​Foundation directors approve budget, two new VPs

​Foundation directors approve budget, two new VPs

ONTARIO —The Baptist Foundation of California has restructured, relocated and rebranded ahead of its 24-month timetable, according to the agency’s president.

Philip Kell reported the news to directors during their March 1-2 meeting at the new office in the Gateway Seminary building in Ontario.

Two vice presidents — Tom Jones and Harold Woodall — were elected during the meeting. Jones is senior vice president for trust services, and Woodall is vice president and chief credit officer. Other staff additions since the relocation include a paralegal, senior accountant and administrative assistant.

Kell noted the organization’s name change after 65 years — now The Baptist Foundation of California — has brought a “host of other changes.”

The Fresno staff have moved to offices in the California Southern Baptist Convention building, Kell told directors, and the Foundation’s Fresno office building is in escrow, which was scheduled to close by the end of March.

Directors approved a revised budget with increases in expenditures and revenue, primarily from the sale of the Fresno building. The new budget calls for the Foundation to earmark $1 million for reserves and end the year with a net cash flow of $51,290.

Directors also heard that the Foundation:

  • is in the process of changing its California Lender’s License from The California Plan of Church Finance to Church First Financial;
  • increased deferred and planned gifts from $9.5 million in 2016 to $17.5 million in 2017;
  • increased assets under management from $130 million in 2016 to $140 million in 2017;
  • distributed more than $7.2 million to churches, their members and ministries, an increase of $5.8 million over the previous year;
  • SoCal Baptist Ministries disbursed more than $675,000 in grants in 2017.
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