1Q Finance UpdateFY 2023-24

As expected, expenses begin to pick up in 1Q, but most are at or below budget. A number of pledges paid in advance for the year raises pledge income significantly. Rentals are picking up as well after a slow summer, so we anticipate another solid rental year. Note special collection for Southern Trans Youth Emergency Project from Pride service.

Key Balances (as of September 30, 2023)

Net Operating Total YTD	$88,875
General Reserve Fund	$31,525 (adjusted annually in July per policy)
Strategic Initiative Fund	$198,423 ($116,000 planned transfer for 23-24 budget)
Campus Needs Fund	$146,083
Truist Loan	$74,326
Minister’s Discretionary Fund	$30,201

Inside the Numbers

The reserve funds are ample for the near term even as we continue to draw on Strategic Initiatives to augment the budget and as several facilities projects have recently been completed. There are some significant gifts to the fund anticipated in the next few months, so we will provide an accurate and revised reserve fund use projection by the mid-year review.

Save the Date

A Finance Forum is scheduled for Sunday, November 5 at 1 pm in the Fellowship Hall.

Facilities -- Current projects:

• New refrigerator ordered for Fellowship Hall.
• ERUUF road sign is still waiting for a part in order to be operational again.
• EV stations installed. Still waiting for final hookup from Duke Energy which has been delayed.
• New TV screens installed (gallery and room 4/5, Library).

Legacy Giving and the Foundation

       The last two weeks of October will feature Foundation awareness time for the congregation. This will involve sharing in both services (Weaving Beloved Community) and tabling during Fellowship Time. We initiated this last year in January and hope placing it in October will flow better with the overall program year.

       In addition, a Legacy Giving reception is planned for Saturday, October 28 at 1 pm in the Fellowship Hall. This event is a time to acknowledge those who have made a legacy commitment, hear from Rev. Jacqueline Brett about present and future plans, and invite members to discover how to make a legacy gift now or sometime in the future. The ERUUF Board, BFAC, Foundation Board, and Coordinating Team are all invited to this event.

 

Pease refer questions on financial details to the Executive Minister or the Board Finance Advisory Committee.