Presented by CFO Ron Thigpenn, the 2011 financial report reflected the continuing commitment to “live within the tithe” while adapting to economic realities and reducing risk related to delinquent loans.
Extension tithe increased slightly, while missions giving was 20 percent higher. Overall Foursquare Church operations (not including Foursquare Foundation) generated a surplus of $2 million, as opposed to a loss of $2.7 million in 2010.
According to the report, the 2012 annual operating plan “marks the second year in a row we have budgeted positive net income from core ministry obligations.”
A high level of loan delinquencies continues to be the major risk area for 2012. One way this will be addressed is through partnership with districts to help local churches develop strategies to resolve loan issues.
The report concluded: “We will continue to balance the multiple tensions of maintaining a balanced budget, returning more money to the field for ministry, addressing the resolution of delinquent loans and rebuilding corporate reserves to the $35 million target level.”
The financial report was unanimously approved by the convention body.
Download the financial report (PDF, 836 KB).