2015 Financial Report
CFO Ron Thigpenn shared via video report about the financial state of The Foursquare Church. 2014 proved to be another strong year as member church contributions comprising tithe and missions giving equaled $38.4 million, compared to 2013’s $38.5 million.
As of the close of the year, Foursquare saw an increase of $5.2 million in total investments and ended the year with $2.7 million in cash.
The 2015 Annual Operating Plan approved by the board of directors, reflects the continuing shift toward using aligned business income to fund administration costs. In practical terms, local churches participating in the covenant tithe received a check in early May totaling 20 percent of the extension tithe for their local churches for the second half of 2014. A second distribution based on tithes received for the first half of 2015 will take place in October.
Though loan delinquencies are still identified as a risk in the financial report, plans have been successfully developed and implemented to resolve these issues, as reflected in the significant decrease in internal loan delinquencies from 28.3 percent two years ago to just 3.8 percent at the end of 2014 and a decrease from 6.1 percent to 3.8 percent in external loans with funds advanced to outside lenders on behalf of local churches that were unable to make their payments on a timely basis.
The ongoing financial focus is to balance “the multiple tensions of maintaining a balanced budget, returning more money to the field for ministry, addressing the resolution of delinquent and work out loans, and rebuilding corporate reserves in 2015 and beyond as we Reimagine Foursquare,” stated Ron.