Finance Committee Report

Updated November 15, 2018

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 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.

October’s income was $74787, and expenses for the month were $75,038, resulting in a deficit for the month of $251.00.  The monthly results are in line with expectations.  Our fiscal YTD results are favorable by $23,204.

We are going through budget planning for the 2019 calendar/fiscal year.  Initial indications are that our operating expenses will increase ~ 10%.

BUILDING/CAPITAL CAMPAIGN FUND
Our current debt from prior facility expansion is down to $654,828.  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 current debt structure will has a maturity of April 2019 where the interest rate will reset to today’s rates.  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 $1,165,957.62 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 County, State, VDOT, and contractors to reach agreement on what needs to be included in the scope of this project, and corresponding costs.  Assuming this project still proceeds, we will refinance the current debt into a new loan that also provides us access to fund the construction.

We have invested building funds in various vehicles offered through the UM Foundation, and currently have $805,099 invested in a short-term savings account earning nominal interest.

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. Egiving through NCS (https://giving.ncsservices.org/g3/) will end December 31, 2018. We are asking all egivers using the old platform to convert to Realm. To sign up for a Realm account, please send an email to realm@shadygroveumc.net so that an invitation can be sent to you.

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 


SEPTEMBER 2018 FINANCE COMMITTEE REPORT