Because of the timing of our financial reports and newsletter article due dates, I can only report to you on our budget through the end of March. Through 25% of the year, we have already received 28.3% of our revenue budget. Particularly encouraging is that the church has already received 38.5% of the amount budgeted to come in through plate giving. We have also already earned almost 63% of the amount budgeted for interest income.
Through the first quarter our expenditures are just above a quarter of the budget working out to 25.6% of the projected total. Personal expenses are above 25% but there were seven pay periods in the first quarter. Of operating expenses, utilities stand out at almost 41% of the amount budget spent so far. However, I am happy to report that for the GRU meter reading on April 15 our solar panels generated 1,147 kWh while that portion of the church only used 722 kWh’s of electricity.
There were some concerns expressed at our January congregational meeting and in conversations since regarding protecting our capital reserve funds from being “clawed” back to fill other budget shortfalls. The Board of Business has made some changes to protect funds set aside for capital projects and to make it easier for us to track the use of those funds. First, we moved the remaining balance in our Capital Reserve Account to the designated fund account for Building Improvements. This accomplishes both goals.
Designated funds are special accounts where funds have been restricted to only be used for the designated purposes. The Building Improvements account was created originally to hold member donations designated to help with building and fixture repairs, replacements, and improvements. Also, by combining all our funds in this account, it is much easier for everyone, the accountant, the Board of Business, the Building and Grounds subcommittee to track how all these funds are being used and to see how much money is available for these purposes.
Our 2024 pledge budget included $40,000 to be contributed for capital expenditures. The Board of Business has directed the church accountant to transfer one-twelve of this budgeted amount to the Building Improvements designated fund each month. This will continue as long as our actual revenue and expenses track close to budgeted amounts.
Through March we’ve added $10,000 from the budget to the building improvements account, plus moved the small capital reserve account balance. Including some additional contributions, the Building Improvement designated account balance was at $57,122 at the end of March. This is after replacing another A/C unit and completing repairs to bathrooms in the west wing.
As of the end of March the church had $321,589 in the Vanguard endowment account and $356,556 in various operating bank accounts and a Merrill Lynch account. Of this later amount $288,474 was the total of designated accounts at the end of May. The rest of the operating cash balances was made up of prepaid pledges and unrestricted cash.
The Board of Business thanks you for your contributions. As we move forward, we would like to remind members that our continued good financial health is dependent on all of us continuing to fulfill our pledge commitments.
Alan Hill, chair of Board of Business