the SBC and the SBC Executive Committee,” Iorg said. “Next year in Dallas we will be celebrating the 100th anniversary of the Cooperative Program, and we’ll be adopting those budgets in that context at that time.”

The SBC Executive Committee and SBC Operating Budget Summary indicates income of $8.6 million, including $5.68 million in Cooperative Program funds, $2 million in cost-recovery income from the annual meeting and sponsorships, $275,000 in interest/dividends and other monies. Expenses ($10.23 million) surpass income by $1.62 million.

The EC has been challenged to meet the costs of the sexual abuse investigation and reform measures mandated by messengers to the 2021 SBC annual meeting, which has resulted in large expenditures, including attorney fees. Over the last two years, more than $3.4 million has been spent to fulfill costs of the sexual abuse investigation and reform measures, according to EC financial reports. 

The comprehensive operating budget, in addition to the $10.23 million allocated to the EC and convention operations, gives to other entities — based on approved funding formulas:

• International Mission Board (IMB), $284 million
• North American Mission Board (NAMB), $137.3 million
• Lifeway Christian Resources, $309.5 million
• GuideStone Financial Resources, $127 million
• Gateway Seminary, $12.9 million
• Midwestern Baptist Theological Seminary (MBTS), $35.34 million
• New Orleans Baptist Theological Seminary (NOBTS), $24.89 million
• Southeastern Baptist Theological Seminary (SEBTS), $33,17 million
• Southern Baptist Theological Seminary (SBTS), $53.32 million
• Southwestern Baptist Theological Seminary (SWBTS), $35.6 million
• Ethics & Religious Liberty Commission (ERLC), $3.35 million
• Historical Library and Archives, $507,100

(EDITOR’S NOTE — Diana Chandler is Baptist Press’ senior writer.)