The largest denomination in the US is in the midst of a financial crisis that is having a devastating effect on its ability to spread the gospel around the world.
This summer, the Southern Baptist Convention’s International Mission Board announced that the 170-year-old agency will cut between 600 and 800 staff due to a financial crisis.
One of the largest missionary organizations in the United States, the IMB had a $21 million deficit for 2015 and had overspent by $210 million since 2009, draining its reserves.
Among those targeted for cuts are missionaries and other staff over age 50, who are being offered voluntary early retirement. When the dust settles, the IMB will likely have its fewest missionaries in 20 years.
Even with reduced staff, the IMB will remain a powerhouse in Protestant foreign missions, with a $300 million budget and more than 4,000 professional missionaries.
Those IMB missionaries have long had an advantage over missionaries in other denominations: Until recently, they haven’t had to worry about money.
IMB’s $300 million budget comes from two main sources: the Lottie Moon Christmas offering, which brings in about $150 million per year; and the SBC’s Cooperative Program, which pools money from the approximately 40,000 Southern Baptist churches.