Issuu on Google+

THE BRETHREN

Evangelist

Vol 132, No. 3 May/June 2010

DEDICATED TO ADVANCING THE LIFE AND MINISTRIES OF THE BRETHREN CHURCH

ZZZEUHWKUHQFKXUFKRUJ


:KDW·VWKH)RUHFDVW" .HQ+XQQ

)RUHFDVW LLQJLVDQLQWHU HVWLQJDUW$V, ZULWHWKLVZH Z DUHHQWHULQJ WWKHZHHNHQG :HDWKHU : IIRUHFDVWHUV WHOOXVWRGD\ WKDWDOORIQH[WZHHNZLOOEHVXQQ\DQG ZDUP+RZHYHUWKH\DUHXQFHUWDLQLI WKLVZHDWKHUSDWWHUQZLOOKROGIRUWKH IROORZLQJZHHNHQG$OOWKLVLVEDVHGRQ WULHGDQGWUXHPHWHRURORJLFDOXQGHU VWDQGLQJV )RUHFDVWLQJWKHZHDWKHULVLQODUJH SDUWDSUHGLFWDEOHVFLHQFH)RUHFDVW LQJWKHIXWXUHGHÀHVSUHGLFWLRQ:KR FRXOGKDYHIRUHFDVWWKHPDVVLYH DPRXQWRIFKDQJHRXUZRUOGKDVVHHQ RYHUWKHODVW\HDURUWZR"2XUSUHV HQWUHDOLW\LVZKDWVRPHDUHFDOOLQJ WKH´QHZQRUPDOµ7KLVPHDQVWKDWZH VKRXOGQRWSODQIRUWKLQJVWRUHWXUQWR SUHYLRXVSDWWHUQVEXWWKDWZHVKRXOG H[SHFWFKDQJHLWVHOIWREHFRPHWKH QRUP +RZGRHVWKLVIRUHFDVWDIIHFWWKH PLVVLRQRIWKHFKXUFKWRSUHDFKDQG

SUDFWLFHWKH.LQJGRPRI*RGDWHYHU\ RSSRUWXQLW\":HFDQFDVXDOO\FODLP WKDWWKHZRUNRI*RGLVDERYHDOOWKLV %XWTXLFNUHÁ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·V

FRPLQJ:KDWWKHVXUIHUFDQGRLVSUH SDUHIRUWKHH[SHULHQFHE\ZD[LQJWKH ERDUGVWD\LQJLQSRVLWLRQPRYLQJZLWK WKHÁ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·V :RUGWKURXJKDWUDQVIRUPHGPHV VHQJHUUHVXOWVLQWUDQVIRUPHGOLYHV7KH GLVFLSOLQHRISODQQLQJRIFRXUVHFDQQRW EHLJQRUHGQRUVKRXOGLWHYHUUHSODFH RUWDNHSULRULW\RYHUWKHLQZDUGZRUNRI WKH+RO\6SLULW 7KLVLVRQHUHDVRQZK\RXUIRFXV IURP\RXU1DWLRQDO2IÀFHKDVEHHQWR HPSKDVL]HWKHQHHGVRIWKHLQGLYLGXDO OHDGHUDQGWKHLQGLYLGXDOFRQJUHJD WLRQRYHUWKHFRRNLHFXWWHUDSSURDFK RIDSURJUDPGULYHQHPSKDVLV5DWKHU ZHKDYHIRFXVHGRQSHRSOHGHYHORS PHQWWRROVDQGSURFHVVHVWKDWSUHSDUH DQHQYLURQPHQWIRUWKH+RO\6SLULWWR EULQJDERXWWUDQVIRUPDWLRQIRULQGLYLGX DOVDQGZKROHFRQJUHJDWLRQV 0\ZHDWKHUIRUHFDVWIRURXU-XO\ *HQHUDO&RQIHUHQFHZHHNLVIRU EUHH]\FRQGLWLRQVZLWKVXQQ\VNLHVDQG PRGHUDWHWHPSHUDWXUHVDQGFRROHU HDFKHYHQLQJ,ZRXOGQ·WDGYLVHSODQ QLQJIRUWKLVKRZHYHU:KDW\RXFDQ GRLVWRSUHSDUH\RXUSDVWRUDODQG FRQJUHJDWLRQDOOHDGHUVWRJDWKHULQ $VKODQG2KLRIRUDIUHVKEUHH]HRI WKH+RO\6SLULWWRUHYLYHRXUKHDUWVDQG FKDOOHQJHXVWRSUHSDUHIRUZKDW*RG LVGRLQJLQRXUZRUOGDQGLQWKH%UHWKUHQ &KXUFKWRGD\

5HODWLRQDO«0LVVLRQDO«6XVWDLQDEOH«5HSURGXFLQJ«*OREDO


7KH3RZHURID4XHVWLRQ 'HYHORSLQJ+HDOWK\3DUWQHUVKLSV

,WDOOEHJDQZLWKDZHOOSKUDVHG TXHVWLRQLQWKHPLGVWRIRXU([HFXWLYH %RDUGDJHQGDRYHUWZR\HDUVDJR« ´,VWKH%UHWKUHQ&KXUFKDQ,QWHUQD WLRQDO&KXUFKRUD1DWLRQDO&KXUFK WKDWLVSDUWRIDJOREDOSDUWQHUVKLS"µ +XK",WZDVRQHRIWKRVHTXHVWLRQV WKDWQHHGHGDOLWWOHPRUHH[SODQDWLRQ GHÀQLWLRQDQGFHUWDLQO\DORWRISUD\HU DQGSRQGHULQJ 2YHU WKH \HDUV ,·YH KHDUG SHRSOH VXJJHVWWKDWWKHVLJQRXWVLGHWKH%UHWK UHQ &KXUFK 1DWLRQDO 2IILFH VKRXOG DFWXDOO\ UHDG ´%UHWKUHQ &KXUFK :RUOG +HDGTXDUWHUVµ $QG ZK\ QRW IRU RXU GHQRPLQDWLRQ KDV D ORQJ KLVWRU\ RI YLJRURXVLQYROYHPHQWZLWKZKDWZH WUDGLWLRQDOO\FDOO´:RUOG0LVVLRQVµ 2QRQHKDQGRXUÀ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

SRUWRIDZRUOGZLGHYLVLRQDQGYDOXHV $QGLIZHDUHDQ,QWHUQDWLRQDO&KXUFK ZK\QRWD:RUOG+HDGTXDUWHUVRXWVLGH WKH86JOREDOOHDGHUVKLSVHOHFWHG IURPDOLVWRIJOREDOQRPLQHHVDQG DQ([HFXWLYH'LUHFWRUFKRVHQIURPD ZRUOGZLGHOLVWRIFDQGLGDWHV"7KHWUXWK LVRXUJRYHUQDQFHGRHVQRWDQGVKRXOG QRWH[WHQGEH\RQGRXUERUGHU7KRXJK ZHKDYHZRQGHUIXODQGFKHULVKHG SDUWQHUVKLSVDURXQGWKHZRUOGLWLVRE YLRXVWKDW ZHGR

.HQ+XQQ

([HFXWLYH'LUHFWRU

LGHQWLI\LPSRUWDQWDQGQHHGHGFKDQJ HV,IZHDUHD1DWLRQDO&KXUFKWKHQ ZKDWZRXOGEHWKHKHDOWKLHVWH[SUHV VLRQRIH[LVWLQJDQGQHZSDUWQHUVKLSV ZRUOGZLGH":HSUD\HGSRQGHUHGGLV FXVVHGDQGSUD\HGPRUH:HFRQVXOW HGRWKHULQGLYLGXDOVDQGGHQRPLQDWLRQ DOOHDGHUVWKDWKDYHZDONHGDVLPLODU SDWKDVRXUV:HREVHUYHGWKHTXDOLW\ RIRXULQWHUQDWLRQDOSDUWQHUVKLSVDQG DVNHGRXUVHOYHVEHIRUH*RGKRZRXU JRRGUHODWLRQVKLSVFRXOGWUDQVIRUPWR EHWUXO\ELEOLFDODQGKHDOWK\:HLGHQWL ÀHGVRPHXQGHUVWDQGLQJVIURPWKLVWLPH RIORRNLQJLQZDUGDQGXSZDUG« ‡

QRWRSHU DWH DVDQLQWHUQDWLRQDOFKXUFK:HDUHWUXO\ D1DWLRQDO&KXUFKZKLFKLVDSDUWRID JOREDOPRYHPHQWFDOOHG%UHWKUHQ 6HHLQJRXUVHOYHVDVWKH1DWLRQDO &KXUFKWKDWZHDUHDOVRKHOSHGXV

2XUKLVWRULFDOHPSKDVLV RISODQWLQJQHZFKXUFKHV ZRUOGZLGHLVDJRRGWKLQJ ZKLFKVKRXOGFRQWLQXH:H QRWLFHGKRZHYHUWKDWWKH FXUUHQWQXPEHURI*OREDO 3DUWQHUVKLSVLQYROYLQJ ÀQDQFLDOVXSSRUWLVVR ODUJHWKDWZHFDQQRW SRVVLEO\VXVWDLQKHDOWK\ DFFRXQWDELOLW\%HJLQ QLQJQHZJOREDOSDUW QHUVKLSVVKRXOGRQO\EH FRQVLGHUHGDVZHKDYH WKHFDSDFLW\WRVWHZDUG WKRVHUHODWLRQVKLSVZLWKDS SURSULDWHIRFXVJRDOVDQG XQGHUVWDQGLQJV

x 2XUFRPPLWPHQWWRH[ WHQGHGÀQDQFLDOVXSSRUWDFWXDOO\ KDVKDGDQDGYHUVHHIIHFWRQRXU SDUWQHUVKLSVVXFKDVSURPRWLQJUHOL DQFHRQRXWVLGHLQFRPHOHDGHUVKLS LQÁXHQFHDQGRXWVLGHHPRWLRQDO DQGVSLULWXDOVXSSRUWLQVWHDGRIGLVFL SOLQJLQGLJHQRXVOHDGHUVKLSZKRDUH VHHNLQJ*RG·VYLVLRQIRUWKHLURZQ FRQWH[W$GGLWLRQDOO\PLQLVWU\JURZWK RYHUVHDVLQRXUFXUUHQWFRQWH[WWUDQV

:HDUHWUXO\D1DWLRQDO&KXUFKZKLFKLVSDUWRID JOREDOPRYHPHQWFDOOHG%UHWKUHQ 3


ODWHVLQWRLQFUHDVLQJO\KLJKHUOHYHOV RIQHHGHGVXSSRUWIURPWKH867KLV LVQHLWKHUKHDOWK\QRUVXVWDLQDEOH x $OO*OREDO3DUWQHUVVKRXOGVHHNWKHLU RZQFRUHEXGJHWVXVWDLQDELOLW\DQG WKHLURZQIXWXUHEHIRUH*RGDSDUW IURPXQGXHLQÁXHQFHIURPWKRVH RXWVLGHWKHLUFRQWH[W2XUUROHLQWKH 8QLWHG6WDWHVFRXOGEHWRKHOSVWDUW QHZSDUWQHUVKLSVEXWRXULQÁXHQFH GXHWRÀQDQFLDOLQYROYHPHQWRYHU DQH[WHQGHGWLPHLVQRWDJRRG WKLQJ:KHUHWKHUHDUHLVVXHVRISRY HUW\ZHVKRXOGVHHWKRVHQHHGVDV UHOLHIDQGGHYHORSPHQWDQGGLUHFW RXUVXSSRUWIURP%UHWKUHQ5HOLHI IXQGVWKURXJKH[LVWLQJSDUWQHUVKLSV x *OREDO3DUWQHUVVKRXOGVHHNWRVHOI VXVWDLQFRUHEXGJHWFRVWVDVVRRQ DVSRVVLEOHDQGXQGHUVWDQGSDUW QHUVKLSVKDULQJDVUHVHUYHGIRUQHZ PLVVLRQLQLWLDWLYHV x 7KHJRDOLVQRWVHOIVXIÀFLHQF\RU LQGHSHQGHQFHEXWUDWKHUDWUXH ELEOLFDOH[SUHVVLRQRILQWHUGHSHQ GHQFHZLWKHDFKFRQWULEXWLQJRXWRI WKHLUJLIWVRIDOONLQGV x 1RWZR*OREDO3DUWQHUVKLSVDUH DOLNH6RPHQHHGWREHDQGRUFDQ EHVXVWDLQDEOHLQWKHQHDUIXWXUH IRURWKHUVWKHPRVWUHODWLRQDODQG VWUDWHJLFDSSURDFKZLOOEHDPRUH H[WHQGHGWUDQVLWLRQ x :HXQGHUVWDQGWKDWWKLVWUDQVL WLRQSURFHVVZLOOEHQHLWKHUHDV\ QRUSDLQOHVVWKDWWUDQVIRUPDWLRQDO FKDQJHLVDELEOLFDOLPSHUDWLYHIRU DOOLQGLYLGXDOVDQGUHODWLRQVKLSV x :HH[SHFWWKDWWKHVHXQGHUVWDQG LQJVZLOOJXLGHWKHUDSLGO\JURZLQJ QXPEHURI86FRQJUHJDWLRQVZKR DUHIRUPLQJVLVWHUFKXUFKUHODWLRQ VKLSVZLWKRQHRUPRUHRIRXU*OREDO 3DUWQHUV x :HXQGHUVWDQGWKDWWKHDGYHUVH HIIHFWVRIKRZZHKDYHIRUPHG *OREDO3DUWQHUVKLSVZHUHLQLWLDWHG E\RXUDFWLRQVDQGQRWGXHWRDQ\ ODFNRIUHVSRQVLELOLW\RQWKHSDUWRI RXUSDUWQHUV$OORIRXU*OREDO3DUW QHUVKLSVZHUHEHJXQZLWKRXUEHVW XQGHUVWDQGLQJVDWWKHWLPHDQGZH DUHWUXO\JUDWHIXOIRUDOOWKRVHZKR KDYHJLYHQDQGZRUNHGGLOLJHQWO\WR EULQJXVWRWKLVWLPHLQKLVWRU\

4

6RKRZDUHWKHVHXQGHUVWDQGLQJV VKDSLQJRXUSUHVHQWDQGRXUIXWXUH" 7KHVHDUHLVVXHVWKDWZHKDYHEHHQ GLVFXVVLQJZLWKRXU*OREDO3DUWQHUVIRU RYHUWZR\HDUVQRZERWKIDFHWRIDFH DQGLQFRUUHVSRQGHQFH%HFDXVHRI YDULHGODQJXDJHVFXOWXUHVDQGFRQ WH[WVWKLVGLVFXVVLRQVWLOOFRQWLQXHVWR GHYHORSDQGPDWXUH 2XUÀUVWUHÁHFWLRQRIWKHVHXQGHU VWDQGLQJVLQGLFDWHGDDFURVVWKH ERDUGUHGXFWLRQRIVXSSRUWIRUDOO*ORE DO3DUWQHUVLQ7KRXJKWKLVGHFLVLRQ ZDVEDVHGHQWLUHO\RQQHZXQGHUVWDQG LQJVLWZDVDOVRKDVWHQHGE\HFRQRPLF UHDOLWLHVWKDWJUHDWO\DIIHFWHGLQGLYLGXDO JLIWVWR%UHWKUHQPLQLVWU\HYHQWKRXJK JLYLQJE\FKXUFKHVKDVEHHQIDLWKIXOO\ FRQVLVWHQWRYHUWKHODVWVHYHUDO\HDUV 7KLVGHFLVLRQLVDUHÁHFWLRQRIRXUXQGHU VWDQGLQJRIZKDWLVEHVWUHJDUGOHVVRI HFRQRPLFUHDOLWLHV

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ÁHFWKHDOWKDQGWKHYLVLRQWKDW*RG KDVSODFHGLQRXUKHDUWV

%UHWKUHQ5HOLHI,PSDFW )HOW:RUOGZLGH 7KH%UHWKUHQ&KXUFKLVHQWHULQJD QHZHUDRIJOREDOLPSDFWWKURXJKD PRUHFRPSUHKHQVLYHXQGHUVWDQGLQJRI KRZWRUHVSRQGWRGHYHORSLQJGLVDVWHU QHHGVDQGDWWKHVDPHWLPHIXQGLQJ RQJRLQJUHOLHIHIIRUWVWKURXJKRXURZQ *OREDO3DUWQHUV:HDUHWKDQNIXOWKDW WKLVVWUDWHJ\UHVXOWHGLQWKHDOORFDWLRQ RIDOPRVWLQIRUUHOLHIHI IRUWVRIDOONLQGVWKDQNVWRWKHJHQHURXV UHOLHIJLYLQJE\RXUFRQJUHJDWLRQVDQG LQGLYLGXDOV )RUPDQ\\HDUVWKH%UHWKUHQ&KXUFK VHQWDOOUHOLHILQFRPHWKURXJKWKH :RUOG5HOLHIRUJDQL]DWLRQLQ%DOWLPRUH 0DU\ODQG7KLVSDUWQHUVKLSFRQWLQXHV EXWKDVEHHQH[SDQGHGWRZRUNLQJ WKURXJKRWKHURUJDQL]DWLRQVLQDGGL WLRQWRSURYLGLQJUHOLHIIXQGVWKURXJK RXURZQPLVVLRQVZRUOGZLGH6LQFHZH KDYH*OREDO3DUWQHUVQHDUGLVDVWHU DUHDVVXFKDVLQWKH3KLOLSSLQHV,QGLD 3HUXDQG&KLOHLWRQO\PDNHVVHQVHWR DOORFDWH%UHWKUHQ5HOLHIIXQGVDVWKH\ DUHQHHGHGIRUGLVDVWHUUHVSRQVHE\ RXUH[LVWLQJ%UHWKUHQPLQLVWULHV5HOLHI IXQGVDUHDOVRPDGHDYDLODEOHWRWKH JURZLQJQXPEHURIFRQJUHJDWLRQVWKDW UHVSRQGWRUHOLHIHIIRUWVLQWKH8QLWHG 6WDWHVDQGDEURDG ,QDGGLWLRQWRGLVDVWHUUHOLHIZHDUH EHJLQQLQJWRXQGHUVWDQGWKHLPSDFWRI RQJRLQJUHOLHIHIIRUWVWKDWDOVRIRFXVRQ

5HKDELOLWDWLRQDQG'HYHORSPHQW7KH FRQFHSWRI5HKDELOLWDWLRQLQWKLVFRQ WH[WUHIHUVWRRQJRLQJHIIRUWVWRUHVWRUH LQGLYLGXDOVWRDOHYHOWKDWUHSOLFDWHV WKHLUSUHGLVDVWHUFRQGLWLRQ'HYHORS PHQWUHIHUVWRHIIRUWVWRUDLVHWKHFRQGL WLRQVRIWKHLQGLYLGXDOLQDZD\WKDW JLYHVWKHPJUHDWHUVWDELOLW\DQGPDNHV WKHPOHVVVXVFHSWLEOHWRIXWXUHSHULO 7KDQN\RXVRPXFKIRU\RXUJHQHU RXVUHVSRQVHWRJOREDOUHOLHIHIIRUWV 7RGD\ZHDUHPRUHUHDG\WKDQHYHU WREULQJDFRPSUHKHQVLYHUHVSRQVHLQ -HVXV·QDPH

,Q-HVXV2XU)LUP)RXQGDWLRQ%UHWKUHQ &KXUFKLQWKH3KLOLSSLQHVGLGGLDVDVWHUUHOLHI ZRUNDPRQJLWVQHLJKERUVDIIHFWHGE\DW\SKRRQ DQGUHVXOWLQJÀRRGLQJ


&KXUFK3ODQWLQJ«SDUW

3DXO6WDQOH\

&DUVRQ2DNV&RPPXQLW\&KXUFK 6WRFNWRQ&DOLIRUQLD

,NQHZWKHWLWOHZRXOGJHW\RXUDWWHQWLRQ+RSHIXOO\\RXZLOOXQGHUVWDQGWKHIDFHWLRXVXVHRI WKHZRUG´ÀJKWµDQGZLOOOLNHZLVHXQGHUVWDQGWKDWWKHW\SHRIÀJKWLQJ,DPUHIHUULQJWRLVVSLULWXDO ,I\RXHQWHUWDLQWKHLGHDRIFKXUFKSODQWLQJZLWKRXWFRQVLGHULQJVSLULWXDOZDUIDUHE\DOOPHDQV 3/($6(UHDGWKLVDUWLFOH 7KHUHLVQRZD\\RXFDQDYRLG WKLVSDUWRIFKXUFKSODQWLQJ'R\RX KRQHVWO\WKLQNWKDWWKLVHQHP\ZHKDYH ZKRURDPVDERXWORRNLQJIRUSHRSOH WRGHYRXUE\WKHZD\ LVMXVWJRLQJWR UROORYHUDQGQRWWU\DQGLQWHUIHUHZLWK DFKXUFKWKDWLVEHLQJSODQWHGRUZLWK WKHSHRSOHLQYROYHG",VXSSRVHLI\RX DUHEXLOGLQJDQHDUWLFNOLQJZDWHUHG GRZQYHUVLRQRIWKHFKXUFKKHZLOO OHDYH\RXZHOOHQRXJKDORQH WKDW·V ZKDWKHOLNHV EXWLI\RXDUHEXLOGLQJ D-HVXVORYLQJ%LEOHEHOLHYLQJFKXUFK WKDWÀUPO\VWDQGVRQWKHJRVSHODQG ZKRVHJRDOLVWRZLQSHRSOHWR-HVXV &KULVWWKURXJKLQWHQWLRQDOHYDQJHOLVP WKHQUROOXS\RXUVOHHYHVEHFDXVHWKH ÀJKWZLOOEHRQ ,DPQRWVD\LQJWKLVWRVFDUH\RX DZD\IURPFKXUFKSODQWLQJ,DPMXVW OHWWLQJ\RXNQRZKRZIUXVWUDWLQJWKH SURFHVVFDQEHVRWKLVLVKRZLWKDV ORRNHGIRUXVVRIDU 2XUÀ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ÀQG LQJHYHU\WKLQJWKDWWKH\QHHGHGDV WKH\FDPHKHUHZLWKQRWKLQJEXWWKH VXLWFDVHVWKH\KDGWKHLUFORWKHVLQ7KLV IUHHGWKHPWRGRPLQLVWU\LQDZD\WKDW LVPRUHFRQGXFLYHWRFKXUFKSODQW LQJDQGDOORZHGWKHPWKHIUHHGRP WRFRPHDQGJRDQGKDYHZKRHYHU WKH\ZDQWHGLQWKHLUKRPH$JDLQ LWZDVWKURXJKWKHJHQHURVLW\ RIWKHVXSSRUWHUVRIWKLV FKXUFKSODQW WKDWZH ZHUH DEOHWR SURYLGH WKH IXQGV IRUWKLV DSDUW PHQW 2K DQG E\WKH ZD\ ZH JRWQHZV DERXWDPRQWK ODWHUWKDWWKHVKDPDQGLHGRI XQNQRZQFLUFXPVWDQFHV

0XOWLSOLFDWLRQ

The Fighting Brethren

$QRWKHULVVXHWKDWZHGHDOWZLWK ZDVWKHSHRSOHZKRFDPHDVVKHHSLQ ZROI·VFORWKLQJDVZHZHUHVHWWLQJWKLV PLQLVWU\XS(DUO\RQDPDQZKRZDVD &DPERGLDQSDVWRULQ6WRFNWRQFDPH LQWRFRQWDFWZLWK9LVHWK+HKDGKHDUG ZKDW9LVHWKDQG6RFKHDWDZHUHGRLQJ DQGZDQWHGWREHDSDUWRILW+HKDG EHHQWU\LQJWRHVWDEOLVKD&DPERGLDQ PLQLVWU\IRUWHQ\HDUVLQWKHDUHDEXW KDG\HWWREHHIIHFWLYH,QKLVLQLWLDO FRQWDFWZLWKWKH+RXVKHVDLGWKDWKH KDGVHYHUDOSHRSOHZKRZHUHDSDUW RIKLVPLQLVWU\WKDWZRXOGOLNHWRFRPH DQGEHDSDUWRIZKDWZDVKDSSHQLQJ KHUH$WÀUVWZHWKRXJKWWKLVZRXOGEH DJUHDWEOHVVLQJDQGZHZHOFRPHG WKHPLQ7LPHKRZHYHUWHOOVDOOWKLQJV DQGVRRQHQRXJKZHGLVFRYHUHGWKDW WKLVPDQZDVZRUNLQJKLVZD\WKURXJK 9LVHWKWRWU\DQGEHDVWDIISDVWRU+H PRUHRUOHVV LQRXURSLQLRQ ZDVWU\LQJ WRWDNHRYHUWKHPLQLVWU\+HLPPHGL DWHO\ZDQWHGWRWHDFKDQGSUHDFK LQWKHFKXUFK:KHQ9LV HWKWROGKLPWKDWQRRQH WHDFKHVRU SUHDFKHV DW&2&&

5


.H\4XHVWLRQV

™

3DVWRU3DXO6WDQOH\·VDUWLFOH KDVDQH\HFDWFKLQJWLWOH +RZGRKLVUHÁHFWLRQVVSHDN WR\RXURZQDVVXPSWLRQV DQGH[SHULHQFHV"

™

7DNHDIHZPRPHQWVWR LGHQWLI\WKHVHYHUDODUHDVLQ ZKLFKVSLULWXDOZDUIDUHZDV HQFRXQWHUHG$UHWKHUHDQ\ SDUDOOHOVWR\RXURZQH[SHUL HQFH"

™ :KDWOHVVRQVFDQ\RXLGHQ

WLI\IRUSURVSHFWLYHFKXUFK SODQWLQJHIIRUWVLQWKHIXWXUH IRU\RXUVHOIRURWKHUV"

™

:KDWOHVVRQVGR\RXVHHLQ WKLVDUWLFOHIRUDQ\EHOLHYHU RUFKXUFK"

™  +RZGRHVWKLVDUWLFOHLQVWUXFW XVRQSUD\HU"7DNHWLPH QRZWRSUD\WKURXJK\RXU RZQPLQLVWU\FRQWH[WLQOLJKW RIWKLVDUWLFOH

&DPERGLDQRU$PHULFDQ ZLWKRXW WKHVHQLRUSDVWRU·VDSSURYDOWKLVPDQ UHVSRQGHGE\WKUHDWHQLQJWRWDNHDOORI ´KLVµSHRSOHDZD\ <RXPD\ZRQGHUZK\SHRSOH ZRXOGFRPHDQGJRZLWKWKLVPDQ EXWLWLVRQHRIWKRVHFXOWXUDOWKLQJV WKDWRQHPXVWEHDZDUHRIZKHQGR LQJDFKXUFKSODQWOLNHWKLVRQH,QWKH &DPERGLDQFXOWXUHLIDSHUVRQGRHV VRPHWKLQJIRUDQRWKHUWKDWJUHDWO\ EHQHÀWVWKHPWKH\DUHLQGHEWHGIRU OLIH,QWKLVFDVHWKLVPDQKDGKHOSHG PDQ\RIWKHVHSHRSOHLQWKHLPPLJUD WLRQSURFHVVSURFXUHGKRXVLQJIRU WKHPKHOSHGWKHPZRUNWKURXJKWKH JRYHUQPHQWDVVLVWDQFHSURJUDPVDQG KHOSHGWKHPE\OHQGLQJWKHPPRQH\ RUKHOSLQJWKHPZLWKJURFHULHV+H HYHQGURYHWKHPEDFNDQGIRUWKWR WKHFKXUFK:KLOHDOORIWKLVVRXQGVYHU\ &KULVWLDQLWVHHPVWKHPRWLYDWLRQZDV WRFXOWLYDWHDIROORZLQJWKDWFRXOGEH PDQLSXODWHGE\WKLVSDVWRU³ZKLFKLV H[DFWO\ZKDWKHGLGDQGLVVWLOOGRLQJ 7KLVLVVRFXOWXUDOO\LQJUDLQHGWKDWWKH SHRSOHMXVWKHOSOHVVO\IROORZHGKLP :KHQ9LVHWKFRQIURQWHGKLPKHDW ÀUVWVHHPHGWRUHSHQWRIKLVEHKDY LRUDQGHYHQVWRRGXSLQFKXUFKRQH 6XQGD\WRWHOOXVDOOKRZKHZDVZLWK XVDQGKRZPXFKKHEHOLHYHGLQWKLV PLQLVWU\%XWDVWLPHZHQWE\DQGKH GLGQRWJHWWRWHDFKRUSUHDFKKHEH FDPHKRVWLOHRQFHDJDLQ+HUHEXNHG 6RFKHDWDSXEOLFO\LQDQDWWHPSWWRJHW KHUQRWWRWHDFKHYHQJRLQJVRIDUDV WRVHFUHWO\UHFRUGKHULQDQDWWHPSW WRÀQGVRPHWKLQJKHFRXOGXVHWRWXUQ RWKHU&DPERGLDQVDJDLQVWKHU KHJRW QRWKLQJE\WKHZD\ +HZURWHPHZLWK DOLVWRIZKDW,NQRZWREHOLHVWU\LQJWR JHWPHWRUHEXNH6RFKHDWDZKLFK, ZRXOGQRW(YHQWXDOO\KHZHQWDURXQG DQGWROGPDQ\VWRULHVDERXW9LVHWK DOO OLHV DQGSUHWW\PXFKWROG´KLVSHRSOHµ QRWWRFRPHWRWKLVFKXUFKDQ\PRUH ZKLFKWKH\GLGQRW 6RDOORIWKDWLVWRVD\WKLVEHFDUHIXO DERXWZKR\RXEULQJLQDV\RXVWDUW \RXUFKXUFKSODQW6DWDQZLOOVXUHO\ VHQGKLVZRUNHUVWRFRPHDQGWU\WR WKURZDZUHQFKLQWKHZRUNV$QG KHDUPHFOHDUO\RQWKLVLI\RXWKLQN ,DPMXVWEHLQJ´VXSHUVWLWLRXVµ DQGWKDWZHDUHJXLOW\RI VHHLQJD´GHPRQXQGHUHYHU\ EXVKµ\RX·GEHWWHUWKLQNDJDLQ 6SLULWXDOZDUIDUHZLOOEHSDUWRI\RXU FKXUFKSODQWMXVWDVVXUHDV\RX DUHUHDGLQJWKLVDUWLFOH6DWDQZLOO QRWOHDYH\RXDORQHZKHQ\RXVWDUW VRPHWKLQJOLNHWKLV+HHVSHFLDOO\ KDWHVSHRSOHZKRSODQWFKXUFKHVEXW

6

\RXMXVWUHPHPEHUWKDW-HVXVSURPLVHG XVWKDWWKHJDWHVRI+HOOZRXOGQRW SUHYDLODJDLQVWWKHFKXUFKVRNHHS ZRUNLQJDQGDERYHDOONHHSSUD\LQJLW LV\RXUEHVWZHDSRQ 6SLULWXDOZDUIDUHFRPHVLQYDULRXV IRUPVDQGDQRWKHUZD\LQZKLFKZH H[SHULHQFHGWKLVZDVWKURXJKWKH JRYHUQPHQW,Q-DQXDU\9LVHWK·VZRUN YLVDH[SLUHG$OWKRXJKZHKDGDOUHDG\ DSSOLHGIRUWKHUHQHZDOZHKDGKHDUG QRWKLQJ DQGVWLOOKDYHQRW 7KLVPHDQV WKDWKHFDQQRWZRUNLQWKHFKXUFKLQ DQ\FDSDFLW\WKDWLVGHVFULEHGLQWKH MREGHVFULSWLRQZHVXSSOLHGWR,PPL JUDWLRQ+RPHODQG6HFXULW\,IKHLV REVHUYHGE\DQ\DJHQF\ZRUNLQJ DV GHVFULEHGE\KLVMREGHVFULSWLRQ WKHUH LVWKHULVNRIEHLQJGHSRUWHGEDFNWR &DPERGLDIRUZRUNLQJZLWKRXWDZRUN YLVD1RWRQO\GRHVWKLVDIIHFWZKDW KHFDQGREXWWKHODZLVWKDWLIRQH GRHVQRWKDYHDZRUNYLVDKHRUVKH LQLQHOLJLEOHIRUDGULYHU·VOLFHQVH$QG \HVWKDWPHDQVWKDWQHLWKHU9LVHWKRU 6RFKHDWDKDVEHHQDEOHWRGULYHVLQFH WKHEHJLQQLQJRIWKH\HDU2QFHDJDLQ WKHFKXUFKPHPEHUVDQGIRONVLQYROYHG LQWKHFKXUFKSODQWKDYHEHHQJUHDW DERXWPDNLQJVXUHWKLVIDPLO\JHWV ZKHUHWKH\QHHGWRJR :HFXUUHQWO\KDYHDODZ\HUZKRLV ZRUNLQJRQWKLVWKURXJK0LVVLR&KXUFK DQGWKH%&12EXWDVRIWKLVZULWLQJZH KDYHKHDUGQRWKLQJ<HVZHPHHWDQG SUD\DERXWWKLVHYHU\GD\EHFDXVH ZHZLOOQRWJLYHXSRUEDFNGRZQLQ WKHIDFHRIWKHHQHP\QRUVKRXOG\RX ZKHQ\RXEHJLQ\RXUFKXUFKSODQW 0DQ\PLJKWDVVXPHWKDWWKLVFKXUFK SODQWLVQRWRI*RGEHFDXVHRIDOO WKHWURXEOHZHKDYHKDGEXWLI\RX FRXOGVHHDOOWKHOLYHVWKDWKDYHEHHQ WRXFKHGWKURXJKWKLVPLQLVWU\\RX ZRXOGQRWWKLQNWKDW0DQ\KDYHFRPH WR&KULVWDQGPDQ\KDYHGHQRXQFHG %XGGKLVPDQGKDYHWXUQHGDZD\IURP WKHLUIRUPHUZD\RIOLIHLQJUHDWQXP EHUV,WLVDFRQVWDQWEDWWOHDQGZH NQHZLWJRLQJLQEXWWKHFRVWWR\RX ZLOOEHZRUWKLWDV\RXVHHWKHJRVSHO LPSDFWLQJWKHDUHDZKHUH\RXGR\RXU FKXUFKSODQW$VRIWKLVZULWLQJWKH\ KDYHLQWHQWLRQDOO\HYDQJHOL]HG SHRSOHZLWKFRPLQJWR&KULVW 7KLVHQGHDYRUKDVFUHDWHGPRUH VSLULWXDOJURZWKLQPHSHUVRQDOO\WKDQ DQ\WKLQJHOVH,KDYHH[SHULHQFHGLQP\ ZDONDVD&KULVWLDQ,WWDNHV\RXRXWRI \RXUFRPIRUW]RQHDQGIRUFHV\RXWR

FRQWLQXHGRQSDJH


,

,VSHQWVRPHWLPHZLWKÃ&#x20AC;YHJX\V IURPP\FKXUFKFKHZLQJRQ5HJJLH 0F1HDO·VERRN7KH3UHVHQW)XWXUH 0F1HDOZULWHVDERXWVL[ZURQJTXHV WLRQVZHDVNDERXWRXUFKXUFKHVDQG VL[WRXJKTXHVWLRQVZHVKRXOGEHDVN LQJ$VZHZHUHWRVVLQJDURXQGRQH RIWKRVHZURQJTXHVWLRQV +RZGRZH SODQIRUWKHIXWXUH" FRPSDUHGWRWKH WRXJKTXHVWLRQ +RZGRZHSUHSDUH IRUWKHIXWXUH" RQHRIP\JX\VVDLG ´:RXOGQ·WLWEHJUHDWLIZHFRXOGMXVW UHMRLFHLQZKDW*RGKDVPDGHXVWR EHULJKWQRZZLWKRXWIHHOLQJGLVDS SRLQWPHQWWKDWZHKDYHQ·WDFKLHYHG VRPHH[SHFWDWLRQIRURXUIXWXUH"µ7KDW UHVRQDWHGZLWKHDFKRIXV6LQFHWKHQ RXUGHVLUHKDVEHHQWRHPEUDFHWKH UROHWKDW*RGKDVJLYHQRXUFKXUFKDW WKLVWLPHLQRXUKLVWRU\Ã&#x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·VVRPHWKLQJHOVH\RXVKRXOG NQRZDERXW2DVLV«ZH·UHDUHDOO\ VPDOOFKXUFK

FDQEHEHDXWLIXO

,SDVWRUDVPDOOFKXUFK«DQG,ORYHLW ,W·VWUXH:HDEVROXWHO\ORYHRXUFKXUFK <RX·OOÃ&#x20AC;QGWKLVKDUGWREHOLHYH³ ZHOOSUREDEO\QRWVRKDUG³EXW QRERG\DVNHGPHWRZULWHWKLVDUWLFOH 6PDOOFKXUFKSDVWRUVDUHQ·WRIWHQ LQYLWHGWRVKDUHWKHLUH[SHUWLVHRUWKHLU LQVLJKWVRQKRZWKH\EHFDPHVPDOO %XW,ZDQWHGWRZULWHWKLVEHFDXVH, DPKXUWLQJIRUP\IHOORZSDVWRUVZKR KDYHEHHQPDGHWRIHHOLQVLJQLÃ&#x20AC;FDQW E\WKH¶ELJJHULVEHWWHU·HPSKDVLVLQ WKH1RUWK$PHULFDQFKXUFKFXOWXUH, DPFRQFHUQHGWKDWWKHUHDUHPHQDQG ZRPHQZKRDUHIDLWKIXOO\VHUYLQJ *RGRXWRIWKHLUFDOOLQJ EXWZKRDUHEHDWLQJ WKHPVHOYHVXSEHFDXVH WKH\GRQ·WPHDVXUHXSWR RXUFXUUHQWGHÃ&#x20AC;QLWLRQVRI VXFFHVV %DFNWR5HJJLH0F 1HDO·VERRN,QKLVFKDSWHU WKDWEHJLQVZLWKWKHZURQJ TXHVWLRQ´+RZGRZHJURZ RXUFKXUFK"µ0F1HDOZULWHV 7KHULVHRIWKHFHOHEULW\VWDWXV FKXUFKFXOWXUHKDVFUHDWHG WKRXVDQGRI´ORVHUVµSDVWRUV DQGFKXUFKOHDGHUVZKRDUHQRW VHUYLQJLQKLJKSURÃ&#x20AC;OHKLJKJURZWK FKXUFKHV&RQVHTXHQWO\DODUJH SDUWRIWKHOHDGHUVKLSRIWKH1RUWK $PHULFDQFKXUFKVXIIHUVIURPGHELOL WDWLRQDQGHYHQGHSUHVVLRQIRVWHUHG E\DODFNRIVLJQLÃ&#x20AC;FDQFH7KHDUP\RI *RGKDVDORWRIGHPRUDOL]HGOHDGHUV 6DGO\ZHDUHRIWHQGHPRUDOL]HGIURP ZLWKLQEHFDXVHWKHZD\ZHKDYHNHSW VFRUHKDVHOHYDWHGDQGFHOHEUDWHG WKH´VXFFHVVIXOµ UHDG´ELJJHUµ ZKLOH

0RELOL]DWLRQ

E_S^^

-LP0LOOHU

2DVLV&RPPXQLW\&KXUFK *LOEHUW$UL]RQD

:RXOGQ¶WLWEHJUHDWLIZHFRXOGMXVWUHMRLFHLQZKDW*RG KDVPDGHXVWREHULJKWQRZZLWKRXWIHHOLQJGLVDSSRLQW PHQWWKDWZHKDYHQ¶WDFKLHYHGVRPHH[SHFWDWLRQIRURXU IXWXUH" 7


8QGHUVWDQGLQJZKR*RGPDGH \RXWREH³VSLULWXDOJLIWLQJSDUWLFXODU WDOHQWVSHUVRQDOLW\WUDLWVKHDUWSDV VLRQ³EHFRPHVDJUHDWVWDUWLQJSRLQW IRUGHWHUPLQLQJKRZ*RGZDQWV\RXWR FRQWULEXWHWRKLVPLVVLRQRIUHGHPSWLRQ DQGUHVWRUDWLRQ1RWRQO\GRHVWKLVDS SO\WRLQGLYLGXDOVLW·VDOVRLPSRUWDQWIRU DFRQJUHJDWLRQ:KLOHWKLVVHOIDZDUH QHVVLVRQO\WKHVWDUWLQJSRLQWRIDPXFK ODUJHUMRXUQH\NQRZLQJZKRZHDUH DQGZK\*RGSODFHGXVKHUH ZKHUHY HU´KHUHµLV DVDIDLWKFRPPXQLW\DUH YLWDOFRPSRQHQWVRIDQHIIHFWLYHDQG PLVVLRQDOPLQLVWU\ 2DVLV&RPPXQLW\XVHG0F1HDO·V ERRNWRVSDUNDQLPSRUWDQWDQGRQJR LQJFRQYHUVDWLRQ,QRQHRI\RXUQH[W WZRVFKHGXOHGOHDGHUVKLSWHDPRU ERDUGPHHWLQJVVHWDVLGHDODUJHSRU WLRQRI\RXUEXVLQHVVDJHQGDDQGXVH WKLVDUWLFOHDQGWKHIROORZLQJTXHVWLRQV DVDZD\WRVWDUWVRPHKHDOWK\GLD ORJXH

´6PDOOµFRQWLQXHG

OHDYLQJEHKLQGWKRVHZKRKDYHQ·W PHDVXUHGXS,ZDQWWRJLYH\RXDGLI IHUHQWSHUVSHFWLYHRQ\RXUPLQLVWU\ +HUH·VVRPHWKLQJ\RXGRQ·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Ã&#x20AC;FDQWO\LQWKHDUHDWKDW .H\TXHVWLRQV FRXQWVWKHPRVWRXUHIIHFWLYHQHVVDW UHDFKLQJORVWSHRSOHIRU-HVXVGLPLQ Â&#x2122; :KHQGLGRXUOHDGHUVKLSWHDPODVW LVKHVWKHODUJHUZHJHW<RXFDQVHH XVHDFKDOOHQJLQJERRNRUVRPH RWKHUWRROWRLQLWLDWHGLDORJXHDERXW WKHUHVHDUFKRQSDJHVRIWKH HYDOXDWLQJRXUPLQLVWU\DFWLYLWLHVDQG ERRN1DWXUDO&KXUFK'HYHORSPHQW $*XLGHWR(LJKW(VVHQWLDO4XDOLWLHVRI HIIHFWLYHQHVV" +HDOWK\&KXUFKHV7KHERWWRPOLQHLV Â&#x2122; ,ILWKDVEHHQPRUHWKDQWZR\HDUV WKLV,ILQVWHDGRIDVLQJOHFKXUFKZLWK DJRZKHQZLOOZHLQWHQWLRQDOO\ LQZRUVKLS>WKHDYHUDJHRIWKRVH UHVWDUWWKRVHNLQGVRIFRQYHUVDWLRQV" FRQVLGHUHGPHJDFKXUFKHV@ZHKDG :KRFDQKHOSXVGRWKDW" FKXUFKHVHDFKZLWKZRUVKLSSHUV WKRVHFKXUFKHVZRXOGVWDWLVWLFDOO\ZLQ Â&#x2122; +RZKDYHZHFRQVFLRXVO\RUXQ QHZSHRSOHZLWKLQÃ&#x20AC;YH\HDUV³ FRQVFLRXVO\GHÃ&#x20AC;QHGVXFFHVVDVD WLPHVWKHQXPEHUWKHPHJDFKXUFK FKXUFK" ZRXOGZLQ7KXVZHFDQFRQFOXGH Â&#x2122; +RZKDYHZHFRPPXQLFDWHGWR WKDWWKHHYDQJHOLVWLFHIIHFWLYHQHVVRI RXUVHOYHVRURWKHUVWKDWZHDUHQRW PLQLFKXUFKHV>DYHUDJH@LVVWDWLVWL DVJRRGDVVRPHRWKHUPLQLVWU\EH FDOO\SHUFHQWJUHDWHUWKDQWKDW FDXVHZHDUHVPDOO" RIPHJDFKXUFKHV0D\EH\RXVKRXOG Â&#x2122; ,QZKDWZD\VKDYHZHXVHG´VPDOOµ UHDGWKDWDJDLQ DVDQH[FXVHIRUQRWPDNLQJGLV ,IWKLVLVWUXHWKHQPD\EHLW·VWLPH FLSOHV" IRUXVWRVWRSIHHOLQJVRUU\IRURXUVHOYHV DQGJHWDERXWWKHPLVVLRQ*RGKDV Â&#x2122; :KDWDUHVRPHZD\VZHFRXOG EHWWHUVHHDQGXVHWKHVWUHQJWKVZH FDOOHGXVWR'RQ·WJHWPHZURQJ³ DOUHDG\KDYHGLIIHUHQWO\"+RZPLJKW EHLQJVPDOOLVQRWWKHEHDOODQGHQG DOO6PDOOQHVVGRHVQ·WQHFHVVDULO\PHDQ ZHWKDQN*RGIRUZKRZHDUHULJKW SDVVLRQDWHRUPLVVLRQDO QRUGRHVEH QRZ" LQJELJ %XWLI\RXDUHWKHQLW·VWLPH Â&#x2122; +RZFDQZHUHFDSWXUH-HVXV·KHDUW IRUXVWRWDNHWKHSDSHUEDJVRIIRXU IRUWKHORVWWKHEURNHQDQGWKH KHDGV:HKDYHDKHDUWIRUWKHORVW ORQHO\SHRSOHDURXQGXV" :HDUHSDVVLRQDWHDERXWRXU*RGDQG KLV.LQJGRP7KHLVVXHRIELJRUVPDOO :HZRXOGORYHWRMRLQ\RXDQG\RXU VKRXOGQHYHUFRPHLQWRWKHGLVFXVVLRQ WHDPLQFRQYHUVDWLRQVWKDWOHDGWROLIH :HDUHWKH&KXUFK&DSLWDO&/HW·V JLYLQJWUDQVIRUPDWLRQ&RQWDFW*DU\ OLYHDQGVHUYHOLNHZHDUH 'LHKODWJDU\#EUHWKUHQFKXUFKRUJRU DWWRÃ&#x20AC;QGRXWPRUHDERXW WKHKHOSIXOUHVRXUFHVWKDWDUHDYDLO DEOH

8

´)LJKWLQJµFRQWLQXHG UHO\XSRQ*RGLQZD\V\RXSUREDEO\ KDYHQRWEHIRUH,WZLOOWHDFK\RXWR SUD\OLNH\RXQHYHUKDYHEHIRUHDQG LWWHDFKHV\RXDERXWEURWKHUKRRGLQ DZD\WKDWLVYHU\UDUHLQWKHFKXUFK WRGD\ 1RLWLVQRWIRUHYHU\ERG\EXW PD\EHLWLVIRU\RX'RQ·WEHSXWRIIE\ DQ\WKLQJ,VDLGEHFDXVHLWLVQRWPHDQW WRGLVVXDGH\RXEXWWRHQFRXUDJH\RX -XVWUHDGWKH%LEOH HVSHFLDOO\WKHERRN RI$FWVDQG3DXO·VOHWWHUV DQGVHHKRZ WKHHDUO\FKXUFKZDVODXQFKHGDQG \RXZLOOUHDOL]HWKDWDVDFKXUFKSODQWHU \RXDUHLQJRRGFRPSDQ\ 9LVHWKDQG6RFKHDWDDQGP\ZLIH DQG,ZLOOEHDW*HQHUDO&RQIHUHQFH WKLV\HDU*RGZLOOLQJDQGZHDUHORRN LQJIRUZDUGWRVHHLQJ\RXDQGDQVZHU LQJDQ\TXHVWLRQV\RXPLJKWKDYH DERXWWKLVSURFHVV 3OHDVHSUD\IRUXVDQGZHZLOOSUD\ IRU\RX 3HDFHLQ&KULVW

3DXO6WDQOH\


Women’s Outlook Newsletter A P u b l i c a t i o n o f t h e Wo m e n’s M i s s i o n a r y S o c i e t y May/June 2010 Vo l u m e 2 3 , N u m b e r 5

The President’s Pen 'HDU6LVWHUV 2QWKLVORYHO\HYHQLQJRI5HVXUUHF WLRQ6XQGD\,DPVLWWLQJRQP\IURQW SRUFKJD]LQJDWP\QHLJKERU·VVWDU PDJQROLDWUHHZKLFKLVLQIXOOEORRP 4XLWHVXGGHQO\DQHZVHDVRQLVXSRQ XV,WLVWLPHWRSUHSDUHWKHÀHOGVJDU GHQSORWVDQGÁRZHUEHGVIRUSODQW LQJ6RDOVRLWLVDWLPHIRUXVWRFOHDQ RXWRXUVSLULWXDOOLYHVLQSUHSDUDWLRQIRU DQHZSODQWLQJE\WKH+RO\6SLULW7KLV /HQWHQVHDVRQZKLFKZHKDYHDOOMXVW H[SHULHQFHGVKRXOGKDYHXVUHDG\WR PRYHIRUZDUGRQRXUVSLULWXDOMRXUQH\ 3HUVRQDOO\LQWKHVHZHHNVRI/HQW, KDYHEHHQFRQYLFWHGDQGFKDOOHQJHG E\VHYHUDOVFULSWXUHSDVVDJHVXVHGIRU VHUPRQVRUGDLO\GHYRWLRQDOV-RKQ TXRWHV-HVXV·ZRUGV)RU,KDYHFRPH GRZQIURP+HDYHQQRWWRGRP\ZLOO EXWWRGRWKHZLOORI+LPZKRVHQWPH 7KHSDVWRUVSHDNLQJRQWKLVWH[WVXJ JHVWHGWKDWPDQ\RIWKHSUREOHPVLQ RXUFKXUFKHVDQGLQRXUSHUVRQDOOLYHV DUHDUHVXOWRIODFNRIREHGLHQFHWR *RG·VZLOODQGZD\V,I-HVXVFDPHWR GR+LV)DWKHU·VZLOO EHREHGLHQW KRZ FDQZHDV´OLWWOH&KULVWVµGRDQ\OHVV" $GDLO\GHYRWLRQDOTXRWHG-RKQ *UHDWHUORYHKDVQRRQHWKDQ WKLVWKDWKHOD\GRZQKLVOLIHIRUKLV IULHQGV-HVXVORYHG\RXDQGPHWKDW PXFK9HUVHRIWKDWFKDSWHUUHDGV 0\FRPPDQGLVWKLV/RYHHDFKRWKHU DV,KDYHORYHG\RX7KHVHYHUVHVLQ FOXGHREHGLHQFH P\FRPPDQG DQG H[DPSOH+RZFDQZHGHPRQVWUDWH VDFULÀFLDOORYHLQRXUSHUVRQDOOLYHVDQG LQWKHRXWUHDFKDFWLYLWLHVRIRXU:06 VRFLHWLHV )LQDOO\LQWZRVHUPRQVDQGRQH GHYRWLRQDO,ZDVUHPLQGHGWRH[DPLQH

&RQWLQXHGRQSDJH

Missionary Miscellany %UXFHDQG0DU\ORX:LONLQVRQGLUHF WRUVRI7KH3XPS+RXVH0LQLVWULHVLQ $VKODQGZHUHWKH$35,/PLVVLRQDULHV RIWKHPRQWK%UXFHZURWH )RUWKRVHRI\RXZKRKDYHQRW YLVLWHGWKH3XPS+RXVHLQDZKLOH \RXZLOOEHTXLWHVXUSULVHGE\DOORIWKH FKDQJHV6RPHRIWKHFKDQJHVKDYH EHHQTXLWHLPSUHVVLYHZKLOHRWKHUV KDYHEHHQVRPHZKDWOHVVLPSUHVVLYH 6XUHDOORIWKHELJEULFNEXLOGLQJV ZHOO PRVWRIWKHP DUHVWLOOZKHUH\RXODVW VDZWKHPPRVWRIRXUFKDQJHVKDYH FRPHWKURXJKDPL[WXUHRIWU\LQJWR VXUYLYHWKHHFRQRPLFGRZQWXUQZHDUH DOOLQYROYHGLQDQGPRYLQJIRUZDUGLQ ZD\VWKDWEHVWVHUYHWKRVHLQQHHG

RULJLQDOOHDGHUVKLSDQGPDQDJHPHQW KDVPRYHGRQWRQHZRSSRUWXQLWLHV DVZHKDYHQHHGWRWLJKWHQRXUEHOWV WRVXUYLYHWKHHQVXLQJVWRUP+RZHYHU VRPHRXWVWDQGLQJYROXQWHHUVKDYH EHJXQWRÀOOWKHYRLGVLQDUHDVWKDWWUXO\ PDWWHU)RUH[DPSOHRXUIRRGSDQWU\ KDVPRUHWKDQGRXEOHGLQVL]HDQG DPRXQWRISHRSOHVHUYHGLWLVQRZ HQWLUHO\RSHUDWHGE\YROXQWHHUV2XU PHQ·VVKHOWHUODVW\HDUSURYLGHGPRUH WKDQQLJKWVRIVDIHZDUPEHGV DQGPRUHWKDQPHDOVDJDLQ³ DOOQRZRSHUDWHGE\YROXQWHHUV2XU PDLQWHQDQFHGHSDUWPHQWQRZKDVD ZRQGHUIXOJHQWOHPDQSXWWLQJRUGHUWR WKDWYHU\LPSRUWDQWDUHD

),5()RUXVDWWKH3XPS+RXVHRXU EHJLQQLQJRIUHDOFKDQJHFDPHLQWKH HDUO\PRUQLQJKRXUVDVDQHQWLUHWRZQ ZDWFKHGDVWKHZRUNRIDQDUVRQ LVWSOD\HGRXWDQGRQHRIRXUODUJHVW EXLOGLQJVEXUQWWRWKHJURXQG7KHORVV RIWKHEXLOGLQJZDVSDLQIXOKRZHYHU WKHWUXHORVVZDVKRZWKLVHYHQWZRXOG LPPHGLDWHO\DIIHFWPRUHWKDQRI RXUVWDIIDQGIRONVLQRXUSURJUDPV 7KHÀ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

7+(&$53(17(5·66+23$ERXW PRQWKVDJRWKH&DUSHQWHU·V6KRS ERRNVWRUHKHUHLQ$VKODQGDQQRXQFHG WKDWWKH\ZRXOGEHFORVLQJDQGDWWKDW WLPHSULRUWRRXUÀUHZHGHFLGHGWKDW WKLVZDVVRPHWKLQJWKDWZHUHDOO\GLG QRWZDQWWRVHHKDSSHQ:HUHDOO\EH OLHYHGWKDWWKHSUHVHQFHRID&KULVWLDQ ERRNVWRUHLQRXUFRPPXQLW\ZDVFULWL FDOWRLWVZHOOEHLQJ$ERXWWKHVDPH WLPH)LYH6WRQHV&KXUFKZDVORRNLQJ WRUHORFDWHIURPWKHLUPLQLVWU\FHQWHU RQ&ODUHPRQW$YHQXHVRZHPDGHDU UDQJHPHQWVZLWK7KH%UHWKUHQ&KXUFK WRPRYHWKHIRUPHU&DUSHQWHU6KRS LQWRLWVQHZORFDWLRQRQHEORFNQRUWK RQ&ODUHPRQW$YH,WKDVEHHQDVORZ SURFHVVUHEXLOGLQJFOLHQWHOHDQGIRRW WUDIÀFDWWKHQHZORFDWLRQ+RZHYHU ZLWKDQRXWVWDQGLQJVWDIIWKDWLVIULHQGO\ DQGDOZD\VZLOOLQJWRKHOSFXVWRPHUV ZHKDYHVHHQWUHPHQGRXVJURZWKLQ EXVLQHVV 7KHQHZ&DUSHQWHU6KRSLVPXFK PRUHWKDQDERRNVWRUH:HKDYH ZHHNO\%LEOHVWXGLHVZLWKWKHVWDIID ZHGGLQJVHFWLRQKDVEHHQDGGHG WKRXVDQGVRIERRNVDUHDYDLODEOHRQ OLQHDQHZ&DUSHQWHU6KRSZHEVLWH ZLOOEHFRPLQJRQOLQHVRRQZKHUHHY HU\WKLQJFDQEHRUGHUHGDQGVKLSSHG

5(&29(5<7KHODVW\HDUKDVEHHQD WLPHRIUHFRYHU\DQGGLVFRYHU\RIWKH GLUHFWLRQZHQHHGWRJR0XFKRIWKH

&RQWLQXHGRQSDJH

9


0LVVLRQDU\0LVFHOODQ\ FRQWLQXHG

RQOLQH:HH[SDQGHGRXULQWHUQDWLRQDO JLIWVKRSE\GHGLFDWLQJDSRUWLRQRIWKH QHZVWRUHIRULWDQGFRXQWOHVVSHRSOH KDYHEHHQWUDLQHGRQFRPSXWHUVDQG MREUHWHQWLRQVNLOOVZKLOHOLVWLQJERRNV DQGZRUNLQJLQWKHVWRUH+DGWKLVRS SRUWXQLW\ULVHQDIWHUWKHÀUHZHSURE DEO\ZRXOGQRWKDYHYHQWXUHGLQWRLW +RZHYHUZLWKDORWRIJUDFHIURPWKH %UHWKUHQ&KXUFKHDUO\RQZHKDYH EHHQDEOHWREHJLQSD\LQJGRZQWKH GHEWRZHGLQWKHWUDQVLWLRQRISURSHUW\ 3803+286(*5,//((DUO\ODVW VSULQJGXHWRWKHHFRQRPLFGRZQ VZLQJLQRXUFRPPXQLW\ZHGHFLGHG WRWHPSRUDULO\FORVHWKH3XPS+RXVH *ULOOH,WZDVQRWZKDWZHZDQWHGWR GREXWLWZDVWKHFRUUHFWUHVSRQVH WRZKDWZDVKDSSHQLQJLQ$VKODQG 2FWREHUPDUNHGDQHZHUDIRUWKH *ULOOHUHRSHQLQJDVDOHVVIRUPDOUHV WDXUDQWEHWWHUVXLWHGWRRSHUDWHZLWKLQ DIDPLO\·VEXGJHWZLWKDQDOOLQFOXVLYH PHQXSULFHGDW7KLVSULFHJLYHV \RXDSSHWL]HUVHQWUHHEHYHUDJHDQG GHVVHUW:KDWDGHDO)RUXVWKHEHVW SDUWRIWKHUHVWDXUDQWLVWKHWUHPHQ GRXVUHDOOLIHZRUNH[SHULHQFHLWJLYHV RXUPHQIURPWKHVKHOWHU1HDUO\DOORI WKHSRVLWLRQVLQWKHUHVWDXUDQWDUHKHOG E\PHQOLYLQJLQWKHVKHOWHUZRUNLQJLQ DTXDOLW\UHVWDXUDQWDQGEXLOGLQJUHDO ZRUNH[SHULHQFHWKDWFDQEHXVHGLQ WKHIXWXUH 025(:HKDYHGHYHORSHGDFDOO FHQWHURQWKHWKLUGÁRRUDQGOHDVHGLW RXWWRDYHU\UHSXWDEOHFRPSDQ\WKDW KDVDWWKLVWLPHSUHYLRXVO\XQHP SOR\HGORFDOSHRSOH7KH\DUHWUDLQHG WRDQVZHUFDOOVDQGSHUIRUPVHUYLFHRUL HQWHGWDVNV,WLVH[SHFWHGWKDWE\WKLV WLPHQH[W\HDUPRUHWKDQSHRSOH ZLOOEHHPSOR\HGLQWKLVQHZYHQWXUH ,QDGGLWLRQWRWKHFDOOFHQWHUZHKDYH VHFXUHGD86'$JUDQWWRWUDLQSHRSOH WRZRUNLQWKHFDOOFHQWHULQGXVWU\,Q DGGLWLRQZHZLOOWUDLQRQYDULRXVOHYHOV RIFRPSXWHUVNLOOVDVZHOODVWKHXVHRI UHWDLOVHUYLFHHTXLSPHQW :HVWLOOFRQWLQXHWRVHUYHWKHFRP PXQLW\ZLWK5HYLYDOV7KULIWVWRUH$JUHDW GHDORIRXUSURGXFWÀQGVLWVZD\WR WKRVHLQQHHGKHOSLQJPDQ\VLQJOHSDU HQWVDQGWKRVHHFRQRPLFDOO\VWUDSSHG ZLWKWKHLWHPVWKH\QHHGDWQRFRVW (DFKZHHNZHVKLSDWUXFNORDGRIXVHG FORWKLQJWRVRPHIDUDZD\FRXQWU\ 0DQ\RIWKHORFDOFKXUFKHVDQGFKDUL WLHVORRNWRXVZKHQWKH\KDYHSHRSOHLQ QHHGRIKRXVHKROGJRRGVDQGZHGR RXUEHVWWRÀQGZKDWWKH\QHHG

10

2YHUWKHODVWIHZ\HDUVZHKDYH IRXQGLWQHFHVVDU\WRÀOODQHYHU JURZLQJUROHLQRXUFRPPXQLW\WRVHUYH WKRVHRQFHVHUYHGE\DZRUOGZLGHXQL IRUPHGVHUYLFHRUJDQL]DWLRQ)URPWKH YHU\EHJLQQLQJRIWKHLURUJDQL]DWLRQ WKH\VHUYHGDWDYHU\JUDVVURRWVOHYHO WKHXQGHUVHUYHGDQGZKDWZRXOGEH FDOOHG¶WKHSRRU·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·6/29(:KDWZH GRKHUHLVQRWYHU\JODPRURXV$FWXDOO\ LWUHDOO\LVQ·WHYHQYHU\IXQ0RVWRIWKH VWDIIDFWXDOO\PDNHVOHVVPRQH\QRZ WKDQZKHQWKH\VWDUWHGZRUNLQJKHUH,W LVQ·WDZHHNHQGSURMHFWRUDUDQGRP DFWRINLQGQHVV,WLVVLPSO\VKRZLQJ *RG·VORYHLQSUDFWLFDOZD\VE\PHHW LQJSHRSOHDWWKHLUSRLQWRIQHHGDQG KHOSLQJWKHPGLVFRYHUWKHLU*RGJLYHQ WDOHQWV7KLVQHYHUHQGVDQGWKHUHLVQR VXFKWKLQJDVZHHNHQGVRUHYHQ´LW·V DQGWLPHWRJRKRPHµ(YHQWKH %LEOHWHOOVXVWKDWWKHSRRUZLOODOZD\V EHZLWKXV 0DWWKHZ :KDWLWLV WKRXJKLVQHFHVVDU\DQGDOORIRXUUH VSRQVLELOLW\DFFRUGLQJWRWKH6FULSWXUHV :RUNLQJKHUHRUGLUHFWO\ZLWKWKRVHWKDW ZHVHUYHLVQRWIRUHYHU\RQHDFWXDOO\ LWLVIRUYHU\IHZRIXVEXWZHDOOKDYHD UHVSRQVLELOLW\WRVHUYHLQVRPHFDSDFLW\ ZKHWKHULWEHVHUYLQJLQRXUIRRGSDQWU\ RUFROOHFWLQJIRRGWREHJLYHQRXW <285-2%<RXUMREFRXOGEHWR KHOSXQGHUVWDQGZKDWVHUYLFHVDUH DYDLODEOHKHUHRULQ\RXUFRPPXQLW\ 6RPHFDQVHUYH³DQGKDYH³ZLWK WKHLUFKHFNERRNVEHFDXVHPRQH\LV FULWLFDO :HDSSUHFLDWHWKHVXSSRUWRIWKH :06³\RXUWKRXJKWVNLQGZRUGV SUD\HUVÀQDQFHVHQFRXUDJHPHQW FDUGVDQGQRWHV:LWKRXW\RXUVXSSRUW RXUZRUNZRXOGEHGLIÀFXOWDQGGLVFRXU DJLQJ7KDQN\RXIRUKHOSLQJXVIHHG WKHÁRFN

3UDVDQWKDQG1LUPDOD.XPDUDQG WKHLUVRQDQGGDXJKWHULQODZ6XGKLU DQG/DWKD.XPDUSDVWRUVLQWKH,QGLD %UHWKUHQ0LVVLRQDUHWKHLQWHUQDWLRQDO PLVVLRQDULHVRIWKHPRQWKLQ0$< 1LUPDOD·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´VSULQJIRUZDUGµ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·VVWD\SRVVLEOH $KLJKOLJKWRIRXUVWD\ZDVZRUVKLS LQJZLWKWKH%UHWKUHQWKHUHRQ6XQGD\ PRUQLQJDQGLQ%LEOHVWXG\7XHVGD\ QLJKW$VRQHVHQLRUVDLG´7KHFKXUFK IDPLO\LQ'&ZDVH[WUHPHO\KHOSIXODQG YHU\ZHOFRPLQJµ $YHU\PRYLQJ*RRG)ULGD\VHUYLFH ZDVKHOGIRURXUVWXGHQWERG\IDFXOW\ DQGVWDII:KHQDYLGHRZDVSOD\HG WKDWYHU\UHDOLVWLFDOO\VKRZHG-HVXV EHLQJFUXFLÀHGVHYHUDORIWKHÀUVWDQG VHFRQGJUDGHUVEHJDQWRFU\,WZDV DVWLUULQJUHPLQGHUWKDWVRPHWLPHVZH DUHWREHDVOLWWOHFKLOGUHQLQRXUKHDUW UHODWLRQVKLSZLWKRXUORYLQJ/RUG 2XUVWDIIDQGVWXGHQWVDWWHQGD QXPEHURIGLIIHUHQWFKXUFKHVDQG

&RQWLQXHGRQSDJH

Women’s Outlook Newsletter


0LVVLRQDU\0LVFHOODQ\ FRQWLQXHG

PDQ\ZHUHLQYROYHGLQ(DVWHUDFWLYLWLHV 6HYHUDOMRLQHGVRPHIURPWKH'UXVKDO 0HPRULDO&KXUFKIRUDVXQULVHVHUYLFH RQDKLOOVLGHDERXWö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·VVWLOOLQ$SULO (YHQDVWKHSODQWVVWUXJJOHWREUHDN WKURXJKWKHVRLORUWKHEORVVRPVEXUVW IRUWKIURPWKHLUEXGVZHWRRIDFHRXU WULDOV6RPHWKLQJYHU\KXUWIXOZDVZKHQ DUXPRUJRWVWDUWHGLQRXUFRXQW\WKDW DGLSORPDIURP5LYHUVLGHZDVQRWYDOLG $IWHUPDQ\PHHWLQJVSKRQHFDOOVDQG SUD\HUVWKDWLVVXHKDVEHHQVHWWOHG 2QHPLJKWZRQGHUZK\DQ\RQH ZRXOGKDYHEHOLHYHGLWFRQVLGHULQJ WKDWDQXPEHURIRXUJUDGXDWHVDUH QRZWHDFKLQJLQWKHORFDOVFKRROV %HFDXVHRIDOOWKLVDQGPRUH,IHHO OLNH,KDYHOLYHGDOLIHWLPHLQWKHSDVW PRQWK0\GDXJKWHULQODZJDYHELUWK WRDKHDOWK\OLWWOHER\WKHQÃ&#x20AC;YHGD\V ODWHUVKHKDGKHPRUUKDJLQJRQKHU EUDLQDQGKDGWRKDYHHPHUJHQF\VXU JHU\6KHZDVLQ,&8IRUWZRZHHNVEXW LVGRLQJPXFKEHWWHUQRZ2QP\ZD\ WRVHHKHU,ZDVLQDVHULRXVDFFLGHQW EXWP\OLIHZDVDPD]LQJO\VSDUHG :KLOH,ZDVLQ:DVKLQJWRQZLWKRXU VHQLRUVP\\RXQJHVWEURWKHUSDVVHG DZD\LQ0DU\ODQG$GHYRWLRQDOLQWKH 'DLO\%UHDGFDPHMXVWZKHQ,QHHGHG

May/June 2010

LW7KHPHVVDJHZDV´)RU7KLV,+DYH -HVXVµ )RUDOORIWKLV,DPPRUHWKDQNIXO WKDQHYHUIRUDOORIWKH:06ODGLHVZKR VRIDLWKIXOO\OLIWXVXSLQSUD\HU,NQRZ \RXPD\QRWRIWHQKHDUDERXWWKH DQVZHUVWR\RXUSUD\HUVEXW,WUXVWWKLV OHWWHUZLOOKHOSWRUHDVVXUH\RXWKDW\RXU SUD\HUVDUHYLWDOWRWKLV \RXU PLQLVWU\LQ .HQWXFN\ ,DPORRNLQJIRUZDUGWRVHHLQJ\RX DW&RQIHUHQFH 1DQF\+RVWHWOHU 'DYLGDQG-HQQ\/RLWUDYHOHGIURP 0DOD\VLDWR&KLQDLQHDUO\0DUFK7KLVLV -HQQ\·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Ã&#x20AC;UVWPHDODWSPZKHQWKHPHHW LQJZDVRYHUVRWKDWLWZDVQRWWRR GDUNZKHQWKH\WUDYHOHGEDFNKRPH 6RPHVWD\HGDWWKHPHPEHUV·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

$PD]LQJO\QLQHSHUVRQVUHFHLYHG WKHLUH\HVLJKWDWWKHVL[YLOODJHVDQG QLQHSHUVRQVVDZWKHYLVLRQRIWZR EULJKWOLJKWVDWWKHODVWPHHWLQJSODFH 7KH\WKRXJKW'DYLGZDVWDNLQJWKH SLFWXUHV7ZRRIWKHPVDZWKHOLJKWV ZLWKRSHQH\HV7KLVODVWPHHWLQJZDV VFKHGXOHGDWWKHODVWPLQXWHDWSP ZKHQZHDUULYHGWKHUH:HZHUHWRJR WR6KDQJKDLE\SPWUDLQWKHQH[W

11


In Memoriam 3UHFLRXVLQWKHVLJKWRIWKH/RUGLVWKH GHDWKRIKLVVDLQWV 3VDOP 8VXDOO\QDPHVRIGHFHDVHGPHP EHUVDUHSULQWHGIROORZLQJWKHPHPRULDO VHUYLFHDW*HQHUDO&RQIHUHQFH2IWHQ VSHFLDOQRWHVDUHQ·WLQFOXGHG$VGHDU VLVWHUVLQ\RXUVRFLHW\DUHUHFHLYHGLQWR KHDYHQSOHDVHVHQGWKHLUQDPHVDQG VSHFLDOLQIRUPDWLRQWRPH,ZLOOLQFOXGH WKHPDQGWKLVZLOOQRWH[FOXGHWKHP IURPWKHPHPRULDOVHUYLFHZKHQVHY HUDODUHUHFRJQL]HG 1DQF\/HH:LOVRQSDVWSUHVLGHQW DQGVHFUHWDU\RIWKH0DVRQWRZQ:06 GLHG)HEUXDU\DIWHUDORQJEDWWOH ZLWKFDQFHU´1DQF\ZDVDZRQGHUIXO &KULVWLDQZRPDQORYHGDQGPLVVHGE\ RXUFRQJUHJDWLRQµZURWH6DQGUD/HH 'LOV $OLFH1,QJUDKDPDPHPEHURIWKH )DLWK&LUFOHDW3DUN6W%UHWKUHQ&KXUFK LQ$VKODQGGLHG0DUFK1RWRQO\ZDV VKHDIDLWKIXOPHPEHUVKHZDVWKH PLVVLRQDU\·V´PRWKHUµDQGIULHQG$OLFH WUDYHOHGIUHTXHQWO\ZLWKKHUKXVEDQG 9LUJLOZKHQKHZDVVHFUHWDU\RIWKH 1DWLRQDO0LVVLRQDU\%RDUGDQGWKHQ ZHOFRPHGPLVVLRQDULHVLQWRWKHLUKRPH ZKHQWKH\ZHUHRQIXUORXJK

7KH3UHVLGHQW¶V3HQ FRQWLQXHG

P\OLIHDQGVHHLQZKDWDUHDV,ZDVQRW DOORZLQJ-HVXVWREH/RUG$ZRQGHU IXOYHUVHZKLFKDGGUHVVHVWKLVLVVXHLV, 3HWHUD%XWLQ\RXUKHDUWVVHWDSDUW &KULVWDV/RUG$OORIXVZDQWWREHLQ FRQWURORIRXUOLYHVLQRQHDVSHFWRU DQRWKHUKRZHYHUWUXHIUHHGRPLVDW WDLQHGZKHQZHDOORZ-HVXVWREH/RUG RYHUDOORXUOLIH :HOO,JXHVV,KDYHP\ZRUNFXWRXW IRUPHWKLVVSULQJDQGVXPPHU,WUXVW \RXZLOOH[DPLQH\RXURZQOLYHVLQOLJKW RIREHGLHQFHWR*RGVDFULÃ&#x20AC;FLDOORYH DQGWKHORUGVKLSRI-HVXV,·PH[SHFW LQJJUHDWEOHVVLQJVIRUXVDOO ,Q&KULVW

3K\OOLV5RXVVDNLV

12

NOW SEE THIS:

The Editorâ&#x20AC;&#x2122;s Ending

'HDU)ULHQG $IWHUUHDGLQJWKHUHSRUWVIURP%UXFH :LONLQVRQRIWKH3XPS+RXVH0LQLV WULHV1DQF\+RVWHWOHUIURP5LYHUVLGH 7KH1DWLRQDO:06%RDUGUHFRP &KULVWLDQ6FKRRODQG-HQQ\/RLIURP PHQGVDFKDQJHLQWKH&RQVWLWXWLRQ 0DOD\VLD,UHDOL]HDJDLQKRZQHFHV 7KH$UWLFOHLQTXHVWLRQLV$UWLFOH;$Q VDU\P\SUD\HUVDUHIRURXUPLVVLRQDULHV QXDO5HSRUWVSDJHLQWKH'HYR 7KHVWUXJJOHVRI%UXFHDQGWKH3XPS WLRQDO*XLGH +RXVHVWDIIDIWHUWKHGHYDVWDWLQJÃ&#x20AC;UH )RUPDQ\\HDUV*HQHUDO&RQIHUHQFH SURWHFWLRQIRU1DQF\LQWKHDFFLGHQW ZDVKHOGLQ$XJXVWDQGFORVLQJWKHÃ&#x20AC; WKDWWRWDOHGKHUFDUEXWOHIWKHUZLWKD QDQFLDOERRNVWKHHQGRI-XQHZDVVDW IHZVFUDWFKHVDQGQXPHURXVEOHVVLQJV LVIDFWRU\+RZHYHUVHYHUDO\HDUVDJR IRU'DYLGDQG-HQQ\³KHDOWKVDIHW\ WKH&RQIHUHQFHGDWHVZHUHFKDQJHG DQGQHZFLWL]HQVLQ*RG·VNLQJGRP³ WR-XO\:KHQUHFRUGVZHUHQRWFORVHG DUHQ·WZHWKDQNIXOWRNQRZWKDW*RG XQWLOWKHHQGRI-XQHÃ&#x20AC;QDQFLDORIÃ&#x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Ã&#x20AC;FHUVHYHQLIWKH\DUHWKHVDPH &RQIHUHQFH6LQFH:06LVDOORWWHGWZR DVODVW\HDU/\QQ·VDGGUHVVLV: GD\VIRUPHHWLQJVFRQVLGHUWKLVSULQWHG :DOQXW6W)ORUD,1,WLVLPSHUD QRWLFHDV´QRWLFHKDVEHHQJLYHQLQ WLYHIRUKHUWRUHFHLYH\RXUUHSRUWRQ ZULWLQJµ WLPHVRWKHVWDWLVWLFDOUHSRUWFDQEH ,QWKHSUHYLRXV1HZVOHWWHU,UHSRUWHG SUHSDUHGDQGSULQWHGIRU&RQIHUHQFH WKDW&KHU\O6FKPLHGWUHVLJQHGDVHGLWRU 7KHVDPHUHDVRQLQJIRUWKHÃ&#x20AC;QDQFLDO RI7KH'HYRWLRQDO*XLGH6KHKDVWKH UHSRUWVLVWUXHIRUWKHVWDWLVWLFDOUHSRUW *XLGHFRPSOHWH,I\RXDUH LQWHUHVWHGLQEHLQJFRQVLGHUHGDVWKH 7KHGDWHVIRU*HQHUDO&RQIHUHQFH QHZHGLWRUSOHDVHFRQWDFW3K\OOLV5RXV DUH-XO\7KHOXQFKHRQDQGGHYR VDNLVSUHVLGHQW+HUDGGUHVVLV6 WLRQDOOHDGHUVZLOOLQWHUHVWDOORIXV :HVWHUQ$YH.RNRPR,1 7KH:06%RDUGZLOOPHHWLQ0D\ 6&+2/$56+,36 DQGRQHLWHPRIFRQVLGHUDWLRQLVWKH $QQXDOO\WKH:RPHQ·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Ã&#x20AC;QDQFLDODVVLVWDQFH EXWIRUWKHSUD\HUVXSSRUWZKLFKDF FRPSDQLHVWKHVFKRODUVKLS 3DUWRI\RXUWKDQNRIIHULQJVDUHGHV LJQDWHGIRUWKHVHVFKRODUVKLSV -RDQ


6HUYLQJ2XU&RPPXQLW\

(DVWHU'LQQHU 2Q(DVWHU6XQGD\$SULOWK&URVV %DUV0LQLVWULHVUHDFKHGRXWDFURVVRXU QHLJKERUKRRGDQGVHUYHGDQ(DVWHU GLQQHUWRWKHFRPPXQLW\:HKDG EHHQSODQQLQJDQGDGYHUWLVLQJIRU PRQWKVDQGZHUHQ·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Ã&#x20AC;UVWDQG GHFLGHWRWKDQNXVRUQRW2XUVL[WHHQ

YROXQWHHUVZHOFRPHGRXUJXHVWVDV WKH\DUULYHG:HVHUYHGDWUDGLWLRQDO PHDODQGKDG(DVWHUEDJVIRUDOOWKH NLGV7KHUHZHUHGRRUSUL]HVRI(DVWHU EDVNHWVDQGRWKHUWKLQJVIRUSHRSOHRI DOODJHV7KURXJKRXWWKHGD\SHRSOH FRQWLQXHGWRWKDQNXVIRUVHUYLQJWKHLU IDPLOLHVDQGWKHFRPPXQLW\ 7KHYROXQWHHUVRI&URVV%DUVFRQ QHFWHGZLWKPDQ\SHRSOHWKDWGD\ 7KHUHZHUHDORWRIVPDOOWDONFRQYHU VDWLRQVDVZHOODVVRPHJUHDWPLQLVWU\ PRPHQWV7KHUHZDVDODG\ZKRFDPH LQWRHDWE\KHUVHOI$VVKHWDONHGZLWKD YROXQWHHUZKRVHUYHGKHUVKHZDQWHG WRNQRZLIVRPHRQHZRXOGSUD\ZLWK KHUDERXWVRPHVLWXDWLRQVLQKHUOLIH 6KHQHHGHGSUD\HUIRUKHUFRQÃ&#x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

ZKHQVKHZHQWKRPHWRKDYHKHUGLQ QHUKHUPRWKHUWRRNLWIURPKHU7KDW LVZK\VKHUHWXUQHGIRUDQRWKHUPHDO $FFRUGLQJWRWKHVHFRQGVHWRIDGXOWV %HWW\·VPRWKHUGRHVQ·WSURYLGHYHU\ ZHOOIRUKHUDQGWKLVZDVSUREDEO\RQH RIWKHEHVWPHDOVWKLVJLUOKDGLQPDQ\ GD\V6RDIWHUVKHDWHZHSDFNHGKHU DQRWKHUGLQQHUWRJRFRPSOHWHZLWK GHVVHUWDQGZLWKDVPLOHIURPHDUWR HDUVKHKHDGHGRIIOLNHVKHKDGMXVW ZRQWKHORWWHU\ 3HRSOHDOVRPDGHQXPHURXVFRP PHQWVDERXWKRZWKH\FRXOGQ·WDIIRUG DGLQQHUWKLV\HDUDQGKRZPXFKWKH\ DSSUHFLDWHGDJRRGKROLGD\PHDO 2QHFRXSOHWROGXVWKDWWKLVZDVWKH EHVW(DVWHUWKH\KDGKDGLQIRXU\HDUV 3HRSOHEURXJKWRWKHUSHRSOHDQGNLGV EURXJKWNLGVIURPWKHQHLJKERUKRRG 0DQ\PDQ\SHRSOHZHUHEOHVVHG6HY HUDOSHRSOHDVNHGDERXWRXUFKXUFK 2YHUWKHQH[WZHHNQXPHURXVSHRSOH FDPHWRWKHPLQLVWU\MXVWWRVD\´WKDQN \RXµ0DQ\RWKHUVZKRNQHZDERXW WKHGLQQHUDVNHGXVKRZLWZHQWDQG ZHUHSOHDVHGDERXWWKHUHVXOWV2XU SUD\HUIRU(DVWHUGD\ZDVWKDWSHRSOH ZRXOGVHHWKHULVHQ-HVXVWKURXJKWKRVH ZKRVHUYHG)URPZKDWZHKDYHVHHQ DQGKHDUGPLVVLRQDFFRPSOLVKHG :KDWDEOHVVLQJLWLVWREOHVV

/DUU\+DQVRQ

0LVKDZDND,QGLDQD

13


1XPEHU

$V,VLWDWP\FRPSXWHULQPLG$SULOWRZULWHWKHVH W W W L LG $ LO W LW WK ZRUGVIRUWKH0D\-XQHLVVXHRIWKH(YDQJHOLVW,·P DZDUHWKDWZKHQ\RXUHDGWKHPLWLVDOPRVWWLPHIRU *HQHUDO&RQIHUHQFH³DQG%UHWKUHQ3HDFH,QLWLD WLYHZLOOEHWKHUHLQWKHGLVSOD\URRPWRJUHHW\RX ,I\RXDUHFRPLQJWR&RQIHUHQFH LQWKLVQG \HDUVLQFHWKH%UHWKUHQ0RYHPHQWEHJDQLQ6FKZDU ]HQDX*HUPDQ\LQ ORRNIRURXUFRORUIXOKDQG PDGHEDFNGURSZLWKWKHXQLTXHGUDZLQJVE\VRPH +LVSDQLFFKLOGUHQDW6PRN\5RZ%UHWKUHQ&KXUFKLQ&ROXP EXV /XDQGD(ULF0LFDK2VFDU,YHWWH6HEDVWLDQ  )UHHOLWHUDWXUHDZDLWV\RXHQRXJKIRU\RXWRWDNHDIHZ H[WUDFRSLHVKRPHIRU\RXUIULHQGVSHDFH%LEOHYHUVHVQHZ ZRUGVIRU´*RG%OHVV$PHULFDµ%UHWKUHQKLVWRULFDOSHDFH PDWHULDOV:HOFRPH+RPH3URMHFWIRUYHWHUDQV3HDFH 4XRWHVDQGPXFKPRUH$OVRWKH%3,ZULWWHQUHSRUWZLOOEH LQWKH&RQIHUHQFH3URJUDPDQG5HSRUW%RRNZLWKDUHFDSRI RXU\HDU·VZRUN 3OHDVHGRQ·WPLVVXVDW*HQHUDO&RQIHUHQFH³-XO\ 3HDFH5HODWHG$QQXDO0HHWLQJ'HFLVLRQV 2XU*HQHUDO&RQIHUHQFHZDVFDOOHG$QQXDO0HHWLQJ E\WKHHDUO\%UHWKUHQDQGWKHSHDFHUHODWHGVXEMHFWVRI QRQUHVLVWDQFHDQGQRQYLROHQFHZHUHIUHTXHQWO\DGGUHVVHG E\WKHP$OWKRXJKWKHUHDUHQRUHFRUGHGPLQXWHVRIWKHLU $QQXDO0HHWLQJVXQWLOWKHUHDUHHYLGHQFHVLQHDU OLHUZULWLQJVWKDWWKH´%UHWKUHQµZHUHDSHDFHORYLQJDQG SHDFHSUDFWLFLQJSHRSOH 7KHIROORZLQJVWDWHPHQWVIURPWKHLU$QQXDO0HHWLQJPLQXWHV VKRXOGJLYHXVHQFRXUDJHPHQWWRDOVREHFRPHDVQRQYLROHQW DQGSHDFHORYLQJDVRXU%UHWKUHQDQFHVWRUVZHUH:LWK*HQ HUDO&RQIHUHQFHDSSURDFKLQJKHUHDUHVRPHVDPSOHVRIRXU IDLWKKHULWDJHE\SHRSOHZKREDVHGWKHLUEHOLHIVDQGSUDF WLFHVRQWKHVDPH6FULSWXUHVWKDWZHVHHNWRIROORZWRGD\ 0LQXWHV:H«H[KRUWLQXQLRQDOOEUHWKUHQLQDOO SODFHVWRKROGWKHPVHOYHVJXLOWOHVVDQGWDNHQRSDUWLQZDURU EORRGVKHGGLQJHLWKHUKLULQJPHQWRÃ&#x20AC;JKWRUFROOHFWLQJPRQH\ IRUVDPH«ZHH[KRUWKHDUWLO\QRWWREHVFDUHGWRGRWKDW ZKLFKLVQRWULJKW 0LQXWHV:HEHOLHYHDQGFRQIHVVWKDW&KULVWKDVIRUELG GHQWRKLVIROORZHUVWKHVZHDULQJRIRDWKVDQGSDUWDNLQJRI ZDU«6KRXOGWKHUHEHDQ\DPRQJXVKDYLQJVXFKDFRQ VFLHQFHDVWREHDEOHWRÃ&#x20AC;JKWDQGVZHDU DU RDWKVVXFKDRQHZRXOGQRWEHRIXV« « 0LQXWHV7KH\H[SUHVVHGGHVLUH H QRWWRZLWKVWDQGWKHHYLOEXWRYHUFRPH H HYLOZLWKJRRGIROORZLQJWKHEULJKWH[ DPSOHRIWKH/DPERI*RGZKRZLOO LQJO\VXIIHUHGWKHFURVVDQGSUD\HG IRUKLVHQHPLHV« 0LQXWHV$EURWKHUGRHVQRW KDYHDULJKWWRGHIHQGKLPVHOIZLWKD GHDGO\ZHDSRQDWWKHDSSHDUDQFH RIEHLQJLQGDQJHU /HW·VDOOVWULYHWR.HHS3HDFHLQ 0LQG3KLO/HUVFK)DFLOLWDWRUIRUWKH %UHWKUHQ3HDFH/HDGHUVKLS7HDP0DUN UN DQG&KDQWDO/RJDQ0DWW%ODFN5\DQ Q *LOPHU5LFKDQG&DURO\Q+DJRSLDQ

14

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Ã&#x20AC;FLDWLQJ0HPRULDOJLIWVPD\EHPDGHWRWKH%HUOLQ %UHWKUHQ&KXUFK

$PRV&RPEV $PRV´3HWHµ&RPEVZDVERUQ 'HFHPEHU+HSDVVHG DZD\SHDFHIXOO\WREHZLWKWKH /RUGRQ:HGQHVGD\0DUFK  3HWHZDVERUQLQ/RVW&UHHN.HQ WXFN\DQGZDVWKHVRQRI(OLMDKDQG .DWH&RPEV+HZDVPDUULHGIRU \HDUVWR*HQHYD´-XQHµ 1REOH  &RPEV +HZDVWKHSURXGIDWKHURIWKUHH FKLOGUHQ(ODLQHDQGKHUKXVEDQG 5HY-DPHV7KRPDV'HEELHDQGKHUKXVEDQG%URRNH%DOV 5H EDXJKDQG-HIIDQGKLVZLIH/DQHWWH *DKV &RPEV E +HKDGVHYHUDOJUDQGDQGJUHDWJUDQGFKLOGUHQ 3HWHRZQHG&RPEVEDUEHUVKRSXQWLOLQ3HUX,1+H ZDVDOVRDPROGPDNHUDQGOD\SDVWRUDW%UHWKUHQFKXUFKHV Z LQ7LRVD5RDQQ'XWFKWRZQ0H[LFR:DEDVKDQG3HUX+H LQ ZDVDPHPEHURIWKH3HUX)LUVW%UHWKUHQ&KXUFKZKHUHKH Z VHUYHGDVD'HDFRQ0RGHUDWRUDQGWDXJKW6XQGD\VFKRRO VH IRUPDQ\\HDUV IR 3HWHORYHGWRÃ&#x20AC;VKZLWKIDPLO\DQGIULHQGVLQ(O\0LQQHVRWD DQG.HQQHQVYLOOH)ORULGD D


$O*UXPEOLQJ&HOHEUDWHV <HDUVDVDQ2UGDLQHG(OGHU E\3DXOD6WULFNODQG

/D9HWD,PPHO /D9HWD0,PPHORI1RUWK0DQ FKHVWHU,1GLHGRQ0DUFK 6KHZDVERUQ)HEUXDU\LQ 1HZ3DULV,1WR(YHUHWWDQG0D\PH 6PRNHU 0LOOHU6KHPDUULHG5HY :RRGURZ,PPHORQ'HFHPEHU KHSUHFHGHGKHULQGHDWK1R YHPEHU 0UV,PPHOZDVDJUDGXDWHRI 1HZ3DULV+LJK6FKRROGXULQJZKLFK WLPHVKHZDVQDWLRQDOFKDPSLRQRQ WKHPDULPED6KHZDVDSDVWRU·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Ã&#x20AC;YHJUDQGFKLO GUHQ )XQHUDOVHUYLFHVZHUHKHOGRQ$SULO DWWKH)LUVW%UHWKUHQ&KXUFKRI1RUWK 0DQFKHVWHUZLWK5HY.XUW6WRXWRIÃ&#x20AC;FL DWLQJ0HPRULDOJLIWVPD\EHGLUHFWHG WRWKH1RUWK0DQFKHVWHU%UHWKUHQ &KXUFKRU7LPEHUFUHVW6HQLRU/LYLQJ &RPPXQLW\LQ1RUWK0DQFKHVWHU

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·VIDWKHU &<*LOPHU7RJHWKHUWKH\VHUYHG%UHWKUHQ FKXUFKHVLQ3HQQV\OYDQLD2KLR&DOLIRUQLD DQG,QGLDQD7KH\KDGWZRER\V'HQQLV DQG*DU\*DU\ZDVXQDEOHWREHRQKLV RZQDQGOLYHGZLWK$ODQG0HJXQWLOKH SDVVHGDZD\LQ'HQQLVZDVPDUULHG WR+HLGL9\KPHLVWHUKHSDVVHGDZD\DWWKHDJHRI7KH\KDGRQHVRQ.RQUDG 0HJGLHGLQDIWHUDEDWWOHZLWKFDQFHU $OVD\V´7KH%UHWKUHQ&KXUFKKDVEHHQP\OLIH,ZDVFDUULHGLQWRWKH%UHWKUHQ &KXUFKDVDQLQIDQWE\P\SDUHQWV,ZDVEDSWL]HGLQ7KH%UHWKUHQ&KXUFKFDOOHGWR WKHPLQLVWU\LQ7KH%UHWKUHQ&KXUFKDWWHQGHGWKH%UHWKUHQ&ROOHJHDQG6HPLQDU\ RUGDLQHGDQGVHUYHGDVDSDVWRUIRU\HDUVLQ7KH%UHWKUHQ&KXUFK,UHWLUHGRQ -XQHWRWDNHFDUHRIP\IDPLO\,UHWLUHGDJDLQDVDQLQWHULP-XO\µ 0DQ\SHRSOHDURXQGWKHGHQRPLQDWLRQZLOONQRZ$ODV´8QFOH$OµIURPKLVPDQ\ \HDUVRIFDPSPLQLVWU\$OZDVLQYROYHGLQPDQ\%UHWKUHQFDPSV&DPS-XQLDWDLQ 3HQQV\OYDQLD&DPS%HUHDLQ&DOLIRUQLD&DPS%HWKDQ\LQ2KLRDQG&DPS6KLS VKHZDQDLQ,QGLDQD$OHQMR\HGWKHZRUNDWFDPSEHLQJZLWKWKH\RXWKDQGVHH LQJWKH/RUGZRUNLQWKHOLYHVRIWKH\RXWK6RPHRIWKRVH\RXWKDUHQRZVHUYLQJLQ PLQLVWU\LQ7KH%UHWKUHQ&KXUFK$OOHGPDQ\6U+LJKFDQRHWULSVIRU&DPS6KLSVKH ZDQD&DPSGLUHFWRU5LFN0LOOHUVDLG´7KHODVW6HQLRU+LJK&DQRHWULSWR:LVFRQ VLQ«$OQDYLJDWHGWKHZKLWHZDWHUVRIWKH:ROI5LYHULQDUXEEHUUDIW7KHWRXUJXLGH VDLG$OZDVWKHVHFRQGROGHVWWRFRPSOHWHWKDWWULSRQWKH:ROI5LYHUDWDJHµ 5D\*UXPEOLQJUHPHPEHUV$OEHLQJD´YHU\JRRGELJEURWKHUµ$ODOZD\VZDV DQGVWLOOLVDKDUGZRUNHU$VD\RXQJER\KHHDUQHGPRQH\DVDQHZVFDUULHUDVDQ HLJKW\VRPHWKLQJUHWLUHGPLQLVWHUVWLOOSUHDFKHVVRPHZKHUHQHDUO\HYHU\6XQGD\ $OFRQWLQXHVWREHDFWLYHLQPDQ\ZD\VKHDFFRPSDQLHGWKH%UHWKUHQ+LVWRULFDO 'LVSOD\WR&DOLIRUQLDDQGKDVGRQHVKRUWWHUPPLVVLRQWULSVWRKHOS+XUULFDQH.DWULQD YLFWLPV )HOORZSDVWRU*HUDOG=RRNUHPHPEHUVZKHQSHRSOHFDPSHGDWWKH$VKODQG &RXQW\)DLUJURXQGVGXULQJ1DWLRQDO&RQIHUHQFH´$IWHUHYHQLQJVHUYLFHVZHUH GRQHZHZRXOGJDWKHUDURXQGWKHFDPSÃ&#x20AC;UHWRVLQJDQGKDYHGHYRWLRQVRU%LEOH VWXG\$OZRXOGJHWKLVKDUPRQLFDRXWDQGSOD\ZKLOHZHVDQJ6RPHWLPHV%LOO&ROH ZRXOGSOD\KLVKDUPRQLFDDQGRWKHUVZRXOGJHWWKHLULQVWUXPHQWVRXWWRRµ,I\RX DUHDURXQGLQWKHHYHQLQJVDWFRQIHUHQFH\RXVWLOOPD\KHDUDJURXSRISHRSOH SOD\LQJDQGVLQJLQJ$OLVSUREDEO\OHDGLQJWKHJURXS $OVDLG´7KH/RUGKDVJLYHQPHKHDOWKDQGVWUHQJWKWRUHDFKWKLVPLOHVWRQHLQP\ OLIH,WLVDMR\RXVWLPHZLWKPDQ\EOHVVLQJVDQGPHPRULHV%XWLWLVELWWHUVZHHWDOVR EHFDXVHP\ZLIHZDVSDUWRIP\RUGLQDWLRQ%XW,NQRZWKDWRQHGD\,ZLOOEHZLWK KHUDQGRXUVRQVLQ+LVSUHVHQFH:KDWDGD\WKDWZLOOEHµ7KDQN\RX$OIRU\RXU PDQ\\HDUVRIVHUYLQJ7KH%UHWKUHQ&KXUFKDQGWKH/RUG 7KLVDUWLFOHZDVZULWHHQZLWKWKHKHOSRI*HUDOG=RRN'H$QQ2EXUQDQG5D\

15


3UD\IRU2XU&KDSODLQV 3DW9HODQ]RQ5HWLUHV /DUU\%URZQ

%HOOHIRQWDLQH2KLR &KDSODLQ(QGRUVLQJ$JHQW

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·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Ã&#x20AC;FHU%DVLF/HYHO &RXUVHDW)RUW-DFNVRQ6RXWK&DUROLQDIURP-XQHWR6HSWHP EHURI+HZLOOWKHQEHDVVLJQHGWR)RUW+RRG7H[DVDV DQDFWLYHGXW\$UP\FKDSODLQ

)URP&URVV.H\V

&URVV.H\V:RUVKLS&HQWHULQ0W&UDZIRUG9$ELGIDUH ZHOOWRLWVIRXQGLQJSDVWRU3DW9HODQ]RQRQ-DQXDU\ 3DWKDGSODQWHGWKHFKXUFKZLWKDFRUHJURXSLQ0D\ DQGSDVWRUHGWKHUHIRUDOPRVWWZHOYH\HDUV+HZDV FDOOHGWRIXOOWLPHPLQLVWU\ZKLOHDOD\PDQDWWKH0DXUHUWRZQ %UHWKUHQ&KXUFKDQGRUGDLQHGWKHUHLQ+HVHUYHGWKH %HWKOHKHP%UHWKUHQ&KXUFKXQWLOZKHQKHIHOWWKH/RUG FDOOLQJKLPWRSODQWDFKXUFK³WKH%UHWKUHQ³ZKLOH DW%HWKOHKHP&URVV.H\VKDVKDGDXQLTXHPLQLVWU\DQGDQ H[FLWLQJIDLWKZDON7KHFRQJUHJDWLRQQRZQXPEHUVRUVR DQGKDVDEXLOGLQJZKLFKKRVWVYDULRXVFRPPXQLW\HYHQWV 7KH6RXWKHDVWHUQ'LVWULFWORDQHGWKHPDMRULW\RIPRQH\IRU WKHEXLOGLQJDQGXOWLPDWHO\IRUJDYHWKHGHEWLQORYHDQGIRU HQFRXUDJHPHQW -DQXDU\EHJDQZLWKDELJEUHDNIDVWIRUFKXUFKPHP EHUVDQGIULHQGV3DWZDVJLYHQJLIWFHUWLÃ&#x20AC;FDWHVWRKLVIDYRULWH UHVWDXUDQWVDQGIRUÃ&#x20AC;VKLQJJHDUIURP%DVV3UR6KRSV+HDOVR UHFHLYHGDIUDPHZLWKWKHPDWWLQJVLJQHGE\DOOPHPEHUV DQGIULHQGVZKLFKZDVODWHUÃ&#x20AC;OOHGZLWKDJURXSSLFWXUHWDNHQ WKDWGD\2WKHUIULHQGVJDYHSHUVRQDOJLIWVDQGPDQ\VKDUHG WHVWLPRQ\RIKRZ3DWKDGKHOSHGDQGHQFRXUDJHGWKHP LQWKHLU&KULVWLDQOLYHV2QHRIWKHPRVWUHPHPEHUHGOHVVRQV ZDV´*RGLVDOZD\VRQWLPHDQGRQWDUJHWµ$WSP %UHWKUHQIURPWKH6RXWKHDVWHUQ'LVWULFWJDWKHUHGIRUDQDS SUHFLDWLRQUDOO\DQGIRUPRUHWKDQNVDQGWHVWLPRQ\)ULHQGV DQGIDPLO\IURPIDUDQGZLGHDWWHQGHGDQGHQMR\HGIHOORZ VKLSZLWK3DWDQGHDFKRWKHU 3UHVHQWO\3DWLVDWWHQGLQJYDULRXVFKXUFKHVZKLOH&URVV .H\VLQFRQWLQXLQJWRPLQLVWHUZLWKKHUQHZSDVWRU$QWKRQ\ 9DQ3HOW$QWKRQ\EHJDQZRUVKLSSLQJDW&URVV.H\VDERXW Ã&#x20AC;YH\HDUVDJR+HIHHOVDFDOOWRPLQLVWU\DQGPHPEHUVDW WKHFKXUFKVHQVHWKDWKHZDVFDOOHGE\*RGWROHDGWKHP $QWKRQ\LVZRUNLQJWRZDUGRUGLQDWLRQZKLOHKHFRQWLQXHVWR WHDFKYLROLQWRDOPRVWVWXGHQWV3DWKRSHVWRUHWXUQWR&URVV .H\VHYHQWXDOO\DQGXVHKLVJLIWVWRVHUYHWKHUHLQQHZZD\V

'DYLG0LOOHU VRQLQODZRI/7&'DYLG*UDHW] LVFXUUHQWO\ DQ0'LYVWXGHQWDW$VKODQG7KHRORJLFDO6HPLQDU\DQGKDV EHHQDFFHSWHGWRWKH&KDSODLQ&DQGLGDWHSURJUDPZLWK WKH$UP\1DWLRQ*XDUGWREHFRPHDIXWXUH%UHWKUHQFKDS ODLQ+HZLOOEHDWWHQGLQJWKH&KDSODLQ2IÃ&#x20AC;FHU%DVLF/HYHO &RXUVHIURP-XQHWR6HSWHPEHURI$IWHUWUDLQLQJKHZLOO UHWXUQWRKLVVWXGLHVDW$76 :HFDQEHSURXGRIRXUFKDSODLQVDQGWKHPLQLVWU\WKH\ GRLQVXSSRUWRIRXUWURRSVLQKDUP·VZD\DQGWKHFDUHWKH\ SURYLGHIRUWKHLUIDPLOLHVDWKRPH7KHPLOLDU\FKDSODLQLVWKH KDQGVDQGIHHWRI-HVXVWRKXQGUHGVRIWURRSVHDFKGD\ DQGWKH\FRYHWRXUSUD\HUVDQGVXSSRUW 

16

7KHSHRSOHRI&URVV.H\V&KXUFK 3DW .DWK\9HODQ]RQDUHIURQWDQGFHQWHU


-8/<$6+/$1'81,9(56,7< ,OLNHZRUGV:RUGVDUHSRZHUIXO7KH\KDYHPRYHPHQWERWKLQVWLUULQJWKHVRXO DQGWKHLPDJLQDWLRQ:RUGVLPSDFW7KH\UHYHDODQGH[SRVH:RUGVDUHLPSRU WDQWWKH\DUHQHFHVVDU\ (1*$*(1RZWKHUHLVDZRUGIXOORIPRYHPHQWSRZHUDQGLPSDFW:KHQ, KHDURUVHHWKHZRUG(1*$*(,¶PPRYHG,WKLQNRIFRQQHFWLQJRUSOXJJLQJLQ 0\PLQGHQYLVLRQVDMRLQLQJRIKDQGVDQGRQHQHVVRISXUSRVH (1*$*(:KDWGRHVWKDWZRUGVD\WR\RX":KDWLPDJHVFRPHWR\RXUPLQG" ,Q\RXUZRUOGWRGD\WKHUHLVPXFKWR(1*$*(LVQ¶WWKHUH"<RXOLYHLQDWLPH ULSHZLWKRSSRUWXQLW\VRPHJRRGVRPHQRW,WFDQEHDGDLO\VWUXJJOHWRNQRZ ZKHUHDQGZLWKZKRPWR(1*$*(<RXKDYHWKLVYRLFHRYHUKHUHVD\LQJRQH WKLQJZKLOHWKHYRLFHRYHUWKHUHLVVD\LQJDQRWKHU:KRGR\RXOLVWHQWR":KHUH GR\RX(1*$*("

7D\ORU0DVRQ 7D\ORU0DVRQ (QWHUWDLQPHQW

+RQHVWO\VRPHWLPHVWKHSUHVVXUHWR(1*$*(FDQEHVRJUHDWZHUHYHUVHDQG ZLWKGUDZ2IWHQWLPHVWKRXJKZHGLVFRYHUWKDWZLWKGUDZLQJGRHVQ¶WZRUNZHOO 'R\RXNQRZZK\":HZHUHQRWPDGHWRZLWKGUDZUDWKHUZHZHUHPDGHWR (1*$*(*RGKDVKDUGZLUHGXVZLWKWKHGHVLUHWR(1*$*(ZLWKRQHDQRWKHU ZLWKKLP 7KLVVXPPHU\RXKDYHDQH[FLWLQJRSSRUWXQLW\WR(1*$*(LQDZD\OLNHQHYHU EHIRUH(1*$*(&RQIHUHQFHLVDQRSSRUWXQLW\IRU\RXWRWDNHRQHZHHNRXWRI \RXUVXPPHUDQGUHDOO\(1*$*(DOOWKDW*RGKDVIRU\RX7KLQJVOLNHIULHQGV ROGDQGQHZLQWLPDWHRSSRUWXQLWLHVRIZRUVKLSFKDOOHQJLQJPHVVDJHVDQGRI FRXUVHORDGVDQGORDGVRIIXQDQGH[FLWHPHQW 6LQFHFRQYHQWLRQPRUHWKDQMXVWDQDPHFKDQJHKDVWDNHQSODFH GLG\RX QRWLFHZH¶UHQRWUHIHUUHGWRDV%<,&&RQYHQWLRQDQ\PRUH" $UHQHZHGIRFXV DQGGHVLUHKDVKDSSHQHGDVZHOO6XUHZHZDQW(1*$*(&RQIHUHQFHWREHIXQ WREHDEUHDNIURPWKHQRUPWRSURYLGH\RXZLWKVRPHWKLQJWRGRWKLVVXPPHU %XWZHDOVRZDQW(1*$*(&RQIHUHQFHWREHDSRFNHWRIWLPHDFDUYHGRXW VSDFHZKHUH\RXKDYHWKHLQWLPDWHRSSRUWXQLW\WR(1*$*(WKH/LYLQJ*RG

3D DVWRU 3DXO 6WDQOH\ 3DVWRU3DXO6WDQOH\ (YHQLQJ6SHDNHU

&KULV)ROPVEHH<RXWK:RUNHUV·6SHDNHU

*RGKDVDSODQIRU\RXWKLVVXPPHU*RGGHVLUHVIRU\RXWROHDUQDQGNQRZZKDW LWPHDQVWR/,9('((3%XWLQRUGHUWRIXOO\GLVFRYHUWKLVSODQ\RXKDYHWR (1*$*(-RLQXV-XO\RQWKHFDPSXVRI$VKODQG8QLYHUVLW\IRU (1*$*(&RQIHUHQFHDQGOHDUQZKDWLWPHDQVWR/,9('((3LQ*RG )RUPRUHLQIRUPDWLRQFRQWDFW\RXU\RXWKOHDGHURUYLVLWXVRQOLQHDWZZZ EUHWKUHQFKXUFKRUJDQGZKLOH\RX¶UHRQOLQHLI\RX¶YHQRW\HWEHFRPHRXU)DQ VZLQJRQRYHUWR)DFHERRNDQGGRVR ZZZIDFHERRNFRPSDJHV$VKODQG2+ %UHWKUHQ<RXWK,Q&KULVW 

6LQJ/RYH6LQJ:RUVKLS%DQG 6LQJ /RYH 6LQJ :RUVKLS %DQG

1717


*HQHUDO&RQIHUHQFH6FKHGXOH 0RQGD\-XO\

DPSP 'HOHJDWH 1RQGHOHJDWHFKHFNLQ



7LPHV3HQGLQJ

([HFXWLYH%RDUG :06/HDGHUVKLS%RDUGPHHWLQJV



SPSP  

5HFHSWLRQ IHOORZVKLSIRU%UHWKUHQ0LQLVWU\:LYHV 6DQGEHUJ/HDGHUVKLS&HQWHU5RRP DW$VKODQG7KHRORJLFDO6HPLQDU\



SPSP  

(YHQLQJ:RUVKLS  6SHDNHU5HJJLH0F1HDO  :RUVKLS*UDFH&RPPXQLW\&KXUFK

7XHVGD\-XO\

DPDP 

:06PHHWLQJLQ8SSHU&RQYR 1$%&(PHHWLQJLQ6WXGHQW&HQWHU$XGLWRULXP



DPDP 0RUQLQJ:RUVKLS   6SHDNHU5HJJLH0F1HDO   :RUVKLS*UDFH&RPPXQLW\&KXUFK



SP

/DGLHV/XQFKHRQLQ8SSHU&RQYR WLFNHWHG



SPSP

%XVLQHVV6HVVLRQ,



SPSP

$76%DQTXHWLQ8SSHU&RQYR WLFNHWHGHYHQW



SPSP  

(YHQLQJ:RUVKLS  6SHDNHU.HQ+XQQ  :RUVKLS*UDFH&RPPXQLW\&KXUFK

:HGQHVGD\-XO\ DPDP

00$EUHDNIDVWLQ$FFHQW5RRP

 

DPDP 0RUQLQJ:RUVKLS   6SHDNHU5HJJLH0F1HDO   :RUVKLS*UDFH&RPPXQLW\&KXUFK



DPDP :RUNVKRSV0LVVLR&KXUFK&RDFKLQJ  /HDGLQJ1H[W*HQHUDWLRQHWF



SP 

%UHWKUHQ3HDFH,QLWLDWLYHDW)LVKERZO LQ&RQYRFDWLRQ&HQWHU



SPSP 

:06PHHWLQJLQ8SSHU&RQYR 1$%&(PHHWLQJLQ6WXGHQW&HQWHU$XGLWRULXP



SPSP 

0LVVLR&KXUFK3LFQLFZLWK(1*$*( \RXWK  &RQIHUHQFH WLFNHWHGHYHQW



SPSP  

(YHQLQJ:RUVKLS  6SHDNHU7%$  :RUVKLS*UDFH&RPPXQLW\&KXUFK

7KXUVGD\-XO\

DPDP 

5RQ:DWHUV &RQIHUHQFH0RGHUDWRU .HQ+XQQ ([HFXWLYH'LUHFWRU

:06PHHWLQJLQ8SSHU&RQYR 1$%&(PHHWLQJLQ6WXGHQW&HQWHU$XGLWRULXP



DPDP 0RUQLQJ:RUVKLS   6SHDNHU5HJJLH0F1HDO   :RUVKLS*UDFH&RPPXQLW\&KXUFK



SP

*OREDO/XQFKHRQLQ8SSHU&RQYR WLFNHWHGHYHQW



SPSP

%XVLQHVV6HVVLRQ,,&RPPLVVLRQLQJDQG&ORVLQJ



SPSP

([HFXWLYH%RDUG'LQQHU



SPSP  

(YHQLQJ:RUVKLS   -RLQ(1*$*(&RQIHUHQFHIRUHYHQLQJZRUVKLS

18

2XU*HQHUDO&RQIHUHQFHODVWVXPPHUIHD WXUHGDVKLIWLQHPSKDVLVWKDWZLOOFDUU\WKURXJK DQGEHUHÃ&#x20AC;QHGLQWKLV\HDU·VJDWKHULQJ,QDGGL WLRQWRRXUWLPHVRIIHOORZVKLSZRUVKLSDQGGH OLEHUDWLRQZHZLOOHVSHFLDOO\IRFXVRQHTXLSSLQJ ORFDOFKXUFKOHDGHUVKLSIRUHPEUDFLQJWKH1(: '$<YLVLRQRIWUDQVIRUPLQJWRDPRUHRXWZDUG IRFXVHGRU´PLVVLRQDOµ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

%LOO/XGZLJ &KXUFK3ODQWLQJ&RRUGLQDWRU *DU\'LHKO&KXUFK+HDOWK 5HVRXUFH6SHFLDOLVW


7KHQG*HQHUDO&RQIHUHQFH RIWKH

%UHWKUHQ&KXUFK

-XO\ $VKODQG8QLYHUVLW\$VKODQG2KLR 5HJJLH0F1HDO )HDWXUHG6SHDNHU 5HJJLH0F1HDOHQMR\VKHOSLQJSHRSOHOHDGHUVDQG&KULVWLDQRUJDQL]DWLRQVSXUVXH PRUHLQWHQWLRQDOOLYHV+HFXUUHQWO\VHUYHVDVWKH0LVVLRQDO/HDGHUVKLS6SHFLDOLVWIRU/HDG HUVKLS1HWZRUNRI'DOODV7H[DV5HJJLH·VSDVWH[SHULHQFHLQYROYHVRYHUDGHFDGHDVD GHQRPLQDWLRQDOH[HFXWLYHDQGOHDGHUVKLSGHYHORSPHQWFRDFK+HDOVRVHUYHGLQORFDO FRQJUHJDWLRQDOOHDGHUVKLSIRURYHUWZHQW\\HDUVLQFOXGLQJEHLQJWKHIRXQGLQJSDVWRURI DQHZFKXUFK5HJJLHKDVOHFWXUHGRUWDXJKWDVDGMXQFWIDFXOW\IRUPXOWLSOHVHPLQDULHV DPRQJWKHP)XOOHU7KHRORJLFDO 3DVDGHQD&$ DQG7ULQLW\'LYLQLW\6FKRRO 'HHUÀHOG,/ ,Q DGGLWLRQKHKDVVHUYHGDVDFRQVXOWDQWWRORFDOFKXUFKGHQRPLQDWLRQDODQGSDUDFKXUFK OHDGHUVKLSWHDPVDVZHOODVVHPLQDUGHYHORSHUDQGSUHVHQWHUIRUWKRXVDQGVRIFKXUFK OHDGHUVDFURVV1RUWK$PHULFD+HKDVUHVRXUFHGWKH8QLWHG6WDWHV$UP\&KLHIRI&KDSODLQV 2IÀFH$LU)RUFH&KDSODLQVDQGWKH$LU)RUFH(GXFDWLRQDQG7UDLQLQJ&RPPDQG5HJJLH·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ÁHFWPLVVLRQDOPLQLVWU\

-RQDWKDQ5HLW] &KDLUPDQDQG&(2RI&RDFK1HW*OREDO -RQDWKDQ5HLW]LV&KDLUPDQDQG&KLHI([HFXWLYH2IÀFHURI&RDFK1HW*OREDO$IWHUD \HDUFDUHHULQWKHEURDGFDVWLQJEXVLQHVV-RQDWKDQHQWHUHGIXOOWLPHVHUYLFHWRWKHFKXUFK +HKDVZRUNHGDVDJHQHURVLW\FRDFKDVDFKXUFKSODQWHUVSHDNHUDQGZRUNVKRSSUH VHQWHUDQGDVDVWUDWHJLFSODQQLQJSDUWQHUIRUFRQJUHJDWLRQVDQGGHQRPLQDWLRQVDFURVV1RUWK DQG6RXWK$PHULFD

Grace Community Church Worship Band Winchester, Virginia 19


7KH %UHWKUHQ (YDQJHOLVW 661   LV SXEOLVKHG VL[ WLPHV D \HDU E\ 7KH %UHWKUHQ &KXUFK ,QF  &ROOHJH $YH $VKODQG 2+  WHOHSKRQH  HPDLO EUHWKUHQ#EUHWKUHQFKXUFKRUJID[$XWKRUV¶YLHZV DUH QRW QHFHVVDULO\ WKRVH RI7KH %UHWKUHQ &KXUFK  6XEVFULSWLRQ UDWHV6HQWIUHHWR%UHWKUHQ&KXUFKPHPEHUVSHU\HDUWR RWKHUV  0HPEHU (YDQJHOLFDO 3UHVV$VVRFLDWLRQ  3RVWDJH 3DLG DW $VKODQG 2KLR  3RVWPDVWHU 6HQG DGGUHVV FKDQJHV WR 7KH %UHWKUHQ &KXUFK  &ROOHJH $YH $VKODQG 2+  0D\-XQH9RO1R

7KH%UHWKUHQ&KXUFK &ROOHJH$YH $VKODQG2+

Periodical Postage Paid at Ashland, OH 44805

THEY need YOU!

86SDUWQHUV IRUPHUO\UHIHUUHGWRDVVSRQVRUV SURYLGHRQJR LQJÀQDQFLDODQGSUD\HUVXSSRUWIRU,QGLDFKLOGUHQLQWKH%UHWK UHQFKLOGUHQ·VKRPHDQGIRU%UHWKUHQSDVWRUVLQRXWO\LQJYLOODJHV &XUUHQWO\RIWKHFKLOGUHQKDYHQR86SDUWQHU7KH%UHWK UHQPLVVLRQKDVWKHFDSDFLW\WRFDUHIRUXSWRFKLOGUHQLI SDUWQHUVFDQEHIRXQG$QLQYHVWPHQWRIRQO\SHUPRQWK³ RQHGROODUDGD\³LVHQRXJKWRFDUHIRURQHFKLOG 3DVWRUVPD\EHSDUWQHUHGIRURQO\SHUPRQWK7KLVIUHHV WKHPIURPWKHQHHGWRÀQGRWKHU ZRUNWRVXSSRUWWKHLUIDPLOLHVDQG OHWVWKHPGHYRWHWKHLUIXOODWWHQ WLRQWRPLQLVWU\

,QGLD2USKDQVDQG3DVWRUV 1$0( $''5(66 3+21( (0$,/

,:HZRXOGOLNHWRSDUWQHUZLWKWKHIROORZLQJIRU SOHDVHLQGLFDWH WKHQXPEHURI2USKDQVDQGRU3DVWRUVWKDW\RXZRXOGOLNHWRSDUWQHU

BBBBBBB2USKDQ V IRUDPRQWKBBBBBBB3DVWRU V IRUDPRQWK  %  2<  *,5/ (,7+(5 0$,/72/LQGD',PPHO(DVW6WUHHW1RUWK0DQFKHVWHU,1

3OHDVHSUD\HUIXOO\FRQVLGHU PDNLQJDQLQYHVWPHQWLQWKHJRV SHOLQ,QGLD+DYH\RXU6XQGD\ 6FKRROFODVVRU:06JURXSSDUW QHUZLWKDSDVWRURUDQRUSKDQ &ROOHFWORRVHFKDQJHDVLPSOH ZD\WRVKRZWKHORYHRI-HVXVWR WKRVHZKRDUHLQQHHG)LOORXWWKH IRUPDWOHIWDQGPDLOLWWR/LQGD ,PPHO<RXPD\DOVRHPDLOKHU DWOLQGDLPPHO#\DKRRFRP<RX FDQPDNHDQHWHUQDOGLIIHUHQFH LQVRPHRQH·VOLIH


Brethren Evangelist May June 2010