By the Numbers

Finance Summary (3Q Quarter Report, 2023-24)

pdfRev__Exp_Board_-_March_2024.pdf

Finance Update

Expenses and income have a few variations over the course of the program year. Contributions and rentals remain strong. Expenses are basically on track, with a few exceptions. See below.

Key Balances (as of March 31, 2024)

Net Operating Total YTD

$49,542

General Reserve Fund

$31,525 (adjusted annually in July per policy)

Strategic Initiative Fund

$298,423 ($116,000 planned transfer for 23-24 budget)

Campus Needs Fund

$142,491

Truist Loan

$63,087

Minister’s Discretionary Fund

$33,111

Inside the Numbers

While most expense areas are at or below budget, there are few key expenses to note:

  • Property Insurance increase (this pattern is showing up at churches across the US)
  • Health insurance increase (the actual increase was greater than anticipated)
  • Utility use (increase from campus use and storm damage to window in sanctuary)
  • Information Technology (both equipment and ongoing systems support)
  • Multiple safety trainings (for staff and members)
  • We are collecting registration fees for Choir Fest 2024 ($9,573) that will be spent in April.

Facilities -- Current projects:

  • The small stairs outside of Room 4/ have been repaired.
  • Repair of the Sanctuary window is scheduled for April.
  • We hope to hire a new, part-time facilities assistant soon.

Pledge Drive and Budget

See additional report “Budget Summary 2024-25” and “2024-25 Budget for Board” for more details.

Note: In addition to the figures for the upcoming program year, the budget has additional columns that show a comparison of budget vs. actual for 2022-23 and budget vs. projected actual for 2023-24. With three months to go in the fiscal year, several variables can impact the total amount needed to transfer from reserves at the end of June. Expenses are easier to track and predict, whereas income can be more variable (even with 60% of all pledge units registered as sustainers). Also, following the pattern of past years, the Board version of the budget has more line-item detail than the condensed version that will be shared with the congregation.

Key Dates

Final draft budget presented to Board April 16, 2024

Budget Forum May 1, 2024 (congregational feedback on budget)

Annual Meeting May 19, 2024 (vote on proposed budget)

 

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

(document by Daniel Trollinger, Executive Minister)