Finance Committee Report

Updated January 19, 2018

REPORT FOR DecemBER 2017 AND FYTD (FY 4/1/17 – 3/31/18)


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 fiscal year (Apr. 1, 2017 – Mar. 31, 2018) budgeted expenditures comes to $998,056.

December income was $159,985 and expenses for the month came in at $78,713, for a surplus in the month of $81,272.  This brings us to cumulative results for the fiscal year a surplus of $69,041.  With the exception of September, income trends continue trending positively.  Overall results for the fiscal year-to-date are an improvement over last year, and are in-line with expectations thus far.  We celebrate our congregation’s generosity, and our transition from an operating deficit to being positive for the full fiscal year.  God has great things in store for SGUMC, and to be in solid financial position enables us to deliver on His will.

As our financial condition has improved, we have caught up on the Apportionment balance of $65,202 for the 2017 calendar year.  We are excited to be a tithing church.  Funds go to benevolent causes such as soup kitchens, clothing drives, disaster response locally and internationally, clergy healthcare, TOPS (Teens Opposing Poverty, Inc.), Heart Havens, Pathways, ministerial education, church extension & development, and the like.

BUILDING/CAPITAL CAMPAIGN FUND

Our current debt from prior facility expansion is down to $735,799.  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 $932,650.81 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.  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 $422,782.

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 in the first quarter of 2018.

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 one of the church finance secretaries, Elena Komarov (ekomarov@shadygroveumc.netand 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.  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://giving.ncsservices.org/g3/. This option costs the church ~ 2.75% in processing fees.   LINK TO EGIVING

The next stewardship campaign will begin in January and conclude February 11, 2018.

If you have any questions or thoughts, you are encouraged to reach out to either the church financial administrator(s) or the chair of finance. Their contact information is below:

Elena Komarov (ekomarov@shadygroveumc.net
804-360-2600, ext. 23

804-612-0582


Past Finance Committee Monthly Reports