News & Stories

Weakening Dollar Impacts GCF

November 20, 2007

The impact of the weakening U.S. dollar may not yet be felt by the average American consumer. But for Alliance missionaries who depend on the Great Commission Fund (GCF) for their support, the value of the dollar already is affecting their ministries. 
 
“We convert dollars to a myriad of currencies,” says Bill Ramirez, manager for International Accounting, “including pesos, rubles, reais, euros, and more. The euro is quickly becoming the core currency of international banking. Currently, the exchange rate is $1.47 for 1 euro.”  
 
The effect on the GCF because of the weakening dollar is significant. “The Alliance loses between 4 and 10 percent in the overall mission budget, depending on the country. The potential impact on the GCF is a loss that is between $500,000 and $1 million from the annual budget for the International Ministries team,” Ramirez says. “People need to give at least 110 percent of the current year’s budget just to stay even.” 
 
While operating costs and allowances based on cost of living will be reduced, the loss is not only in dollars. The greater impact—the eternal impact—is on the lives of the people who won’t hear the gospel because funds will not be available for Alliance missionaries to continue the work that God has called them to do.