Chief Financial Officer and Treasurer Ron Thigpenn reported that the 2015 consolidated financial statements for The Foursquare Church show an increase in net assets of $31.4 million. Almost $6.5 million of extension tithe was returned to local churches for investment in ministry.
In order to facilitate Reimagine and reduce the central office’s reliance on tithe income, several Echo Park properties were sold, and the approximate $17 million of net proceeds was added to the corporate investment portfolio. This investment should generate greater long-term returns.
The risk of loan delinquencies among local churches still exists. However, in 2015 many of the troubled loans were addressed by partnering with districts to assist local churches. The short- and long-term plans developed to help resolve the loan issues seem to be effective.
Ron closed his report by reaffirming Foursquare’s commitment to maintaining a balanced budget, increasing the amount of money to the field, eliminating loan delinquencies and building corporate reserves.