First counselor J. Reuben Clark confides to Brigham Young University-s president that in 1938 the church spent nearly $900,000 more than its revenues. As a result Clark begins policy in 1939 of having fixed annual budget for all church expenditures to avoid deficit-spending. On Aril 1, 1940 Clark informs meeting of all chruch auxiliary leaders about 1939 deficit, as well -a deficit of over $100,000, from the point of income and expenditures- in 1937. He also refers to this deficit-spending in general terms during his remarks to general conference in Apr 1940.
[Source: http://www.advent-adam.com/jakestand.html (cached, based on http://amzn.to/newmormonstudies)]
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