On the other hand, the Church income depends wholly upon the prosperity of the people. If crops are short, if prices are low, if business is poor, the Church revenues suffer proportionately, for it is the annual income that is tithed.

So not only your faithfulness is involved, but granting you full faithfulness, there is still the uncertainty of weather, crops, business, and other elements that no one can forecast.

TITHING A TRUST FUND

These things are pointed out so that no one can be under the delusion that the Church has a pile of gold to which it may go for any amount of money that it wishes. The only money the Church has is what has been saved out of the tithing you have given it in the past and the tithing you are now giving it, and approximately 87% of the total annual income, as I have already stated, comes from you from year to year.

We, the Authorities of the Church must therefore be extremely careful as to our commitments, else we shall find ourselves, as we have occasionally in the past, spending more than our income.

When you Bishops and Presidents of Stakes, and Mission Presidents, and Temple Presidents, and Auxiliary Officers and School-men, and Welfare agencies, and people in distress, come to the Presiding Bishopric and meet a “No” and then come to the Presidency and get a louder “No,” please do not believe that we are unfeeling or unsympathetic, or harsh, or cruel, or lack understanding or appreciation, or love for our brethren. We are merely trying to administer the Lord’s money, not our money, not your money, as wisely and justly as the Lord gives us wisdom to exercise. We are not infallible in our judgment, and we err, but our constant prayer is that the Lord will guide us in our decisions, and we are trying so to five that our minds will be open to His inspiration.

CHURCH FREE FROM DEBT

Perhaps I may say here that the Church itself, (I am not now speaking of Wards and Stakes) does not owe a dollar in the world to any person or to any institution. All its property is free from encumbrance of any sort; its credit was never higher. There are idle and silly rumors running about to the contrary, but, brothers and sisters, I am stating to you the sober facts.

The First Presidency will do all in their power to keep the Church in this condition.

So much for our Church finances, which, while far from being the most important element in the Church, are nevertheless a very important factor in our organization if we are to carry forth the work we have begun and which the Lord has revealed He expects us to do. Indeed, we cannot do this work without your contributions. The work is, in the full sense, in your hands.

The First Presidency would like to urge every member of the Church to follow the example set by the Church and to live within his income.

Anyone who lives beyond his income is inviting disaster. Borrowed money is not income. Borrowing on capital account, within your reasonable capacity to pay, may be sound, depending upon circumstances. But borrowing to live on is unsound, whether it be an outright loan or installment buying. We urge the members to be frugal, thrifty, industrious, temperate, saving, and to live righteously.