Tuesday, October 9, 2012

Financial Report for September 2012

Capital Campaign Goal Reached!


In 2003, Greenville Seminary launched "Building On an Old Foundation," our first capital campaign to raise funds for the purchase and renovation of Old Taylors High School, a dilapidated, abandoned but structurally sound landmark on Main Street in Taylors, S.C. By 2008, through God's grace and the generosity of His people, GPTS was able to occupy the elegant new campus where our theological education ministry now thrives.

The original goal for the campaign was $3 million, a figure that was later raised to $3.5 million as the true extent of the need became clearer and financing costs grew beyond expectations. God's people have responded wonderfully since the campaign began. We now rejoice to report that, when past receipts and outstanding long-term pledges are combined, the amended goal of the campaign has been reached!

You will note from the chart below, however, that although the campaign goal has been reached, the actual amount needed to completely amortize the mortgage has not yet been achieved, largely for the same reasons the original goal was extended. Recently our monthly payment has been significantly reduced, taking some pressures off our General Fund. As of the end of last month, our remaining mortgage stands at $889,794. Your help in alleviating this obligation would be greatly appreciated.

Taylors High School 1952

Taylors High School 2004
  
GPTS Today


President's Office Anteroom

Board Room




The tables below show our financial condition as of the end of September 2012. For the month of September, contributions from churches and individuals were $35,635 below what was budgeted. Expenses were $11,278 below budget. 

Please prayerfully consider how you might help provide the seminary with a solid financial foundation for this final quarter of 2012 (2nd quarter of our fiscal year).

SEPTEMBER 2012
Expenses $80,657
Donation Income $27,196
Other Income $29,025
Total Income $56,221
Net Income -$24,436

FISCAL YEAR TO DATE
Expenses $266,141
Donation Income $140,609
Other Income $92,253
Total Income $232,862
Net Income -$33,279

CAPITAL FUND UPDATE
Goal $3,500,000
Received $3,049,328
Long-term Pledges Outstanding $589,483
Total Received and Pledged $3,638,812
Outstanding Obligations $35,000
Monthly Note $4,400
Remaining Mortgage $889,794


If you would like to make a convenient online donation to Greenville Seminary, click the  "Donate" button below. Whether or not you can contribute financially, here is another way you can help the seminary: Spread the Word! Do you know someone that would be interested in learning more about our organization or supporting us? If so, fill out the form here and an e-mail message with a link to our website will be sent to them. Thank you for your continued support for Greenville Presbyterian Theological Seminary

 

Sharing in the Advancement of GPTS

Visit the GPTS Development Office web site for information on ways to support and spread the word about Greenville Seminary.