Finance Committee

Updated May 2017

Report for April 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

April income was above normal, largely due to five Sunday’s in the month.  Income was $95,197, and expenses for the month came in at $74,560.

Our full fiscal year (Apr. 1, 2017 – Mar. 31, 2018) budget is $998,056.

We will continue to manage cash flow 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 cash flow 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 $798,644.  Our current monthly payment on this debt is $10,368.  We have strategically opted to pay more principal over the past year as dedicated funds were available to do so.  The new Capital Campaign has received a total of $506,701.36 since July 2016 of the total pledged $1.6mm over three years – ending June 2019.

We are embarking on the financing of the new facilities buildout.  Proposals for integrating the existing debt into the new campaign have been received from five different lenders; members of the building campaign and finance committee have been reviewing the options.  A decision is expected on the lender and terms by the middle of May.  Construction is anticipated to begin in September this year.

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 United Methodist Foundation.  This account pays a fixed 2.017% interest through June 30th, and then rolls into a savings certificate that will earn interest at a lower rate.  Through April, we’ve earned $1,109.96 in 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 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 

Report as of 11/30/2016
Report as of 9/30/2016