BFCal Board of Directors Celebrates The Foundation's Success in 2023
The Board of Directors of The Baptist Foundation of California gathered at Gateway Seminary’s Ontario campus for their February 2024 meeting. Dr. Jonathan Jarboe provided an executive summary of the Foundation’s accomplishments over the previous year. “2023 was a remarkable year for the Foundation, and God continues to bless our work,” said Jarboe. The Board was pleased to learn that the Foundation’s total Assets Under Management increased by $8.3 million in 2023 to $225 million. The Foundation also distributed $12 million to beneficiaries and partners for Kingdom ministry. Its net assets also grew by $4.3 million to $40.6 million while reserves increased by $2 million. The healthy cash flow over the course of the year provided an opportunity for the Foundation to set aside $300,000 in year-end endowment gifts benefitting the California Southern Baptist Convention (CSBC), Mission:Dignity of Guidestone, California Baptist University, and Gateway Seminary.
For Jarboe, the year-end gifts reflect an organizational commitment to support institutional partners. “Our Foundation does not have stockholders who receive dividends, but we do have partners who benefit from our work,” he said, “So after we cover our expenses each year, we are committed to using the remaining resources to build the kingdom through our key partners.”
The Board also took time to honor the Kingdom impact of SoCal Baptist Ministries since 2013 and the perpetual funding it will provide to the CSBC and its entities starting this year. When discussing the SoCal grant program, Dr. Jarboe shared that data gathered by SoCal revealed that from 2018 to 2023, 12,889 people received Jesus because of projects funded by SoCal grants.
“Though we do not have records that go back further,” said Jarboe, “we believe the total Kingdom impact of SoCal Baptist Ministries goes far beyond that number. We rejoice and praise the Lord for giving our Foundation the opportunity to work with SoCal Baptist Ministries so that lives may be changed and people come to know the love of Christ.”
After the meetings concluded, board members, staff members, and spouses gathered for the biannual Board Vision Dinner for a time of fellowship and celebration of God’s work in California. Pastor Trenton Mueller of The Abiding Church in Los Angeles led a time of worship and shared the story of God calling him to plant a church in East Los Angeles. The keynote speaker was Pastor Steve Garcia of Sunrise Church in Rialto. Pastor Garcia gave a devotion based on the Parable of the Workers in the Vineyard in Matthew 20. He concluded by sharing his church’s recent experience working with Ty Salter and Foundation lending staff to build a new $4 million facility for The Peace Center, a community outreach program designed to provide physical and spiritual care for individuals and families in San Bernardino County. The church was able to utilize the Foundation’s expertise in facility design and construction, resulting in $3-4 million in estimated savings for the project, as well as its investment funds to produce an additional $120,000 in earnings.