By the Numbers

The March revenue/expense figures reveal a number of patterns for this fiscal year.

The main factors are a greater amount of early pre-paid pledges, steady sustainer income, and lower expenses due to COVID and staff transitions. Details:
a) Income remains stable (even through COVID, sustainer level remains 60% of all givers)
b) Most program areas are below budget for expenses
c) Several areas are significantly below budget

• Personnel (due to underused staff positions, e.g. RE and music)
• Utilities (part from solar, part from less building use)
• Janitorial (with campus closed, there is less need)
• Insurance (workers comp renegotiated with lower rate; more savings to come in 2022)

d) Some areas are above budget, year to date.
a. Information Technology. This has been the year for adapting our workflow and programs online, hence the need for greater IT support
b. Facilities
i. Maintenance. With the campus closed, a number of projects have been completed (Sanctuary ceiling cleaning, electrical, plumbing, insulation/door sealing)
ii. Supplies. (LED lights, COVID safety equipment, shields, air purifier)

4Q Projection
With a conservative income estimate for the last three months, and tracking anticipated expenses, only $30,000 of the planned $130K reserve transfer will be needed to balance the budget. This projection is based on the campus remaining closed (any form of reopening will change this figure). Due to early pre-paid pledges, there is less pledge income available in the last three months. However, if income comes in greater than expected, or expenses trend in a different direction, the projection could change.

The differential between the planned transfer of $130K and projected actual results stems from the areas with below budget expenses noted above AND a greater than expected amount of pledge income. Remember, last spring the pledge campaign was truncated by the shutdown, so we created the budget based on estimates in the face of uncertainty. While caution was prudent, income during this fiscal year has exceed our cautious estimates. At the same time, income and pledging has not returned to pre-COIVD levels. More on that in the budget report.

Key Balances (as of March 31, 2021)
Net Operating Total YTD $71,169
Total Cash in BB&T $768,479
General Reserve Fund $29,033
Strategic Initiative Fund $489,855 ($130K committed to 2020-21 budget)
Campus Needs Fund** $371,361
Solar Campaign Fund** $0 (The solar project is complete.)

**Note: Due to posting depreciation of several large projects in the past year (solar/metal roof, AV upgrade) there will a variance going forward between some figures on the balance sheet and actual balance for certain funds (like Campus Needs and Solar Campaign). The correct figures are listed above.

Projects

Pledge Drive. The 2021-22 Pledge Drive is nearly complete. Claudia Kaplan and Michael Field are Co-chairs this year.

Loan Forgiveness. The PPP loan of $106,200 from May 2020 with BB&T has been forgiven by the bank and SBA.

Campus outdoor meeting spaces. As the weather warms and groups seek to book meeting space on campus, the different meeting zones are being reset and refreshed. RE is preparing for outdoor meeting this summer which may involve a tent in front of the Care building.

Facilities: major repairs/projects

Sanctuary HVAC. The new high efficiency HVAC will be installed in the Sanctuary in April.

Solar panels and tree shading. After much discussion, and an open forum for the congregation, the Coordinating Team decided to move forward with a tree removal/replacement plan in the area behind the Care building to address the shading issues that were compromising the efficiency of the solar units. (see full article HERE) The tree work is now complete. In addition, the CT has charged a task force to create a tree replacement/landscape plan for the affected area. Prep work may occur over the summer but planting will be in the fall.

Office Roof. The roof will be replaced sometime in the next six months. Estimates pending.

Note: the tree work, new roof, and HVAC will all be paid from the Campus Needs Fund

AV Upgrade Phase 2

This project is under active development with the vendor.
A visual presentation of how the Sanctuary will look with screen and speaker will be shared in e-news soon. Installation date TBD. Funding comes from Strategic Initiatives Fund and a grant from the Foundation.

Please refer questions on financial details to the Director of Administration or the Board Finance Advisory Committee. 

(document by Daniel Trollinger, Director of Administration)