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Not only were receipt of tithes and offerings falling
short of the needed annual increase, but the LOAN situation became
acute. Many Co-Workers, thinking that dollars LOANED to the Work
would be doing as much good as dollars GIVEN, began sending their
offerings as loans. The thought, of course, came to mind that this
way they could get it back someday if needed or desired. But we
had to show it on our books as "DEMAND loans." It became top-
heavy. We foresaw that our next financial statement would APPEAR
to be unsound. Now WE knew, from years of experience, that only
about 20% of these loans would be demanded for repayment -- 80%
eventually would be converted to donations. But a banker examining
our financial statement would not know that. Actually, we
maintained a 20% cash reserve to back up these loans. Actually our
practice was TWICE AS SAFE as bank practice. But we cannot afford
to have it LOOK unsound. God's Work MUST NOT BE BROUGHT INTO
DISCREDIT by any act or oversight of ours!
So I have had to ask all of you who can to cancel out your
loans by converting them into donations or freewill offerings.
And, if you simply CANNOT do that at this time, to convert them
into FIVE-YEAR loans instead of demand loans -- that is, we
would not be legally bound to repay more than 20% in any one year.
I have explained that, IF an unexpected emergency should arise and
you should seriously need more than 20% at any time, we would try
to accommodate you and do the best we could, at our own discretion
-- but without legal obligation. And I feel sure you can trust the
men the living CHRIST has chosen and placed in the top
responsibilities of His Work!
YOU CAN GREATLY HELP THE WORK BY DOING THIS!
The last report from our business office shows we are
making A GOOD START in solving this loan dilemma. Of course,
additional loans have been sent in and accepted by us -- but from
January l through March 21, even with the new loans added, our
total loans on the books have been reduced by 22%. However, 19% of
the amount of loans remaining on the books have been converted to
5-year loans. Thus the total DEMAND loans have so far been reduced
by 36.4% since the first of the year.
That is a GOOD START! I want most sincerely to THANK all
who have turned loans to freewill offerings, as well as those
changing loans to the 5-year plan. But I feel we must at least
DOUBLE that reduction before June 30th. Please pray over it --
those of you who still have demand loans on our books -- and see
whether you cannot convert them to offerings, or, if unable to do
that, at least change to a 20% a year basis.
Also, since January 1st, we have been called on to repay a
little more than 4% of the total loans on our books. Let's all
pull together -- each do all you possibly can for the Work of God!
I feel hopeful, now, that we shall be able to show a good
sound financial statement by June 30th. Mr. Portune, Controller,
head of the Business Department, smilingly says he feels he has at
least three more black hairs (replacing some gray ones he was
getting around the temples). Let's help him get rid of the gray