Through his involvement in the parish pastoral council and parish finance council, a Conway MacKenzie professional led the turnaround of a 3,000-family parish that had taken on debt to construct a new worship space but was unable to service any portion of the debt.
The Conway MacKenzie professional applied targeted cost reductions, implementation of improved budgeting and management practices, and improved weekly collection and implementation of a capital campaign.
The parish was able to reduce its debt by over half in approximately six years and is forecasted to be debt free in approximately twelve years from inception of the turnaround efforts.
Conway MacKenzie was engaged as financial advisor to a large Midwestern U.S. church. The client had weekly attendance of approximately 6,000 parishioners. The church had approximately $15 million of debt that was incurred to construct or acquire several church buildings. The church experienced a decline in attendance and a leveling off of revenue while costs and debt service were both increasing.
Conway MacKenzie provided financial advisory services to the organization.
Conway MacKenzie accomplished the following:
- Assisted the church by developing a short-term cash forecast and a long-term debt service analysis
- Reviewed forecasts and cost structure and recommended:
- Headcount and compensation cuts
- Reduction in planned site expansion and capital expenditures
- Discussing a fee adjustment with central church organization
Conway MacKenzie was engaged by a large Midwestern U.S. church. The client had weekly attendance of approximately 4,000. The church had approximately $20 million of debt that was incurred to build a church complex. The mortgage was obtained when real estate mortgages were very easy to come by. The level of debt undertaken was not prudent. The church also experienced a drop off in attendance due to both the economy and some negative local press.
Conway MacKenzie served as financial advisor to the church, and helped the church analyze its finances and operations.
Conway MacKenzie accomplished the following: assisted the company to develop a short-term cash forecast and a long-term debt service analysis; reviewed forecasts and cost structure and drove cost cuts to reduce the cost structure of the church by 40%; negotiated a forbearance with the bank and sought market opportunities to restructure the debt; renegotiated several notes outstanding with church members; and worked with church’s board of directors related to strategy.