Finance Committee Report

Updated April 27, 2018

REPORT FOR March 2018 AND Complete Fiscal Year (FY 4/1/17 – 3/31/18)

We’re glad you’re here.  This page provides important financial reporting, along with commentary from the finance committee on performance;  and this includes any decisions made in the last month or so.

Your stewardship (prayers, presence, gifts, service, & witness) provides the means while God’s guidance and our due-diligence deliver on His will.  Our charter is to be fiscally sound stewards, be transparent, and ensure that the financial resources are best utilized to accomplish the mission of helping our community know and grow in Christ.

OPERATING BUDGET

Our fiscal year (Apr. 1, 2017 – Mar. 31, 2018) budgeted expenditures were $998,056.

March income saw a significant increase above February at $75,261, and expenses for the month were $94,040, resulting in a deficit for the month of $18,779.  Expenses were higher than normal in March due to a delayed invoice from a vendor who installed new carpet in both the Landmark office and DOG house, as well as audio equipment for both the sanctuary and contemporary services.  Our cumulative results for the fiscal year ended positively with net income of $11,095.  Overall results for the fiscal year were an improvement over last year, and in-line with expectations.

With the major changes during this fiscal year (welcoming new senior pastor, Chris McLain, and undertaking a 3 year capital campaign for facilities upgrades & expansion), we are pleased with the operating fund results.  And we’re especially excited about our future.  We’re also proud of each area’s management of their respective expenses to budget for the fiscal year.

When we step back and assess the impact our church is having, both inside the church and outside, we are pleased to recognize that ~ $187,281 was allocated to mission work directly.  And on top of that, a portion of our apportionments go to missions.


STEWARDSHIP

We are transitioning back to a calendar year to match our fiscal year, therefore we are now operating under a 9 month budget. Stewardship commitment/pledge day was Sunday, February 11, 2018. The finance committee utilizes the pledges and historical numbers (cash & attrition) to project income for the period. On the expense side each area is asked to submit their requirements for the period, along with any wish-list items. A budget was approved by the finance committee and submitted to church council for review/approval. More detail will be provided once this budget is approved.

BUILDING/CAPITAL CAMPAIGN FUND

Our current debt from prior facility expansion is down to $711,697.  Our current monthly payment on this debt is $10,368.  We will continue to pay monthly into this debt until we refinance for the new facilities project.

The Capital Campaign has received a total of $989,719.65 since July 2016, of the total pledged $1.6mm over three years – that ends June 2019.

Construction was delayed as a result of unforeseen county requirements.  The building committee received the guaranteed maximum price on the project in December.  A variety of options are being considered as the total price tag came in ~ $1mm higher than the conceptual budget.  The building committee is working with the contractors to lessen some of the complexities in an effort to lower the GMP (Guaranteed Maximum Price).  We believe that an updated GMP will be provided the end of April 2018.  Assuming this project still proceeds, we will refinance the current debt into a new loan that also provides us access to fund the construction.

INVESTING IN GOD’S CHURCH

We invested a principal amount of $418,200 (funds collected for the future use of the facilities buildout) in March 2017, in interest bearing investments with the UM Foundation.  Interest accrues monthly, and these funds are liquid in the sense of being 100% accessible when we need to access them for financing the new facilities project.  Statements are offered quarterly, and the balance in these short & mid-term investment vehicles totals $426,152.

The church has invested in a new churchwide software platform, Realm, that will enable us to aggregate disparate databases, improve communications, gain efficiencies, produce better reporting, etc.  Along with this new platform, we’ll update our electronic giving options and a new mobile application that will enhance communications & convenience for contributions. Learn more at www.shadygroveumc.net/realm.

YOUR ROLE

You can help the church by pledging.  You can help by giving routinely, every week, month or interval that works for you.  This includes times when you’re not able to make it to church.  You have two means today to automate your giving:

1.  ACH (Automated Clearing House) or Electronic Funds Transfer – You can inform the church finance secretary, Pam Sweeney (psweeney@shadygroveumc.net), of your intentions.  This option has very low costs to the church, and no cost to you. DOWNLOAD FORM

2.  eGiving -  This allows for routine contributions to be made each month via credit card. Realm makes egiving very simple through their platform. We encourage all church members to set up their egiving when they establish their Realm accounts. While egiving through NCS (https://giving.ncsservices.org/g3/) is still available, we will be asking all egivers using the old platform to convert to Realm in the coming months.

RETIREMENT

We celebrate with Elena Komarov her retirement effective April 11.  Elena has served our church for 18 years as financial secretary, and we are grateful for her.  We wish her well in retirement!

If you have any questions or thoughts, you are encouraged to reach out to either the church financial secretary or the chair of finance. Their contact information is below:

804-360-2600, ext. 23

804-612-0582


Past Finance Committee Monthly Reports