Trustees of LifeWay Christian Resources adopted a record operating budget for 2000-01, approved major capital expenditures and reviewed plans for the first phase of building construction in revitalizing LifeWay’s two conference centers.
The operating budget of $418,895,000 was proved during the Sept. 11-12 meeting, along with fixed assets expenditures of $40,330,000.
Ted Warren, chief operating officer and executive vice president, told trustees that projected revenue for the agency’s 1999-2000 fiscal year ending Sept. 30, is $372,184,000 exceeding the budget of $362,668,000 by $9.5 million or 2.6 percent. The increase is 11.6 percent above the previous year’s revenue. Funds provided from operations – money for reinvestment in ministry expansion after all expenses have been paid – are expected to be 3.3 percent, compared to a budgeted 2.9 percent.
Major expenditures
Major fixed assets expenditures include funding of new information software systems to enable LifeWay
Christian Stores to more effectively serve customers; furnishings for a renovated area of the Nashville complex; and the first year of construction on a hotel and conference facility at Ridgecrest, N.C.
They also authorized additional funding for the Nashville facilities master plan, designed to meet space needs through 2015.
In reporting on the revitalization plan for LifeWay’s national conference centers at Glorieta (N.M.) and Ridgecrest (N.C.), T. Michael Arrington, vice president of corporate affairs, told trustees LifeWay will ultimately construct more guest accommodations, conference and meeting space; update existing facilities, enhance service and ministry; implement best practices in operation and plan and market spiritually transforming event.
In August, LifeWay announced a centralized organization with top leadership based in Nashville as the first major step in total revitalization of the two conference centers. Under the new structure, the centers will operate as one organization with facilities at two locations. Comprehensive sales and marketing plans have been developed, Arrington said, and master facilities plans are progressing.
Step one of construction at Ridgecrest will begin with an investment of $8.5 million during fiscal 2001 and 2002, for a 120-room hotel, conference space for 1,200 persons and 100 additional parking spaces.
In other matters, trustees received a report changing the name of National Student Ministry to National Collegiate Ministry. (BP)
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