Treasurer’s Report 2014
Chief Financial Officer Ron Thigpenn reported that the financial statements of The Foursquare Church show a $12.9M improvement in net income for 2013 compared to 2012.
The board of directors approved the 2014 AOP (annual operating plan). There is a shift toward using aligned business income to fund a portion of the administration costs; this will free up tithe income to be reinvested in the field.
A major risk for 2014 continues to be the high level of loan delinquencies among local churches. However 2013 saw great success in accelerating the progress of addressing troubled loans through Foursquare Financial Solutions (FFS).
Ron closed his report by stating: “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 and workout loans and rebuilding corporate reserves in 2014 and beyond as we Reimagine Foursquare.”