Monday, June 6, 2016

Countdown to Closeout: Financial Report

The 2015-16 academic year has come to an end, and this month also marks the closeout of our 2015-16 fiscal year at Greenville Seminary. Our faithful supporters have made extraordinary sacrifices to ensure that this singular institution remains a viable and powerful force within the church in these critical times. In the words of legendary hymn-writer Fanny Crosby, "To God be the glory, Great things He has done...."

Student Couple Steve and Laura Cliff
For one student, the "great things" included an the opportunity for in-depth study of Christian apologetics. Laura Cliff, one of our Master of Arts students and wife of student Steve Cliff from New Zealand, looks back at her past year at GPTS, saying, "I am so honored and blessed to have spent the whole year studying the life and apologetics of a humble man named Cornelius Van Til. I not only gained insurmountable wisdom for sharing the gospel, but a deep respect and confidence for the majesty, power and authority of God and his Word that I never even knew was possible. I'm no longer ashamed or intimidated to unleash this lion on every false pretense that puffs up against it in order to magnify the truth of my glorious Lord. May God continue to shine through this man's efforts."

As of the beginning of this final month of the fiscal year, GPTS supporters had donated $672,473 in FY2015-16. Our budget for this period anticipated that undesignated general fund contributions from churches and individuals would total $747,542. Our budget for income from all sources for the fiscal year through May was $1,010,592, whereas actual such income was slightly higher at $1,057,741.

fundraising ideas for schools, churches, and youth sports teamsOur total-income budget for the full current fiscal year, which ends June 30, is $1.23 million. As things stand, we need some $172,300 before the end of June to meet our budgeted obligations for the rest of FY2015-16. We will need an additional $200,000 above budget to replenish a reserve fund that we have tapped monthly during the current fiscal year. That fund is now depleted. Thus, in total, we need $372,300 from contributions and other income sources to finish the current fiscal year without a deficit and refill our reserve coffers which are so critical to cover monthly income fluctuations in the coming fiscal year.


The tables below indicate our general operating fund financial situation as of the end of May 2016 and the first 11 months of our 2015-16 fiscal year. Unrestricted general fund donations from churches and individuals during May totaled $69,002, which was $1,044 above the $67,958 budgeted for such income. Total income for May was $86,049, including $16,667 from a reserve stemming from an unbudgeted bequest. Expenses of $97,318 were $4,168 below the $101,486 budgeted for expenses.

GENERAL OPERATING FUND – MAY 2016
Donation Income (Unrestricted)
$69,002
Other Income*
$17,047
Total Income
$86,049
Expenses
$97,318
Net Income
($11,268)

GENERAL OPERATING FUND – FISCAL YEAR 2015-16
Donation Income (Unrestricted)
$672,473
Other Income*
$385,268
Total
$1,057,741
Expenses
$1,135,160
Net Income
($77,419)

*Includes a $16,667 monthly draft from a 2015 bequest reserve (see graph below).



 CAPITAL FUND
 Capital Campaign Goal
$3,500,000 
 Received
$3,463,680 
 Long-term Pledges Outstanding
$238,699 
 Total Received and Pledged
$3,702,358 
 Outstanding Obligations
$0 
 Monthly Payment (Interest Only)
$2,735 
 Remaining Mortgage
$570,817 


Donate to GPTS through the PayPal Giving Fund. Giving through this Fund means 100% of your gift will reach GPTS, without the usual processing fees deducted. You can also support the seminary by buying and selling through the eBay for Charity system.
Gifts may also be mailed to: Greenville Seminary, PO Box 690, Taylors SC 29687.

And don't forget to do your online shopping at AmazonSmile. Log on to smile.amazon.com and select Greenville Presbyterian Theological Seminary as your charity. Or click on the AmazonSmile banner at the very bottom of this e-newsletter. 
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Fidelity Charitable and Schwab Charitable clients: Click here for Donor-Advised Fund direct deposit. Wells Fargo employees: check with your company about matching gifts to GPTS.
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Most of all, be fervent in prayer that God would provide all that is needed for us to do what He has called us to do in this ministry which the church so badly needs in these uncommon times.

Remember, gifts to GPTS are tax-deductible and may include cash, securities, property or a variety of planned giving instruments. (The tax deduction is reduced by the fair market value of any premium received in return for a donation.) See here for information about planning your last will and testament with the Kingdom of God in mind.

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. (Click the tiny "M" e-mail icon at the bottom of this post.) Thank you for your continued support for Greenville Presbyterian Theological Seminary