Treasurer’s 2015 Cabinet Report
Chief Financial Officer Ron Thigpenn reported that the combined tithe and missions giving of Foursquare churches remained strong throughout 2014. Financial statements do show that The Foursquare Church had a small decrease of $60,000 in net assets for the year; this decrease was primarily due to investment income.
The board of directors approved the 2015 Annual Operating Plan (AOP). The shift toward using aligned business income to fund a portion of the administration costs continues; work continues toward the goal of aligning 100 percent of the tithe to the field.
The major risk of high-level loan delinquencies among local churches still exists. However, in 2014 many of the troubled loans were addressed by partnering with districts to assist local churches. Both short- and long-term plans were developed to help resolve the loan issues.
Ron closed his report by reaffirming Foursquare’s commitment to maintaining a balanced budget, increasing the amount of money to the field, eliminating loan delinquencies and building corporate reserves.