News from the Evangelical Lutheran Church in America June 6, 1996 Title: AUGSBURG FORTRESS FINANCES IMPROVED A new financial picture was presented to the board of Augsburg Fortress, publishing house of the Evangelical Lutheran Church in America after last year#s $11.8 million loss. The board met April 25-27 in Columbus, Ohio. It heard that much of the loss was due to changes in the accounting method, inventory write-off and discontinued operations costs, capital investments and the cost of restructuring. The Rev. Marvin L. Roloff, president, said, #We are not in debt. We have some money in the bank.# Despite 1995's financial difficulties, he said, the publishing house did not have to approach its $3.5 million line of credit because of careful cash flow monitoring. While Augsburg Fortress is still operating in the red in the first quarter of 1996, a $2.8 million profit is projected for the year, according to Robert McNulty, vice president for finance. He told the board that most of Augsburg Fortress#s income comes during the last half of the year. The board passed a resolution initiating a #comprehensive strategic plan that sets priorities among the businesses of the house in relation to its constitutional mission and embodies sound financial planning for the future.# Another action requires that #any vice president of Augsburg Fortress selected by the president be elected by the board or the executive committee acting on behalf of the board before he or she is hired.# [ELCA News and Information: 8765 W. Higgins Road, Chicago, IL 60631; phone 312/380-2963]