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.
Your stewardship 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.
September income was $69,874 and expenses for the month came in at $82,666, for a deficit for the month of $12,792. This brings us to cumulative results for the fiscal year a deficit of $23,934. Income trends had been trending positively, but a decrease in September is noteworthy (albeit still in line with projections). Overall results for the fiscal year-to-date are an improvement over last year, and are in-line with expectations thus far. We anticipate income levels to increase, correlated to increased attendance, and for the deficit to shrink accordingly.
We had an accounting change to expenses in August, reduced by $2,298 as a result of a check that was not cashed (considered lost). This was for the youth kickoff vendor expenses. So this $2,298 expense was reduced in August and is now reflected in September as the check was reissued. Overall we’re in-line with budgeted expenses year-to-date.
BUILDING/CAPITAL CAMPAIGN FUND
Our current debt from previous facility buildout is down to $759,598. 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 $722,992.10 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, and is expected to begin either December or January. This is contingent on the current bids that are being solicited for the entire project. Once bidding is complete, the building committee will assemble and present to the church for approval. This assumes the total cost will be greater than the original estimate, largely due to the compromised incremental work required by the County. Assuming this project still proceeds, we will refinance 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.
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 an interest bearing investment 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. The current balance in these short & mid-term investment vehicles totals $422,511.46