Finance Committee Report

Updated December 19, 2018

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 revised fiscal year (9 months only) runs Apr. 1, 2018 – Dec. 31, 2018.  Approved expenditures for the 9-month period totals $754,683.25.  This results in an average of monthly expenditures of $83,854, although we expect monthly variances based on seasonality.

November’s income was $73,496, and expenses for the month were $89,173, resulting in a deficit for the month of $15,677.  The monthly expenditures were higher in November due to a few factors, including:
  • Children’s Ministry acquired winter ’18-‘19 curriculum at a cost of $2,500
  • Property Maintenance had an unplanned expense of $5,000 in non-routine fire/sprinkler repairs
Our fiscal YTD results are favorable by $7,527.

We are going through budget planning for the 2019 calendar/fiscal year.  Initial indications are that our operating expenses will increase ~ 10%.

BUILDING/CAPITAL CAMPAIGN FUND
Our current debt from prior facility expansion is down to $646,626.  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 current debt structure will has a maturity of April 2019 where the interest rate will reset to today’s rates.  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 $1,193,743.90 since July 2016, of the total pledged $1.6mm over three years – that ends June 2019.

Construction was delayed on the facilities project as a result of unforeseen county requirements.  The building committee is working with the county, state, VDOT, and contractors to reach agreement on what needs to be included in the scope of this project, and corresponding costs.  Assuming this project still proceeds, we will refinance the current debt into a new loan that also provides us access to fund the construction.

We have invested building funds in various vehicles offered through the UM Foundation, and currently have $805,099 invested in a short-term savings account earning nominal 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 finance secretary, 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. Realm makes egiving very simple through their platform. We encourage all church members to set up their egiving when they establish their Realm accounts. Egiving through NCS (https://giving.ncsservices.org/g3/) will end December 31, 2018. We are asking all egivers using the old platform to convert to Realm. To sign up for a Realm account, please send an email to realm@shadygroveumc.net so that an invitation can be sent to you.

Do you shop at Amazon? Did you know that Amazon has a program that gives 0.5% of eligible purchases back to non-profits in the form of a rebate?

To take advantage of this program, simply start your shopping at https://smile.amazon.com. Log in to your Amazon account as you normally do.

Search for the Amazon Smile account labeled, Shady Grove United Methodist Church. You’ll see other churches with the same name, so be sure to select the option in Glen Allen , VA. Once selected, this setting remains with your account. You won’t need to go through this setup process again. For all future Amazon shopping, just be sure to start by going to https://smile.amazon.com to login to your account

If you are in the habit of using the Amazon app on your smart phone, you can easily replace the app with a shortcut button to the https://smile.amazon.com site.

This is not an endorsement of Amazon by the finance committee. This is a means for those interested to provide additional support to the general fund and ministries at SGUMC. 

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

804-360-2600, ext. 23

804-612-0582


Past Finance Committee Monthly Reports 


SEPTEMBER 2018 FINANCE COMMITTEE REPORT