The Foursquare Church's financial results for the first half of 2009 show significant progress toward the goal of a balanced budget in 2010. For the six months ended June 30, tithe income was slightly ahead of the denomination's Annual Operating Plan (AOP)—a provision for which to be thankful to the Lord in the midst of a worldwide economic downturn.

As was noted in prior communications from Pastor Jack Hayford, numerous cost-cutting steps have been implemented in the central office, including the reduction of nearly 60 staff members from the central office, administrative resource centers and field-based ministries. The full impact of those reductions has started to be realized—expenses were below the AOP through the first six months of the year. Although a net loss of $1.3 million was incurred through June 30, this was more than $600,000 better than the planned deficit of $1.9 million for the six-month period.

Significant steps have been taken to ensure that The Foursquare Church stays on target toward a 2010 balanced budget. The board of directors appointed a finance committee in December 2008 to provide additional oversight and monitoring of denominational finances. The committee is chaired by COO/treasurer Sterling Brackett and includes Interim President Glenn Burris Jr., three additional non-officer board members, and central office staff members from the accounting department, planning department and the National Church Office.

Two other changes that have taken place in the financial area are the conclusion of Jeffrey Bird's service as Chief Financial Officer and the appointment of Ron Thigpenn as interim director of finance.

The Foursquare Church acknowledges and gives thanks for Jeffrey Bird's contributions as controller/CFO the past six years. Jeffrey has faithfully served The Foursquare Church and is wished well as he pursues God's call for this next season of his life.

Ron has significant experience in the area of finance, having worked for seven years as a CPA with PricewaterhouseCoopers, 10 years as CFO/COO for two financial institutions in the Los Angeles area, and nearly five years in the corporate finance department of WellPoint Health Networks before spending the last seven years as Foursquare loan fund manager. Ron is also an ordained Foursquare pastor (as is his wife, Judy), having served for four years as a senior pastor and the last five years as an associate pastor in two local Foursquare churches.

Transparency and accountability in all areas of life and ministry are important values of The Foursquare Church. In that vein, financial issues affecting the denomination will be covered in each issue of Foursquare Leader, a publication that mails to all Foursquare credentialed ministers.

For any comments or questions, contact Ron Thigpenn at 888.635.4234 or rthigpenn@foursquare.org.