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.
Our fiscal year (Apr. 1, 2017 – Mar. 31, 2018) budgeted expenditures comes to $998,056.
February income was light at $57,193, and expenses for the month were $82,868, resulting in a deficit for the month of $25,675. Our cumulative results for the fiscal year are positive with net income of $29,875. Overall results for the fiscal year-to-date are an improvement over last year, and are in-line with expectations thus far. The last two months’ income has trended lower. While this is of concern, attendance remains solid and pledges continue to come in for the next fiscal year beginning April 1, 2018. We are optimistic about closing out the fiscal year (March 31st) with a net surplus to carry us into our next fiscal year beginning April 1st.
Our Stewardship commitment/pledge day was Sunday, February 11, 2018. If you’ve returned your pledge for the period of April 1, 2018 – December 31, 2018, we thank you. If you’ve not yet turned in your commitment/pledge card, it is not too late. Every single pledge counts. You can return your pledge card Sunday morning in the offering plate, call the church office and share your information with the financial secretary, or email Pam Sweeney at email@example.com. Leadership will be finalizing the operating budget based on pledges received through March 31st.
BUILDING/CAPITAL CAMPAIGN FUND
Our current debt from prior facility expansion is down to $719,912. 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 $976,002.87 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). 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 $424,485.
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. More information will be made available soon.