ARKS Executive Summary - Church of God of Prophecy

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• If the academic and leadership training objectives of the denomination are met in other ways than a reconstituted Tomlinson College and building redevelopment, the campus offers several options for more effective stewardship and a potential site for relocation of the headquarters building. • Fields of the Wood is a financial liability for COGOP. Although it has historic and evangelistic value, its ongoing costs may outweigh its ability to advance the strategic objectives of the denomination. Arks, Inc. recommended courses of action regarding the choices before it, insofar as they relate to the stewardship of its real estate and the housing of its International Offices staff, consists of the following: • The headquarters campus should be sold for a price somewhere between $8.0 million and $10.0 million. • With an agreed-upon price and schedule for closure in hand, COGOP should move immediately to undertake a planning effort for relocation of the headquarters functions to a new building of 32,000 to 37,000 square feet on the Tomlinson College campus. The development plan could also incorporate facilities for Tomlinson College. • Site planning efforts for a relocated headquarters building should include a careful analysis of development opportunities for housing on the portion of the campus site now partially devoted to the apartments and mobile homes. Campus planning activity should also include identification of existing buildings which should be demolished and which ones could be saved and put to productive use. • Fields of the Wood has been an attraction for COGOP members for many years as well as visitors from many other denominations. At one time as many as 42,000 COGOP members participated annually with donations as member/supporters of Fields of the Wood. Currently, supporters number closer to 6,000. As a result of the decline in support, Fields of the Wood facilities are reaching a critical point in their physical condition. Within three to five years, lacking significant investment in renovation and repairs, the displays and other park facilities will become unattractive, if not dangerous. The park will be unable to operate effectively. In general, Fields of the Wood is currently showing significant signs of deterioration and a lack of adequate care. Without attention, it will very soon become a significant liability to COGOP. Τhe following options should be reviewed in light of the suggested criteria above: 1. Contract with an operator that would lease the park and operate it in keeping with its original intent while actively campaigning for continued support from denominational members. 2. Close the park and conduct a fund-raising campaign of sufficient magnitude to bring all facilities to a high level of excellence so that the park would once again be a source of pride to members of the denomination. 3. Close the park and develop the asset. 4. Close the park and sell the asset. 2
• Fields of the Wood should be closed as soon as possible to halt the $100,000 annual operating deficit. The property should either be sold or developed. In either case, action on its disposition should be delayed until real estate market conditions are thought to be improving. • Opportunities for generating revenue from the land asset at Tomlinson College campus should be reviewed as soon as possible. Priority action should reflect the window of opportunity stimulated by the Cleveland/Bradley County market dynamics. • If an acceptable agreement cannot be reached for purchase of the International Offices campus, COGOP should budget funds as outlined in the report for upgrading mechanical systems and other building improvements. • Absent the sale of the headquarters building, COGOP should intensify efforts to sell or lease the VOS building, relocating staff housed there to the headquarters building. Similarly, rearrangement of COGOP staff should be examined to maximize the space available for lease in the White Wing Press building and bookstore. • Planning and development efforts regarding the Tomlinson College campus should proceed with the objective of using the site as a means of generating revenue. 3
Page 1: Church of God of Prophecy ANALYSIS

ARKS Executive Summary - Church of God of Prophecy

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