Lifeway trustees approve funds to revitalize Glorieta, Ridgecrest_100404

Posted: 9/24/04

Lifeway trustees approve funds
to revitalize Glorieta, Ridgecrest

By Chris Turner

LifeWay Christian Resources

RIDGECREST, N.C. (BP)—LifeWay Christian Resources trustees adopted a $446 million operating budget for 2005 and approved a significant investment in the company’s conference centers to fast-track their revitalization efforts.

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Posted: 9/24/04

Lifeway trustees approve funds
to revitalize Glorieta, Ridgecrest

By Chris Turner

LifeWay Christian Resources

RIDGECREST, N.C. (BP)—LifeWay Christian Resources trustees adopted a $446 million operating budget for 2005 and approved a significant investment in the company’s conference centers to fast-track their revitalization efforts.

LifeWay expects revenues this year of $427.5 million, $13.2 million more than last year but $21 million short of budget, Chief Operating Officer Ted Warren told trustees during their semiannual meeting at LifeWay’s Ridgecrest Conference Center near Asheville, N.C. The fiscal year ends Sept. 30.

“The fact that we plan to achieve record revenues is good news,” said Warren. “Yet every one of our divisions’ revenues will come in below budget. That means we’ve had less than a successful year.”

Still, he cited major accomplishments in 2004, including the introduction of the Holman Christian Standard Bible, which in a few months has become one of the best-selling Bibles in the United States, and LifeWay's commitment of $1.6 million to help 13 Baptist state conventions and one association double baptisms in 2005.

For the coming fiscal year, Warren said, all LifeWay divisions have plans for revenue growth. But along with that are increased expenses as the LifeWay Christian Stores division plans to add new stores, and the church resources and Broadman & Holman divisions will add staff. These factors will require LifeWay to execute its business plan with precision.

“The 2005 budget is based on what we believe to be an achievable revenue target of $446 million, which assumes a continued recovery in the economy,” Warren said. “The revenue budget reflects an $18.2 million or 4.3 percent increase over 2004 projected revenue.”

In 2004, funds provided from operations—money for reinvestment in ministry expansion after all expenses are paid—are expected to be $13.4 million, or 3.1 percent of revenue, consistent with LifeWay's goal of financial performance. The same amount is budgeted for 2005.

In a move to hasten revitalization efforts at LifeWay's conference centers, the trustees approved a business plan that includes an investment of $27 million over the next four years.

At Ridgecrest, the business plan calls for construction of a new 120-room hotel, new convention and indoor recreation centers, renovation of Pritchell Hall and demolition of seven aging and expensive-to-maintain buildings.

At Glorieta, plans call for a new 140-room hotel, a new indoor recreation center, a renovated chapel and demolition of 24 outdated buildings, reducing the center's adult capacity but nearly tripling its youth capacity to better fit seasonal demand.

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