Financial Audit
Summary of the New City fiscal year audit
Financial Audit
Summary of the New City fiscal year audit
As part of New City Church’s commitment to stewardship and transparency, each year we engage an external accounting firm to conduct an audit of the church’s annual financial statements.
Gospel Renewal Ministries (dba New City) is responsible for the preparation and fair presentation of financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
The auditor’s responsibility is to express an opinion on the financial statements based on their audit. An audit generally involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
The FY25 audit was performed by: CliftonLarsonAllen LLP. As noted in the attached financial statements, the opinion provided by CliftonLarsonAllen LLP was as follows: "In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Gospel Renewal Ministries, Inc. as of August 31, 2025 and 2024..."
Why does the church’s financial position look so much stronger this year?
The church’s financial position increased significantly this year for two related reasons. First, the Here, Near, and Far campaign generated substantial cash giving during the year, resulting in a real and meaningful increase in the church’s cash balances and financial strength. That improvement reflects generosity already received and resources the church truly has on hand.
Second, the church also received multi-year pledges as part of the campaign. Accounting rules require the full value of those pledged commitments to be recorded when the pledges are made, even though a portion of that giving will be received over future years. The remaining uncollected pledges are shown as restricted in the financial statements—not. because donors limited how the funds may be used, but simply because the cash has not yet been received.
As pledge payments are collected over time, those amounts will convert from future commitments into cash and become fully available. In short, the statements reflect both a genuine increase in current financial resources and a larger amount of committed future giving that will strengthen the church in the years ahead.
Financial Audit
As part of New City Church’s commitment to stewardship and transparency, each year we engage an external accounting firm to conduct an audit of the church’s annual financial statements.
