Finance Committee

Updated July 2017

Report for June 2017

We’re glad you’re here.  This page provides the financial report, along with commentary from the finance committee on performance, as well as any decisions made in the last month or so.

We are remaining true to our calling.  Your stewardship provide 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 full fiscal year (Apr. 1, 2017 – Mar. 31, 2018) budgeted expenditures comes to $998,056.

June income was $64,508, and expenses for the month came in at $93,985.  This brings us to the end of the 1st quarter, and the cumulative results are now a deficit of $6,098.  Expenses were noticeably higher in June as the result of a new insurance plan.  Your Trustees delivered on an improved insurance coverage with lower costs.  And in the past we paid the premium twice per year;  the premium was paid in full in June.  The overall results are in-line with expectations thus far.

We will continue to manage cashflow as needed with funds allocated to apportionments.  We are committed to pay 100% of the district level apportionments each month ($831.00), and ~ 48% of the conference level apportionments each month ($4,959.25).  We will accrue the remaining conference level apportionments each month ($5,433.50) with the intent to pay them at 100% later in the fiscal year; however, these funds will serve as reserve cashflow as needed.  The Virginia conference has provided us guidance and support on this strategy.  We desire to be a tithing church, which means we pay our entire apportionment of $134,685.  We will review our cash position in the fall and discern if we can pay the balance of our allotted apportionments.

BUILDING/CAPITAL CAMPAIGN FUND

Our current debt from previous facility buildout is down to $783,083.  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 $638,650.51 since July 2016 of the total pledged $1.6mm over three years – ending June 2019.

Construction is anticipated to begin in Fall 2017, and is expected to be complete in the spring of 2018.  This will require refinancing of the current debt into a new loan that also provides us access to fund the construction. The lender has been selected, and the terms are favorable to the church.  The loan is expected to close in late August.  This is a delay of a month, and is the result of Henrico county asking us to include road/sidewalk add-ons.  The building committee is working with in-house and outside counsel and the Public Works department to minimize the impact to our building project.

INVESTING IN GOD’S CHURCH

We invested $418,200 (funds collected for the future use of the facilities buildout) in a fixed interest bearing investment with the UM Foundation.  This account paid a fixed 2.017% interest through June 30th.  Through June we’ve earned $2,524.60 in interest, bringing the balance to $420,724.60.  The finance committee is reviewing options for both short and mid-term to optimize returns, while remaining nimble to adjust to interest rate changes and the building project funding.

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 secretary, Elena Komarov (ekomarov@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.  To sign up, it’s simple - just visit the homepage of the church website and click on the eGiving icon, or go directly to https://e-giving.org/egivinglogin.asp?id=3500.  This option costs the church ~ 2.75% in processing fees. LINK TO EGIVING

Past Finance Committee Monthly Reports