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.
Our revised fiscal year (9 months only) runs Apr. 1, 2018 – Dec. 31, 2018. Approved expenditures for the 9-month period totals $754,683.25. This results in an average of monthly expenditures of $83,854, although we expect monthly variances based on seasonality.
July’s income was $73,743, and expenses for the month were $77,024 resulting in a net loss for the month of $3,271. Results for the month and fiscal YTD are in line with expectations. Our fiscal YTD results are favorable by $10,722.
BUILDING/CAPITAL CAMPAIGN FUND
Our current debt from prior facility expansion is down to $679,336.65. 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 $1,085,048.74 since July 2016, of the total pledged $1.6mm over three years – that ends June 2019.
Construction was delayed on the facilities project as a result of unforeseen county requirements. The building committee is working with the contractors to lessen some of the complexities in an effort to lower the GMP (Guaranteed Maximum Price) and ensure we maintain the current parking capacity. We believe that an updated GMP will be provided with the county’s approval between July and August. 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 $429,362.14.