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Not many institutions or businesses grow that fast even in GOOD
years! MORE IMPORTANT, we managed, by sound management, making
cutbacks, to keep our financial condition in good shape. Today
banks and insurance companies have more confidence in us than
ever before.
Here is STILL MORE important news: In the past week, we have
STARTED preliminary planning on the direly needed new Library
building. As you probably know, we are now in process of pursuing
accreditation. Already two visits have been made to our campus
by accreditation committees. One thing absolutely REQUIRED is a
new, much larger Library building that will house more than twice
our present number of volumes.
We have now chosen the location for the new Library. The
architects are already at work on preliminary plans -- showing
the design and appearance of the building and the floor plans.
This will probably require the first half of this year. Then it
will require perhaps another six months to complete the working
drawings and specifications. We hope to break ground on actual
construction by or before year's end.
But, Brethren, now comes the NOT-SO-GOOD news.
For the year 1970 the SPECIAL OFFERINGS for the PROPERTY &
BUILDING fund actually dropped down 16 1/2% below the preceding
year, 1969. The membership of the Church GREW by 15% to 20%. Yet
we are receiving for this fund considerably LESS than two and three
years ago, when we had only about two-thirds as many members!
We definitely CANNOT proceed with this IMPERATIVE building
program UNLESS there is a very SUBSTANTIAL increase, starting
immediately, in these extra SPECIAL offerings for this special
fund!
Even then we cannot completely finance this project by
ourselves. But our standing with banks and insurance companies
(for long-term loans) is exceptionally high. We have, as I said,
by wise management, kept the financial condition of the College
and of God's Work SOUND.
Now the money market is beginning to loosen up. Our
principal Los Angeles bankers, for the first time in two years,
appeared much encouraged and optimistic over future prospects
yesterday. Although we have large-scale lines of credit with three
major eastern banks, our own Los Angeles bank assured us yesterday
that they will back us with whatever we need, if we decide to go
ahead with this building program this year. This, of course, is
based on procuring 50% long-term loans from insurance companies.
But our mortgage bankers, who procure these loans for us with the
aid of our bank, were absolutely elated when we told them what I am
now telling you of our plans. They feel very confident of being
able to finance this entire project -- including the new radio and
television production building, the Auditorium, the Library, and
a semi-high-rise Editorial and Administration annex building,
putting them all together in one financing package.