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.
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.