Meeting March 24-25, 2009 in Nashville, the Board of the United Methodist Publishing House (UMPH) reviewed current and future plans in light of the worldwide financial crisis. Neil Alexander, President and Publisher, reported that the Publishing House operated without a loss despite the negative impact of the downturn in sales that has affected nearly all secular and religious publishers and retailers. A six month sales shortfall of 8.7% was countered by concerted actions to reduce spending including reductions in travel, salary freezes, personnel reductions, economies for Board meetings, and other cost-cutting steps.Alexander reported declines in the range of 30% in the value of invested reserves and pension funds, reductions similar to market losses reported by most institutional investors.
Taking into account both near- and longer-term obligations and the cost of ongoing operations, the Board voted reluctantly to suspend contributions to annual conference clergy pension funds for 2009. This will be only the second time in 68 years that such payments are not made by the Publishing House. Total contributions over those years have equaled nearly $50 million. Noting with deep regret the special circumstances of this fiscal year, the Board emphasized its responsibility to meet current and future requirements for UMPH retirees and employees, while remaining hopeful that contributions used to support clergy pensions in the Central Conferences and elsewhere would be restarted as soon as feasible.
The Board endorsed the previously announced decision to suspend multi-million dollar spending on development of a revised United Methodist hymnal until sufficient funding is available from ongoing operations or reserves.
Celebrating the critical and popular success of the newly released Wesley Study Bible, the Board also heard reports about the Church’s enthusiasm for this year’s Vacation Bible School offerings, Camp Edge and On the Move, and about continuing brisk sales of products related to Bishop Robert Schnase’s Five Practices of Fruitful Congregations and Bishop Rueben Job’s Three Simple Rules. Topping the list of new releases winning acclaim are Adam Hamilton’s Enough; Find Your Way Home, by Becca Stevens and the Women of Magdalene; and Mark Osler's Jesus on Death Row.
