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Members of the Baptist World Alliance’s executive committee, after hearing a sobering financial report detailing investment losses over the last year, agreed to slash the group’s 2009 budget by $900,000, or nearly 30 percent.

Leaders of the global umbrella organization, meeting March 3-4 at Falls Church, Virginia, reduced the budget to $2.1 million. Ellen Teague, finance director, said the cuts were necessary to maintain a decent amount of reserve funds.