Finance Update:
6-MONTH FINANCE REPORT CARD
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our council made a commitment to provide regular finance reports to the congregation. Every month we have given you an update but we wanted to dig a bit deeper at the 6 month point. How are we doing compared to our budget approved at the January annual meeting.
Actual Jan-June '20 '20 Budget*
Income
$125,000 $128,750
Expenses
$114,000 $134,500
*Note that the budget figures are derived from taking the 2019 actual income and 2020 budget expense figures (plus JCDC %) and dividing them in half to represent 6 months.
What does our balance sheet look like as of 6/30/2020?*
Checking account balance: $22,950
Savings account balance: $30,950
*These balances reflect the Council's approval of transferring $18,000 from checking to general savings and $2,000 to moving expenses for a future pastor. We are in the process of moving these funds.
The good news
:
- Our income has exceeded our expenses
- We received $10,000 in two special offerings along with a generous reimbursement for the expense to repair our furnaces in March
- We have increased our savings by about $18,000 in the last 6 months and maintained a comfortable cushion in our checking account
- We have moved an additional $2,000 to savings earmarked as “seed money” toward our prospective pastor’s moving expenses.
However, we also need to consider what lies ahead.
- Covid-19 has a huge impact on all our lives. Its impact on our finances is unknown.
- Janitorial service will resume in July at a reduced rate. We suspended our janitorial service in April, which helped lower our expenses.
- It can be difficult to welcome and engage visitors during the pandemic and keep our current members connected and involved
- As the MSP group wraps up their work, we need to look at our future staffing needs in order to meet our stated goals, while staying within a sustainable budget
The road is never smooth or straight but especially during uncertain times we are reminded that it is God’s will we look to. We don’t want to shy away from talking about our finances but we are reminded they are just one tool to help fulfill God’s plan for us. Giving of our time, talents and resources is what makes us healthy as individuals and as a congregation.
Thank you for your generous support now and in the future.
-Sue Weimer, Council President
** We are sending out mid-year giving statements via email to those whom elected to receive them that way, and via mail for everyone else. If you do not receive one or you discover any errors, please let the office know.
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