2011 Financial Update
By: Glenn Burris Jr., president of The Foursquare Church
The Lord certainly blessed us with the addition of our Chief Financial Officer Ron Thigpenn. Ron has engineered a remarkable turnaround in our ability to both gauge and steward our financial responsibilities.
Local church loan and insurance delinquencies continue to be concerns, and those areas are being addressed; however, we have made tremendous gains in reversing deficit spending and replenishing our reserves.
We have reduced our annual operating core budget by more than 21 million, and that has taken us to pre-2004 spending levels. We can now celebrate ending 2010 in the black in regard to our core operations, which are funded by the tithe.
Our projected 2011 budget is balanced, a fact that reinforces our commitment to a lean structure. There are still areas that need strong management and oversight, but I’m convinced we’ve turned a significant corner with our finances.
Learn More
Download: 2011 Cabinet Financial Report (PDF, 348 KB)
Download: 2011 Cabinet AOP Report PowerPoint Presentation* (PPT, 1.2 MB)
MP3 Download: Ron Thigpenn Reports a 2010 Surplus; 2011 Balanced Budget (41.4 MB)
Explanation of the 2011 Cabinet AOP Report PowerPoint Presentation
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Page 1: Tithe Allocation—2011 Annual Operating Plan—a graphical representation of how the $29 million of planned extension tithe revenue for 2011 will be spent.
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Page 2: Living Within Our Means—a graphical representation of the progress made in living out management and the board’s commitment to “live within the tithe.” We achieved a Core Ministry surplus in 2010, and we are projecting a surplus for 2011 as well.
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Page 3: Reducing the Size of the Central Office—a graphical representation of the reduction of Central Office expenses in 2010 to pre-2004 levels, with additional reductions projected for 2011.
- Page 4: Regaining Financial Strength—a graphical representation of the rebound of the Corporate Investment Portfolio after significant market losses and use of reserves to fund operating deficits.