Friday, August 9, 2013

Financial Report for July 2013

July 2013 Performance
Greenville Seminary began its 2013-14 fiscal year on July 1. The tables below show our overall financial condition as of the end of July. Donations of $43,276 from churches and individuals were $18,197 below the $61,473 July budget for unrestricted contributions. Expenses of $87,881 were $424 below the $88,305 budgeted for expenses.

The New Budget
The 2013-2014 budget calls for total income of $1.14 million, down from last fiscal year's budget of $1.3 million and actual income of $1.2 million. The new budget's income figure anticipates $737,675 in contributions from churches and individuals, which constitutes 65 per cent of budgeted income. Tuition income is budgeted at $169,988, up from last fiscal years actual tuition income of $128.125, owing mostly to larger enrollment for the coming academic year. Total expenses for the new fiscal year are budgeted at nearly $1.03 million, compared to last fiscal year's budget of $1.1 million and actual expense of $821,967. A significant increase was budgeted for the seminary's Office of Development and Recruiting, a major component of which is a large anticipated increase in dues to the Association of Reformed Theological Seminaries as ARTS seeks full status as a nationally recognized accrediting agency through the Council on Higher Education Accreditation (CHEA).

With the our new academic year looming, 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. SENIORS PLEASE NOTE information about IRA Charitable Rollovers in 2013, as explained here.

Donation Income (unrestricted)$43,276
Other Income$23,360
Total Income$66,636
Net Income-$21,245

Donation Income$43,276
Other Income$23,360
Total Income$66,636
Net Income-$21,245

Capital Campaign Goal*$3,500,000
Long-term Pledges Outstanding$583,294
Total Received and Pledged$3,848,413
Outstanding Obligations$35,000
Monthly Interest Payment$3,259
Remaining Mortgage$691,442

*Although the formal fund-raising campaign goal has been more than realized when combining receipts to date with pledges outstanding, 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.