Wednesday, September 7, 2016

Stewardship Report for August 2016

A Special Stewardship Message from President Pipa:

Greenville Seminary is richly blessed with a highly committed group of faithful supporters who have manifested their interest in our work by their gifts and have made a difference in the life of this institution. With this in mind, I want to let you know that as we began our new fiscal year in July, we were facing financial pressures which initially left our Fiscal Year 2016-17 budget out of balance by $126,000.

However, during August and the first week in September, as we reached out to a number of key supporters, we received special gifts, above our usual level of support, totaling more than what was needed to close the budget gap cited above. In all, non-earmarked gifts from Aug. 1 through Sept. 7 totaled $168,064. Our budgeted income estimates have therefore been adjusted to bring the 2016-17 budget into balance. For these gifts and these givers, we are most grateful.

We need approximately $80,000 per month in donations from individuals and churches to cover our budgeted operating expenses. We depend on donation income for 70-80 per cent of our operating costs. We earnestly seek to be good stewards of the funds entrusted to us. Although we have raised tuition in small increments over the past few years, we have a long-standing policy of keeping costs low for men called to the ministry so that they do not finish seminary in debt. Moreover, our church-subsidized tuition-waiver program enables men to study tuition free, but this does not provide the equivalence of the full-time tuition ($3,000-$3,800 per student per semester). More than half of our students are participating in this waiver program this semester.

As typically happens, we had a decrease in regular donations this past summer and used a portion of the special appeal gifts to pay budgeted expenses. We continue to need a strong showing of support as we move through September and the Fall Semester. We believe also it will now be wise, indeed necessary, to build a reserve of $200,000 from which we may draw when needed to cover ordinary monthly cash flow fluctuations typical of charitable organizations that rely heavily on donations.

Each person has a different capacity to give, and I hope no one will feel burdened or pressured by this report. Primarily, I want to keep our partners informed and ask you to please make this a matter of prayer. If you are able to make a gift over and above your regular giving, it will be a significant help in meeting the needs of the seminary. 

Dr. Joseph A. Pipa, Jr.
President



The tables below indicate our general operating fund financial situation as of the end of August 2016 and the first two months of the 2016-17 fiscal year.

Budget Performance:

Unrestricted general fund donations from churches ($19,504) and individuals ($133,373) during August totaled $152,877, which was $74,877 above the $78,000 budgeted for such income. Expenses of $132,579 in August were $33,727 above the $98,852 budgeted for expenses.

Actual Income and Expenses:


GENERAL OPERATING FUND – AUGUST 2016
Donation Income (Unrestricted)
$152,877
Other Income
$32,764
Total Income
$185,641
Expenses
$132,579
Net Income
$53,062

GENERAL OPERATING FUND – FISCAL YEAR 2016-17
Donation Income (Unrestricted)
$198,519
Other Income
$37,469
Total
$235,988
Expenses
$197,396
Net Income
$38,591



 CAPITAL FUND
 Capital Campaign Goal
$3,500,000 
 Received
$3,467,843 
 Long-term Pledges Outstanding
$236,437 
 Total Received and Pledged
$3,704,190 
 Outstanding Obligations
$0 
 Monthly Payment (Interest Only)
$2,113 
 Remaining Mortgage
$577,495 


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. 
_______________________

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.
Do you work for a company that offers matching gifts when you contribute to a charity? Why not ask your employer about whether your gifts to GPTS can be matched. Here is a list of some of the top companies that offer matching gifts or reward your volunteer work for your charity. Many other companies do as well, to support employee charitable giving and extend corporate philanthropy.
_______________________

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