Wednesday, July 10, 2013

Financial Report for June 2013 and Fiscal Year 2012-13

Greenville Seminary closed out its 2012-13 fiscal year on June 30. The tables below show our overall financial condition as of the end of June. As can be seen, the seminary ended the fiscal year with a deficit of nearly $76,000. Donations of $923,964 were $178,993 above the $744,971 in unrestricted contributions received from individuals and churches the previous fiscal year. Total income for the 2012-2013 fiscal year of $1,148,369 was $185,993 higher than the $962,376 received in the previous fiscal year. We are grateful to God and His people for these increases. Our expenses for the just-concluded fiscal year were $120,156 higher than those of the previous fiscal year. The deficit shown in our general fund report below is the result of the fact that $135,000 we received from a bequest was transferred to our Capital Fund, as planned. 

Please pray with us that God's people will be blessed with resources which God may inspire them to use in support of our ministry to His church. We see prayer as a vital foundation for realizing our material needs. We invite you to take time to read the special message from our Board Chairman Jeff Kingswood at the head of this newsletter.

With the beginning of our new fiscal year, your gifts during this month are crucial to our financial stability and for our operations during the summer months. Typically, with common summertime downturns in charitable giving and an absence of tuition income, these months are a critical period for meeting our ongoing financial obligations. We need your help.

Remember, gifts to GPTS are tax-deductible and may include cash, securities, property or a variety of planned giving instruments. 

Donation Income$73,690
Other Income$7,235
Total Income$80,925
Net Income-$5,903

Donation Income$923,964
Other Income$224,405
Total Income$1,148,369
Disbursed to Capital Fund$135,000
Net Income-$75,962

Capital Campaign Goal*$3,500,000
Long-term Pledges Outstanding$583,508
Total Received and Pledged$3,845,670
Outstanding Obligations$35,000
Monthly Interest Payment$3,424
Remaining Mortgage$691,442

*Although the formal fund-raising campaign goal has been more than realized, additional funds are needed to amortize the balance of our mortgage.

If you would like to make a convenient online donation to Greenville Seminary, click the  "Donate Online" button above. 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, share a link to this newsletter or our website. Thank you for your continued support for Greenville Presbyterian Theological Seminary.