Wednesday, November 25, 2015
Transcript of May 14, 2015 Gospel for Asia Staff Meeting Discussing Nearly 20 Million Dollars Sent from India to the U.S.
David Carroll: There is, I don’t want to call it a rumor, a story, an inquiry about, what about the $19 million anonymous gift that was given for the campus back a year or so ago? What’s that all about? Did that come from the mission field, from field funds? So I want to explain that gift to you so that you know.
In about April of 2013, as we were building the campus here, we were running pretty critically short on money. We went to a bank at the time, City Bank of Texas, they’re located in Lubbock. Many of you might remember, we were still at the other building and A group of 11 bankers came, talk about a room, 11 bankers and an accountant and John [Beers]. That’s 12 bankers and an accountant. That was a rip-roaring time. Anyway, um, they came interested in our project to loan to it. So we brought them out here, we showed them the whole thing, we explained our vision, and actually we were working toward finalizing that loan, we were at the place of getting terms from them and when we realized the cost of the loan, Brother KP mentioned it to some of the folks in Asia and mentioned that we were not able to do any better than that. We couldn’t, we would loved to have borrowed money from one of the Asian banks cause actually it’s much better terms, it would be much less costly, we weren’t able to do that being a foreign corporation.
And so, what the people in Asia did, and it is a board that is under Believers’ Church umbrella, but Brother KP’s not on that board, it wasn’t his decision. The decision was made by them that since GFA North America had sent so much money to us from undesignated field funds, where needed most funds over the years, and since this campus to us is seen as an international headquarters which will be leadership training, it will be RYPs, which are always fruitful for the field, every time we have an RYP, the field tends to benefit from that. It will save the ministry somewhere between 4 and 5 million dollars a year when we’re at capacity here which is about 350 people. When that happens, we’re going to receive a lot of that extra money back and so they made the decision while we were in that bank loan process, that rather than go with that bank loan, we would like to make an anonymous gift for the campus fund.
And they did that. Was it field funds that should have gone to Nepal for earthquake victims or
K.P. Yohannan: – (Unintelligible)
DC – I was just getting to that.
KP – Sorry
DC – That’s fine. No, it wasn’t. But what they did on the mission field is they actually took a loan from one of their sources to replace that money so they could use it for the purpose it had been designated for there. So in essence, they got our loan. There are several income producing entities in Asia. That’s why partly why we have 35% of our church is self-sustaining, by God’s grace now in Asia. And they felt they could pay that loan off very very quickly. They made that decision to give us that money and they wanted it to be anonymous. And I’m a little sad that it’s not anonymous, but I did want to explain to you where it came from, and the reasons behind it, and so, in their minds it was an investment.
KP – It’s legal.
DC – It’s completely legal, thank you. There’s a board member, board documents as I understand it, I don’t live in Asia, but there’s board documents on the other side. The whole thing was done in complete legality.
By the way, one question, one part of that question was, is this a related party transaction? And the answer is no. It is not a related party transaction because the board members here, they’re not the same board members as there. In other words, the leadership here did not influence that decision there. Brother KP mentioned it but it was not his decision. He had to get permission, actually they told…
KP – I think David, it is important for people to know the person I am. It’s like Paul said in one place he’s a doulos, he’s a servant, another place he’s an apostle, another place he’s a brother, and my role is being a spiritual father of right now about 2.7 million people scattered throughout all these nations and I do not have any legal say or decision about legal matters. My role is a spiritual leadership. You may not have asked that but there are hundreds of trusts and entities in all these countries. I don’t sit on any of those things. There are their own people. And my role is the spiritual leadership. And I hope to some extent that is here also.