Chief Financial Officer and Treasurer Ron Thigpenn reported that the 2016 consolidated financial statements for The Foursquare Church show an increase in net assets of $26.7 million. The Foursquare Church’s balance sheet shows approximately $1.25 billion in total assets, with the most significant assets in land, buildings and equipment, local church properties and investment portfolios.
For the second year in a row, more than $6 million of extension tithe was returned to local churches for investment in ministry. The Foursquare Church is committed to being able to return 80 percent of the extension tithe to local churches and districts by 2020.
The risk of loan delinquencies among local churches still exists. However, in 2016 the principal balance of outside loans decreased by almost 15 percent compared to the previous year. Delinquencies in IFLF (International Foursquare Loan Fund) loans increased almost three percent in 2016. But by February 2017, that amount was declining. Many nonperforming loans are being converted to performing loan workouts that are being quite successful.
Ron stated that there is continued effort to maintain a balanced budget, returning more money to the field for ministry, addressing delinquent loans and rebuilding corporate reserves. He expects 2017 to be a year of continuing stability and progress.