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Financial Update from the Finance Chair
We finished closing the July financial statements and I want to give you an update on where our finances stand mid-Summer.
Income Statement
For the first 7 months of the year, we have a P&L loss of $16,070. While we do not like deficits, this is not too bad as congregation giving is lower during the summer months. Comments:
1. Income:
- Giving income is at 47% of the budget and should be at 58% as of July, and this equates to roughly an annual $40,000 shortfall. The fall and year end are generally stronger giving months, so we should make up some of this shortfall.
- We had in our original budget a “Leap of Faith Giving” line item of $44,830, which reflected our hope that congregational giving would be higher than last year, and that we would grow the church membership. The shortfall here is driving a big portion of our deficit.
- Fortunately, Other Budget Receipts are above budget by ~$6,000, with the biggest positive in Interest Earnings (+$4,000).
2. Expenses have been managed quite well and are below budget for the year at 54% (approximately $22,000 under budget). We continue to manage expenses very carefully.
- We have paid 50% of our Conference expenses (apportionments & insurance).
- The only meaningful negative variances are in Utilities due to a water leak, and air conditioning repairs.
Cash Position
We have enough cash savings to cover the losses year to date, but we don’t want to dip further into our emergency cash reserve. With a boost in contributions, we will minimize the deficit for the full year.
Summarized financials are below.
We have a wonderful congregation, and I am available to answer any questions you may have.
Tom Bach, Finance Chair. Email Tom.J.Bach@gmail.com
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