Wednesday, July 9, 2014

Fiscal Year-end Financial Report

June 30th marked the end of our 2013-14 fiscal year at Greenville Seminary. The tables below show our overall financial condition as of the end of June 2014. 

Unrestricted general fund donations during June of $51,463 from churches and individuals were $10,010 below the $61,473 June budget for these types of contributions. However, expenses of $73,102 were $10,079 below the $83,181 budgeted for expenses, as we continue to work diligently to make efficient use of what is given to us. 

We finished our fiscal year with net income from all sources of $100,011, which was just $1,189 below budget anticipations. The year concluded with general operating fund net income of $47,420. Total income of $1,129,623 in FY2013-14 compares with $1,013,369 for FY2012-13, an increase of $116,254. Expenses for the 2013-14 fiscal year of $1,082,203 were down slightly from the $1,089,331 of the previous fiscal year. Unrestricted donations of $759,374 toward general operations for the just-concluded fiscal year were $21,699 above the $737,675 budgeted for that category of giving for FY14 and were up compared to the $744,675 received in FY13. An additional $16,325 was given in non-capital contributions earmarked for such things as scholarships and specified student support, a faculty chair endowment, library grants, staff assistance, and missions travel. Further, $97,193 was received and disbursed to the Capital Fund during FY14. Total contributions for the year, therefore, came to $872,892, which was $15,987 over what was budgeted. The $1,129, 623 income from all sources was $1,322 above budget projections.

We extend our heartfelt thanks to supporters who responded to our Fiscal-Year-End financial appeal. Our goal of $95,000 was not realized, but individuals and churches provided more than $51,000 in response to our appeal to help us get started on our 2014-15 fiscal year. Individuals contributed $29,300 and churches $23,330 to the FY-end campaign.

An anticipated jump in enrollment for the fall semester will likely increase our level of non-contribution income from tuition and fees. Among other things, however, the addition of badly needed new faculty will place new demands on budgeted expenses. We are grateful for recent significant increases in giving by churches, but individual support has been lagging. Therefore, we earnestly ask our faithful supporters and those who appreciate our uncompromising stand for historical truth, but who have not given for a season, to prayerfully consider our needs in the next 12 months. The church of Jesus Christ cannot afford to see the role of GPTS diminished! Please help, with the grace of God, to guarantee its continued advance.

Remember, gifts to GPTS are tax-deductible and may include cash, securities, property or a variety of planned giving instruments. See here for information about planning your last will and testament with the Kingdom of God in mind.

Donation Income (unrestricted)$51,463
Other Income$5,735
Total Income$57,198
Net Income-$15,904

Donation Income$759,374
Other Income$370,249
Total Income$1,129,623
Net Income$47,420

Capital Campaign Goal*$3,500,000
Long-term Pledges Outstanding488,219
Total Received and Pledged$3,847,879
Outstanding Obligations$35,000
Monthly Interest Payment$2,800
Remaining Mortgage$610,817

*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