GBN's Bi-Annual Financial Highlights
GBN Financial and General Highlights – January - June 2012
Ralph Upton, Director of Finance
1. Contributions for operational expenses were down 21.1% from the same period last year.
2. However, contributions to our building fund were $233,000. (At the time of this printing, we are up to $313,611,000. We only need to raise an additional $175,389 to completely pay for the new building in Olive Branch, MS.)
3. Overall expenses were down $88,758.45, or 11% from last year.
4. Broadcasting expenses were down $157,033. This was due to the elimination of non-recurring “past due” bills from last year and our 50% rate reduction with C-band transmission. This also includes the cost of adding 3 more cable stations this year.
5. Promotional expenses were down $16,761.84, primarily due to mailing newsletters less frequently, utilizing more email communication, and mailing one-page thank you letters to our regular donors.
6. We reduced our long term loan by $247,000, leaving a balance as of July 1st of $152,172.78.
7. We have made some very tough, financial decisions over the past 18 months. However, the Lord has blessed GBN richly, and we should be able to completely retire our long term loan by the end of this year.
8. We look forward to completing the physical move of GBN offices and production studio to Olive Branch, MS on or before April of 2013. This facility should be less expensive to operate and is near our overseeing eldership at the Southaven congregation. Its location in the Memphis area also affords us opportunities to work with students from the Memphis School of Preaching and Freed Hardeman University.
9. We are thankful for your continued prayers, words of encouragement, and financial support as we spread the gospel of Christ to the whole world.
10. To God be all the glory!