Chief Financial Officer (CFO) Ron Thigpenn reported that the financial statement of The Foursquare Church had a $15.7 million improvement in 2012 from the previous year. Ron stated that a significant factor was a recovery in the market; the other major factor was that the board of directors and managers continued to live within the tithe and provide more funds for ministry.
Looking toward the future, the board of directors approved the 2013 Annual Operating Plan (AOP) and reiterated its commitment to living within the tithe. If the economy continues to improve, the tithe and missions revenue should stay strong, thus enabling the funding of more ministry.
A major risk for 2013 is the high level of loan delinquencies among local churches, which has been a persistent problem in the past few years. However, districts and Foursquare Financial Solutions (FFS) have partnered together to resolve the issues that contribute to the delinquencies, and the number of delinquencies has been reduced significantly.
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 loans and rebuilding corporate reserves in 2013 and beyond.”
Download the financial report (PDF, 874 KB).
Download the CFO's financial report (PDF, 29 KB).