Cabinet 2012

Cabinet 2012. Foursquare Family Business.

Financial Update

Chief Financial Officer Ron Thigpenn began his finance report by stating that he and his team have made a commitment to streamline their processes in order to most effectively support the mission of The Foursquare Church. That statement, in addition to the clear evidence that operations have been streamlined, set a very positive tone for the financial update.

Core ministry expenses were reduced by $2.3 million. Core ministry operations had a net income of $1.48 million (excluding the $868,000 Foundation tithe).

The net core ministry income was returned to the field in the form of subsidized payments for outside loans on behalf of churches that defaulted on their loans. In other words, the central office was able to cover loan payments for churches that were unable to make their monthly payments to mortgage lenders on a timely basis.

Member church contributions (combined tithe and missions giving) showed an increase over the previous year, marking a significant turnaround after two years of decreasing contributions.However, the weak economy and the high number of loan delinquencies are still significant concerns.

The Foursquare board of directors approved a 2012 annual operating plan (AOP) in January; this balanced budget reflects the board’s commitment to live within the tithe.

The 2012 balanced budget marks the second year in a row that the central office has budgeted positive net income from core ministry operations. This is no small accomplishment in light of the fiscal difficulties of the recent past.

Treasurer's Report
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Financial Presentation
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