Convention Business Foursquare Connection 2016 Reports + Updates.
2016 Financial Report
Ron Thigpenn, CFO and treasurer of The Foursquare Church, presented a strong report of fiscal health to the convention body. Member church contributions have now increased after remaining steady for three years.
This reversed the net asset decrease of the past three years. In fact, there was an increase of net assets of over $31 million, and almost $6.5 million of extension tithe was returned to the local church for investment in ministry aligned to the three Missional Objectives of leadership formation, church multiplication and church transformation.
The strategic sale of some Echo Park properties in Los Angeles has resulted in an increased investment portfolio balance, and it was also noted that we have a declining percentage of delinquent loans, currently down to 2 percent. Furthermore, we are now able to collect payment on loans that were often severely delinquent.
Even with this excellent year behind us, the current budget has been based on a conservative $30 million tithe allocation to encourage budget leanness, and to continue to maximize administrative efficiency, in order to funnel more capital into the front-line ministry of the church.
2016 has signs of great success as we continue to align everything to the Great Commission and pursue the goal of Stake 3, which is to return 100 percent of the tithe to the field, local and district.