Former Auditor: Over Past Two Years, Gateway Church Overspent Revenues by $23-Million

Warren Throckmorton | 4/21/2017 | Warren Throckmorton
joyy (Posted by) Level 3
Click For Photo: http://wp.production.patheos.com/blogs/warrenthrockmorton/files/2017/04/Gateway-Deficit-Spending-Graph-300x218.png


Click For Photo: http://wp.production.patheos.com/blogs/warrenthrockmorton/files/2017/04/GW-2015-revenue-over-expenses.png


Click For Photo: http://wp.production.patheos.com/blogs/warrenthrockmorton/files/2017/04/Gateway-Annual-Report-2016.png

On Monday, I reported that Dallas-Fort Worth megachurch Gateway Church is laying off staff while spending millions on undisclosed non-operating expenses. In addition, the fourth largest church in America may have spent millions more than revenues for the second year in a row. According to former Big 4 accounting firm auditor Jason Watkins, Gateway’s expenditures have exceeded revenues by nearly $23-million. The image below was supplied by Watkins.

You can read Gateway’s annual reports for 2012, 2013, 2014, 2015, 2016 by clicking the links. However, the losses are not apparent at first glance. Watkins told me that the format of the annual reports obscure the true picture. The image below compares actual revenues and expenses.

Revenue - Heart - Kingdom - Campaign - Fund

Total revenue for 2015 includes the actual giving to the Heart for the Kingdom campaign and general fund revenue ($147,455,568). Expenses includes the Heart for the Kingdom expenses, operational expenses, capital expenditures and debt retirement ($160,653,068). According to Watkins, Gateway spent just under $13.2-million more than the church took in.

In 2016, the church spent $9.6-million more than revenues. In the image below, compare the “non-operating expenditures” line ($13,123,084)...
(Excerpt) Read more at: Warren Throckmorton
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