By the Numbers

Rev__Exp_Board_-_December_2024.pdf

2Q Finance Summary FY2024-25 

Six months into the fiscal year, both expenses and income reflect the financial activity of a busy Fellowship. While income is trending slightly ahead of last year, expenses are a bit higher, mainly due to full staffing, cost of doing business increases, and timing of when expenses post. Rentals are slightly ahead of last year as reflected in an active campus.

Key Balances (as of December 31, 2024)

Overview

On the income side:

• Pledge income and collection plate are both ahead of last year.

• Rental activity remains very steady and ahead of last year.

• Special Campaign pledges and gifts: $596,650, challenge grant: $250,000 = $846,650 total from 112 pledge units. Thank you notes and follow up communication will be shared soon.

• Continued online giving participation (65% sustainers)

• Generous gifts for special collections

• Three Generosity Sundays:
  • Slice 325 ($2,385)
  • Equity Before Birth ($2,985)
  • CWS Immigration ($4,165)
• November Justice month, Hurricane Helene Relief ($21,592)
• UUSC ($2,561)
• Southern Trans Youth Project ($371)
• Jazz Vespers ($926, plus amount from Minister’s Discretionary Fund = $1,000 to local non-profit, Village of Wisdom)
• Coming of Age fundraising (Jan/Feb 2025 = $5,501)

On the expense side:

• Most budget lines are at or below budget. There are some increases in the cost of doing business which are reflected in several expense areas (utilities, bank fees, insurance, inspections, IT, coffee).

• Property insurance increased again ($3,800).
• An increase in bank fees reflects greater activity relative to pledge and special contributions.
• Information Technology needs continue to expand as the complexity of our systems and equipment grows with livestream, multiplatform, remote access, AV upgrades, and full staffing.

• Full staffing resulted in higher personnel costs in the first part of the program year, though now we are seeking to fill several part-time positions after staff departures (RE, facilities, tech team).

• Loan for AV to help extend Strategic Initiatives Fund.
Amount of Loan: $114K.      Term: 5 years, 3.2%.       Monthly payment: $2,061.
This is listed as a liability on the Balance Sheet with only the interest expense posting to the monthly Revenue/Expense report. Current balance: $45,896.

Inside the Numbers

This month the key things to note:
• The YTD net is significantly different than January 2023*. The variance is due to several factors:

• A large special contribution ($90,000) in Dec 2023 was not transferred to the Strategic Initiatives Fund until Feb 2024, thus skewing the Jan 2024 YTD figure.

• There are several line items with greater expenses YTD in FY 2024-25 (insurance, personnel/staffing, utilities, and several cost of doing business licenses & fees).

• All Special Campaign contributions are held in a temporary fund and will be distributed to the Campus Needs Fund and Strategic Initiatives Fund once future fund needs are evaluated fully.

• Charitable contribution statements for tax year 2024 were sent out in January.