Church members receive updates about CHC’s cash position and the status of its building fund at its annual general meeting last Sunday.
From left to right: CHC’s newly elected board Lee Tat Haur, Francis Seow, Ee Boon Kiat, Keith Lim, Rick Chan, Vincent Ong, Sun Ho, Aries Zulkarnian, Bobby Chaw, Lee Kiam Hiong, CHC Chief Financial Officer Jasmine Foong and Chiang Pak Shane
While the last five years were some of the most challenging times for City Harvest Church, it recorded 6,303 salvation decisions last year, out of which 65 per cent were first-time decisions.
In addition, CHC has been able to maintain its financial position, ending 2015 with cash reserves of S$26.7m, announced chairman of the CHC board Aries Zulkarnain at the church’s 23rd annual general meeting yesterday at Suntec Convention Centre.
This year’s AGM marked the first time Ordinary Members and Ministry Members of the church were invited to observe the meeting; CHC’s AGM is usually only attended by its Executive Members who are also the voting members of the church.
The Board was realistic about the challenging times the church has found itself in this past year, stemming mainly from the court trial of its leaders for the past six years.
Among other matters, the agenda included updates on the church’s building fund, its investments and review of unaudited 2015 financials.
Tithes and offerings have dipped from S$32.6m in 2014 to S$30.9m in 2015, but dividend income from its chief investment, the Suntec REIT, has increased to S$5.8m from S$3.5m in 2014.
The value of its chief investment, Suntec REIT, also went up in value from S$661.5m in 2014 to S$668m in 2015. CHC’s share of 39.2 per cent of Suntec REIT is worth S$166.45m currently.
There was also an increase in non-church revenue, particularly from subsidiary Minus 2 Plus which partners with Suntec to market the level six halls to external parties.
The Board also negotiated for a much lower rental rate from Suntec, which will result in 22 per cent savings over five years.
All this, combined with austerity measures taken by the Board and management, kept CHC running.
In particular, the Board announced that while the initial S$310m 10-year building fund projection made in 2010 has varied, with proper management and close monitoring, the church is still on track to achieving self-sustainability in the use of the Suntec Convention Center as its worship premises from the year 2020 onwards—without the need for any more Arise & Building campaigns. Executive Pastor Bobby Chaw also shared the good news that the last building fund saw a pledge fulfillment of 77.6 per cent, which came up to slightly over S$11m, well over the expected target of 75 per cent.
The church had also engaged Nexia TS Risk Advisory the past three years to conduct internal audits into CHC’s financial and organizational governance. Nexia made no high risks findings during its internal audit, which refers to events with both a high likelihood of occurrence and a high potential impact on the organization.
“I found the session very informative, and I appreciate the management for opening up this AGM to the OMs. On this note I also want to thank the Board members for their time and efforts in serving the church,” said realtor Stella Goo, who is in her mid 50s, and attending CHC since 2007.
