Finance Committee Report

Updated November 22, 2017

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


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.
 

OPERATING BUDGET

Our fiscal year (Apr. 1, 2017 – Mar. 31, 2018) budgeted expenditures comes to $998,056.
 
October income was $79,230 and expenses for the month came in at $74,252, for a surplus in the month of $4,978.  This brings us to cumulative results for the fiscal year a deficit of $18,956.  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 anticipate income levels to increase, correlated to increased attendance, and for the deficit to shrink accordingly.
  

BUILDING/CAPITAL CAMPAIGN FUND

Our current debt from previous facilities buildout is down to $751,663.  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 $746,641.16 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, but progress is underway.  This bids being solicited for the entire project are due back the latter part of November.  The building committee will review the bids November 29th.  The building committee will assemble and present to the church, including the firm costs, for consideration and approval.  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.  Statements are offered quarterly, and the balance in these short & mid-term investment vehicles totaled $422,511.46 as of September 30, 2017.  The next statement will be offered the end of December. 
 
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, Elena Komarov (ekomarov@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

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 and Pam Sweeney – 804-360-2600, extension 23
Jeff Samford – 804-612-0582

Past Finance Committee Monthly Reports