With resounding praise to God for grace, mercy, and favor, the Los Angeles office of The Foursquare Church announces the recovery of $3.95 million of funds lost by investments in the IPIC corporation–one of the companies investigated by the Securities and Exchange Commission and found to be fraudulent. “Surely this is a token of God’s kindness to us,” said Pastor Jack Hayford, president of the movement. “There is usually little likelihood that anything will be recovered where such schemes have succeeded. There seems little likelihood of more being recovered, but we are, nonetheless, rejoicing in this huge restoration of resource.”
In his October letter to all credentialed Foursquare ministers in the United States, Hayford explained the apparent possibilities that a full $200 million will be placed in our new foundation–dedicated to facilitating evangelism and extending the global impact of the movement’s quest to serve God’s calling. He further reported on all losses and allocations made from the additional $50 million resulting from the $250 million sale of radio station KFSG. “I am grateful for the many who have written, called and spoken to me–indicating their appreciation for this clarification. There is a wonderful, growing recovery of confidence and assurance among our churches regarding the management of these monies, and I am thankful for the hard work the foundation board members have exercised to assist us toward this goal.” He went on to add additional announcements regarding the foundation itself.
1. In a decisive and unanimous action aimed at affirming the fact that the foundation operates under the authority of The Foursquare Church and exists to facilitate the mission of the Church, the foundation’s board voted to change the name from the “Eternity Foundation” to the “Foursquare Foundation.”
2. A study is being made of new structures that, when implemented, will enfranchise a larger group of advisors to the foundation board. This will give much broader representation from the Foursquare Church community, involving as many as thirty leaders in the advisory group that will have input with the eleven-member foundation board.
3. As the bylaws currently stand and will continue, all appointees to the Foursquare Foundation board are made with the consent and the approval of the board of directors of the International Church of the Foursquare Gospel. That same international board would also confirm the advisory group to the foundation board.
4. Regarding the timetable for grant application, transitions of the past few months have caused a short delay . The 2004 convention body directed the foundation board to make a review of the timetable. This required a special meeting of the cabinet, which was held the last week of October, and it is now possible to release information relating to that timetable.
- The privilege of grant application will be open to potentially serve the interest of any church or ministry in The Foursquare Church anywhere. The web site for the Foursquare Foundation will be available February 1, 2005, informing of grant criteria and the application process.
- Print and media explanation and functional guidance regarding how the foundation may be approached will be made available March 15, 2005.
- Grant applications will be available for U.S. ministries April 1, 2005, and for international ministries July 1, 2005.