Greetings in the new year. I hope that each of you were blessed with gifts of the spirit and more during your holiday season. As I write this article, I can only report to you on the church’s finances through the end of November 2024. Summary financial reports appear at the end of this article. Here are some short explanations for you.
Revenue: The total revenue is slightly behind target, but this is mostly because plate collections and interest earnings have done very well. Pledges are near what we would hope for at the end of November.
People: The cost of ministers and staff is very much on target. However, the makeup of staff has changed. Several new director positions have replaced money budgeted for a third minister. Some staff positions have been merged into these director positions. There will be 27 bi-weekly pay periods for 2024 so total personnel expenses will be over budget by about $15,300.
Operations: Operating expenses have in general been at or below budgeted amounts. Notable exceptions are utilities and technology replacements and repairs. New A/V equipment was purchased to replace personal equipment used by tech staff. Some fixes to the Sanctuary sound required outside help. While utilities have been higher than hoped for, the church is due a credit on future bills for excess solar power supplied to the grid in some months. Through 11 months the 2024 total for utilities is still $2,000 less than for the first 11 months of 2023.
Other expenses: Program expenses have been less than budget so far. We spent more than projected for our capital campaign feasibility consultant. We paused transfers from the budget the capital reserves a/k/a Building Improvements Designated Account.
Bottom line: We have taken in $38,725 more than we have spent through November. At the end of November 2023, our revenue exceeded expenses by $10,613.
Cash and Other Funds: At the end of November, we had $92,367 of unencumbered funds. There was $114,905 in our Buildings Improvements Designated Account. The endowment had a balance of $351,920 or an increase of $58,964 (20.1%) in the last 12 months.
Designated Accounts: Through the first 11 months of 2024 a net of $311,877 flowed into designated accounts. This is the total receipts less transfers between accounts and football parking revenue which only passes through a designated account. Over $238,000 has come from directed donations and program registrations.
The Future: While the financial status of the church is very good, we still must rely heavily on member giving to maintain our good health. Because of the extra pay period charged in 2024 we will end the year with only a small surplus, if any. In 2023 actual pledge income was 97.1% of the amount pledged. We will need a similar or better result in 2024.
As of this writing our 2025 pledge total is at 93.52% of our goal. Hopefully, others will have made a pledge for the new year, and we have reached our goal. Since the winter congregational meeting is not until early February, we do have a few extra weeks to get there.
As a final note, it is never too late to fulfill your 2024 pledge if for some reason you have not already. Maybe you’re doing some income tax timing or maybe you can be forgetful, like I am at times. Whatever your timing, we are always grateful for your gifts.
Alan Hill