Summary:
The 3Q reports look solid for both income and expenses. Through the pledge campaign, we are noting a large percentage of auto-draft contributions. Rental income is on pace to exceed even our most optimistic estimates.
Net operating total YTD: +$24,178, which is ahead of FY 2016-17 ($23,121).
Special Campaign Update
Contributions (as of March 2018): $320,000. Plus matching gift of $250,000 Net total: $570,000
Total Cash Contributed: $370,000 (includes $50K from match)
Mortgage Balance paid Feb 2018: $103,935. (Annual savings: $17,500)
Self-Help Credit Union: $200,000 (Certificates of Deposit established April 2018)
$50,000 for 6 months
$40,000 for 12 months
$110,000 for 24 months
Balance for Scheduled Maintenance: $66,000 (another $50K expected from match by end of 2018)
Action Items:
• Guidelines for use of funds (BFAC creating draft of policy)
• Analysis of present and future maintenance needs (additional study, long-term funding plan)
Stewardship & Budget
The pledge drive is wrapping up, even though there are still about 40+ pledges pending. Reminders are complete. So far, 311 pledges, $767,000 (as of April 12, 2018).
At this point, there are careful projections to create a draft budget and estimate pledge income totals. A draft budget will be available for review by the Board April 18, and by the congregation on May 6. Feedback and revisions will shape the final budget, which goes to the Board on May 15.
The final budget then goes to congregational vote at the annual meeting on June 3.
Note: Finance Forum, Sunday May 6, 10:30 am, Commons Room
(document by Daniel Trollinger, Director of Administration)
