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as committed by the budget, 25%. The difference is having to come
out of cash reserves. The difference, then, is simply that last
year we had all that extra BORROWED money to utilize -- this year
we stopped borrowing.
This year we did get our financial POSITION, as shown on
our books due to decrease in demand loans in MUCH BETTER position,
except we have had to dip into cash reserves, and lowered our cash
balances, due to lack of cash received from LOANS. And we have had
the BIGGEST INCREASE in the power of GETTING OUT THE GOSPEL of ANY
year in the 35 1/2 years of this Work!
We are, you see, in a YEAR OF TRANSITION -- getting the
Work on a more sound financial basis, by reducing loan balances --
and now we are FORCED to do something DRASTIC to get by this very
tight year of transition.
I now have to make an URGENT EMERGENCY REQUEST FOR LOANS --
if you have a LARGER SUM of a thousand OR MORE dollars -- or even
less -- on hand that you simply CAN'T send in as a donation, that
you LOAN IT to the Work, on the 5-year basis, binding us legally
only to repay up to 20% in any one year. But I promise you we will
consider the Work MORALLY BOUND to repay more than that, even up to
full repayment IF you find you seriously need it.
Brethren in Christ, it is now EITHER THAT or I must start
cancelling out radio and TV stations right and left over the United
States and Canada. I have already had to cut the entire
advertising program in the big mass-circulation magazines and news-
papers IN HALF. I hope this will be TEMPORARY for about six months
only.
But, UNLESS you Co-Workers can, and will, now RESPOND
QUICKLY to the full extent of your ability, I will within 30 days
cancel out 100 or more radio and television stations now carrying
the precious GOSPEL.
Brethren, I KNOW we CAN meet this situation. I know you
won't let me down -- and let THE LIVING CHRIST down at this moment
of crisis. Please join me in taking this situation to God in
serious and believing PRAYER! If we successfully get past this
next five months, the Work can be in the best shape ever during
1970. The living Christ will not let us down -- we must not let
HIM down! Pray URGENTLY! Try to send EXTRA offerings -- and what
you cannot give to the Work outright as a donation, please send the
largest LOANS possible -- and on the 5-year basis. I'm sure this
will tide us over. THANK YOU from the bottom of my heart for your
loyalty and generous sacrifice.
With LOVE, in Jesus' name,
Herbert W. Armstrong