By the Numbers

 

Summary: In the past few years, steady pledge contributions from sustainers have helped to level out some of the month-to-month fluctuations in income over the course of a fiscal year. Along with some pre-paid pledges, the trend continues of receiving more than 50% of the pledge income in the first six months. Even though total pledge amounts are lower than two or three years ago, steady contributions overall remain solid. After 6 months, pledge income is about 62% of total pledged (see yearly comparison chart below).

Income trends for the first six months:

• Collection plate steady and trending ahead of last year.
• Continued online giving participation, generous gifts for special collections
  • Three Generosity Sundays (total: $7,026)
  • Minister’s discretionary fund (this fiscal year: $7,271; current total balance: $30,341)
  • November collection: Durham Community Land Trust ($6,670)
  • Jazz Vespers (Kidznotes, $816)
• With the campus open, rental income is exceeding expectations so far.

On the expense side, items to note:

1. Information Technology: The needs for tech support continue to evolve and expand as the complexity of our systems and equipment grows with livestream, multiplatform, remote access, AV upgrades, and full staffing.

1. Most budget lines are at or below budget. The one exception is facilities maintenance and supplies. The sanctuary sound upgrade continues along with additional equipment to meet the growing need for multiplatform meetings, and a variety of maintenance projects.

1. Loan for AV to help extend Strategic Initiatives Fund.

Amount of Loan: $114K.              Term: 5 years, 3.2%.                     Monthly payment: $2,060.

This is listed as a liability on the Balance Sheet with only the interest expense posting to the monthly Revenue/Expense report.

 

Key Balances (as of Dec 31, 2022)

Net Operating Total YTD	$113,564
General Reserve Fund	$30,868
Strategic Initiative Fund	$264,392 ($135K committed to 2022-23 budget; $10,000 bequest received in Oct.)
Campus Needs Fund	$226,407 ($26,407 in fund + $200,000 in Self Help CDs)
Truist Loan	$90,838
Minister’s Discretionary Fund	$30,341

 

Interpreting the numbers

• Giving patterns have stabilized in the past 18+ months.
• Note: The 2022-23 budget includes a planned transfer of $135,000 from the Strategic Initiatives Fund. More data and needed to evaluate effectively (mainly around staffing needs and income analysis). Jan 10 is a bit early, as I just received the data in these reports this evening.
• We will transfer at the end of June, when the exact amount needed to balance the budget is known. Reminder: To close out FY 2021-22, $85,791 from the Strategic Initiatives fund was transferred to balance the budget (much less than the planned transfer of $180K).
• While the overall financial picture is solid, it is important to note that COVID did impact the total pledge amount for the past fiscal years. Along with high inflation and some degree of economic uncertainty, caution is needed when making past year comparisons and future projections for long term financial planning.

Facilities Projects

Two aging HVAC units in the lower sanctuary building will be replaced with high efficiency units.

Deep cleaning (plaza, bathrooms, kitchen, and more)

Audience mic installation nearly complete for livestream sound support.

Financial Review

An external CPA firm has been contracted to provide an agreed upon procedures (AUP) review of FY 2021-22. Site visit is planned for Jan. 11. A report should be available sometime in February.

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

(document by Daniel Trollinger, Executive Minister)