Monday, January 6, 2014

Year-end Financial Report

Greenville Seminary closed out the first half of its 2013-2014 fiscal year on December 31st with a wonderful outpouring of support from our faithful contributors. The November-December 2013 year-end financial outreach raised nearly $132,000, some $33,000 short of our goal of $165,000, but still a noteworthy show of support. We deeply appreciate all who gave generously and sacrificially to help assure that the ministry of this unique theological school will go forward in 2014. Your gift this month will help us realize the year-end goal of $165,000 needed to see us through the often fiscally austere winter months.

General fund contributions from individuals and churches for calendar year 2013 totaled $1,061,874, compared with $1,060,879 during 2012. The 2013 donations were $108,175 above the $953,699 we had budgeted for that source of income during 2013. Income from all sources totaled $1,313,259 in 2013, compared with $1,322,923 in 2012. As can be seen, GPTS depends on contributions for the vast majority of our operating needs.

The tables below show our overall financial condition for the current fiscal year as of the end of December 2013. (These are preliminary numbers which are likely to increase as December postmarked contributions are received. Tables will be updated accordingly.) Unrestricted general fund donations in December of $119,740 from churches and individuals were $58,267 above the $61,473 December budget for these types of unrestricted contributions. Expenses of $92,322 were $4,320 above the $88,002 budgeted for expenses. (The seminary's current fiscal year runs from July 1, 2013 through June 30, 2014.)

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 hereSee here for information about planning your last will and testament with the Kingdom of God in mind.


GENERAL FUND - DECEMBER 2013
Donation Income (unrestricted)$119,740
Other Income$14,975
Total Income$134,715
Expenses$92,322
Net Income$42,393

GENERAL FUND - FISCAL YEAR 2013-14
Donation Income$393,861
Other Income$126,310
Total Income$520,171
Expenses$509,055
Net Income$11,116


CAPITAL FUND
Capital Campaign Goal*$3,500,000
Received$3,273,069
Long-term Pledges Outstanding$570,531
Total Received and Pledged$3,843,600
Outstanding Obligations$35,000
Monthly Interest Payment$3,560
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. Gifts may also be mailed to: Greenville Seminary, PO Box 690, Taylors SC 29687. 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