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Mr. LaRavia mentioned that we are still hoping to sell the Big Sandy
campus. We are also looking into refinancing some of our assets, but
that takes time. In the meantime we need immediate relief for our
financial situation. He explained that although we have just under
gone budget adjustments (cuts), the realization of many of these
economies are still downstream due to previous financial commitments
which experience a natural lag time in finally being paid. (Mr. Arm
strong is writing a letter to the membership regarding the current
income/outgo situation and the reimposition of the receivership.)
Since the legal battle we have been thrust into as a result of the
original court appointed receiver has created financial repercussions
within the Work, Mr. LaRavia said that Mr. Armstrong had authorized an
appeal to the employees for their help. It concerns an interim program
to be conducted on a voluntary basis among the employees. Although it
is only in the initial thinking stage (additional information in the form
of a letter will be given to each employee soon), he was asked to intro
duce the idea at the meeting.
The payroll, of course, is the single largest portion of the Work's
budget. The idea is that perhaps a number of the employees may be able
to forego a paycheck or a portion of it, or perhaps withhold receiving
a check during a pay period in the next couple of months.
Of course,
he hastened to say that some may not be able to experience any kind of
cut in their pay at all. This will be a voluntary and individual decision
in any event, but any sacrifices under the present distress would be
helpful at this time.
Mr. LaRavia stressed that Mr. Armstrong is only asking that each person
ask themselves if there is a way that they could help. That is all he
is asking and that is certainly all that God would ask of us. The goal
is reduced expenses, especially in the area of payroll, as much as we
are able during this rather rough period.
REIMBURSEMENT OF MINISTERIAL EXPENSES
As many of you know, you have not received a reimbursement for overages
for December, January, or Conference expenses due to the Accounting
Department being extremely behind because of the receivershp situation
that started the third of January.
Accounting had hoped to be caught up by the end of February and felt at
the time they could get your reimbursements to you faster than they have
been able to thus far. However, a large number of expense reports haven't
been processed due to a necessary employee termination. It took a period
of time to find a replacement and begin smooth functioning again.
To compound this problem, the bank in January withdrew the line of credit
for the loan we normally draw upon at this time of year to get us through
a high expense-low income period. Thus we're feeling the effects of the
peaks and valleys of normal cash flow. We have to make sure our expenses
are as level as possible.
The Accounting Department obviously would appreciate your patience in
waiting for these reimbursements. They aren't sure of when they will be
able to get everything caught up. It may be a month or more. They are