For BCC it is important to facilitate for our future generations. Therefore we have strengthened our capital considerably the last decade. This is a historical boost for the organization, where BCC members and the local churches have contributed in different ways, and this gives BCC opportunities to develop in the future.
This article was first published in the BCC annual report for 2018. Read the annual report here.
At the end of 2018, BCC had equity of 910.2 million NOK. The association’s equity position has been strengthened considerably over the last decade, mainly due to donations from BCC’s local churches in Norway, associated international entities, and private individuals.
Internally, BCC defines its finances and equity as “operations” and “funds.” The former is that part of BCC’s finances relating to the association’s ongoing operations. The latter is BCC’s fund, which is that part of the association’s equity designated for the association’s own financial management, and is kept separate from operational finances.
BCC’s Board has responsibility for the ongoing management of the fund’s equity. Long-term plans for capital management are decided by BCC’s representative assembly.
The story behind BCC’s fund
BCC’s fund is made up of donations. The objective of the fund is to secure longterm realization of BCC’s objective, which is missionary activities. BCC works to carry out Jesus’ Great Commission, so that all nations can hear the gospel about Jesus, and teach those who want this how they can keep all of Jesus’ commandments.
BCC members have had a strong desire and clear vision that the place Brunstad should be developed so that it can continue to function as the church’s gathering place and missionary center during the church’s international events. This has been a driving force and mutual goal behind the large fund-raising campaign that has built up the current equity in BCC’s fund.
Capital that is managed properly
It is important for BCC to use a prudent, long-term strategy in the management of donations entrusted to us. As a result of the decision to operate Oslofjord as a fully commercial conference centre, it has been natural for BCC’s collected funds to be lent to the Brunstad Foundation and the construction project on market terms.
When church members have given donations to BCC, they have thereby contributed to secure financing for the construction project at Brunstad, without donations being expended. Instead, the capital remains in BCC and will be used in future missionary activities and as a contingency fund, as mentioned above.
At the same time, the capital has given BCC the financial security to enter into a 20-year agreement with Oslofjord to rent Brunstad for its international conferences and events.
Interest for the conferences trigger generosity
Interest in BCC’s conferences at Brunstad is also reflected in the division of donations from local churches to BCC. If we look back ten years, local churches were namely recommended to donate an amount based on how many of their members had signed private timeshare or suite leasing agreements at Brunstad. The reason for this was that at this point, BCC intended to use donations to develop common areas and recreational facilities. Local churches whose members would use these areas most would also contribute most. This distribution model of donations became the foundation for the donation targets that local churches and members set for the next few years.
As the focus of the fund’s purpose and profile later expanded beyond the construction project at Brunstad, focus on this distribution model has gradually decreased.
Members and local churches have contributed in different ways and with different amounts, but in total, this is about a historic drive which will give the church much greater developmental opportunities in the future.
This is a story we are proud to tell.