September 25, 2000

LifeWay board OKs spending
___NASHVILLE, Tenn. (BP)--Trustees of LifeWay Christian Resources approved major capital expenditures and reviewed plans for the first phase of construction in revitalizing LifeWay's conference centers Sept. 11-12.
___Trustees also were told projected revenue for the agency's 1999-2000 fiscal year is $372.18 million, exceeding the budget of $362.67 million by $9.5 million or 2.6 percent. 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, said Ted Warren, chief operating officer.
___A $419 million operating budget for the coming year includes $40.33 million earmarked for fixed assets expenditures. This will include funds for the first year of construction on a hotel and conference facility at Ridgecrest, N.C.
___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 people and 100 additional parking spaces.
___In other matters, trustees received a report changing the name of National Student Ministry to National Collegiate Ministry.

The Baptist Standard

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