I want to share with you a non-standard statement of financial position for the church as of the end of May 2025.  The things that are not standard in this statement:

  •         Generally assets (here the buildings and land) are listed as historical costs and not a fair market value.  The values here are taken from the Alachua County Property Appraiser’s website.
  •         Typically the accumulated depreciation of assets would be included.  The church has not had a practice of making accounting entries for the depreciation of assets.  Given that the building and land are listed at fair market value, depreciation would not make sense.
  •         Typically a statement of financial position would include current accounts payable and wages payable for partial pay periods worked as of the end of the reporting period.  The fiscal practice at the church is to pay bills as they come in, so any unpaid bills would normally be trivial.  We also only record wages payable at the end of the year so that they are attributed to the calendar year in which the work was performed.

The PNC Bank first mortgage is shown as a short-term liability because it will be paid off in less than one year.  Actually, it will be paid off around the first of February 2026.

The amount of funds in designated accounts are also shown as a short-term liability as they are encumbered (restricted) to be used only for their intended purposes.  Designated account balances make up 86.3% of our cash balances. Only $47,053 of our cash is unencumbered.

Financial Position Chart May 2025

My message to the congregation in sharing this statement is that our biggest asset is our church buildings and the land that they sit on.  As we look to the future, we need to ensure that we are preserving those assets by spending appropriate and timely amounts on maintenance, repairs, and long-term improvements so that they can serve our community for generations to come.

The balance in our capital reserve designated account at the end of May was $93,730.  We have committed $42,000 of those funds to replace the two 30-year-old HVAC units in the sanctuary.  Our next big item should be addressing a settling issue in Reimer Hall that is binding the accordion divider wall so that it is not easily opened or closed.  The Buildings and Grounds Subcommittee of the Board of Business (a/k/a Campus Keepers) is working on determining the actual cause of the issue and determine the best long-term solution.  There will be opportunities to help fund that solution. 

Stay tuned.

– Alan Hill