Mars Hill Financials
The statement for 2013 can be read here.
As noted by others who have read this, the church has to keep close to three million dollars on reserve to satisfy the loan requirements of the lenders.
That money can’t be touched for operating expenses.
I’m not a CPA, but it seems that if giving continues to drop, and more importantly, if giving doesn’t return to prior levels, they are in danger of defaulting on some of their debt.
While Warren Throckmorton is reporting that eight of nine signatories of the letter asking Driscoll to step down have been let go, the back story seems to be that more staff are going to leave voluntarily.
The Catch-22 for Mars Hill now is that the only one who can reverse the trends is bunkered down in his Seattle mansion for five more weeks by which time the damage might be irreversible.
My best guess is that he returns sooner than expected, while there is still something to return to.
As a matter of fact…I’d bet on it.