By Carol Pipes
Director of corporate communications for LifeWay
NASHVILLE — During a virtual meeting on August 25, LifeWay Christian Resources trustees received an update on the impact of the COVID-19 global pandemic on the organization and unanimously approved a $210 million budget for the 2020-2021 fiscal year — 17 percent lower than the 2019-20 budget.
Trustees also elected Jamie Adams as senior vice president and chief information technology officer. The regularly scheduled meeting was conducted via video conference in light of COVID-19 restrictions and safety precautions.
During his report to trustees, President and CEO Ben Mandrell addressed the challenges facing the organization due to declining sales and loss of revenue related to the cancellation of student camps and women’s events. LifeWay leaders are predicting to miss the FY20 budgeted revenue by $61 million and end the year with a net loss of $21.7 million. [Read more…]