News: December 6, 2024
Dear Members and Friends,
Greetings to all! I would like to give you a report of the results of the first quarter of our fiscal year.
During the three months ending September 2024, we had revenues of $263K and expenses of $314K for a net loss of $(66K) versus a budgeted gain of $15K. Key variances were-
- Pledge Income under budget by $(60K)
- FEMA grant budgeted for $4,625 but was not received
- Replacement & Repair Expense over budget by $8K – largely HVAC repairs
- Electricity over budget by $5,500
Of course the most significant item is the shortfall in Pledge Income. It is not unusual for our Pledge Income to be down in the early part of the fiscal year, as some of us wait to pay later in the year. Keep in mind the church has obligations throughout the year. We anticipate pledge payments to improve in the second quarter – please help us make that happen.
A FEMA grant applied for did not materialize. However, a similar pot of funds came open recently and we must thank Ron Cookston for the time and effort he put in to get this second application in. It will be some time before we hear back, but if we receive this grant it should help significantly next fiscal year.
John Stauffacher and others reviewed the operation of the solar panels – no significant problems were found. The panels are saving us $1,000 - $1,200 in electricity costs, but this is not as much as was anticipated. Electricity will continue to run over budget this year – the church is reviewing other possible electricity saving measures.
I will close with some good news – the church has completely paid off the loan for the solar panels! There was a line item in the Capital Campaign to make a large principal payment, and the Renew & Rebuild and Finance Committees, along with the Board were all unanimous in their decision to pay off the loan in full, using funds from the Capital Campaign and also the remaining Green Campus Funds. With this payoff, the church no longer has the liability of making a $43K annual loan payment for the next nineteen years. A solar credit is being applied for and, if received, could mean approximately $50K refunded to the church, which could be used to replenish some of the funds used to pay off the loan.
I hope you all have chance to enjoy this holiday season!
Griff Godwin
Treasurer
Greetings to all! I would like to give you a report of the results of the first quarter of our fiscal year.
During the three months ending September 2024, we had revenues of $263K and expenses of $314K for a net loss of $(66K) versus a budgeted gain of $15K. Key variances were-
- Pledge Income under budget by $(60K)
- FEMA grant budgeted for $4,625 but was not received
- Replacement & Repair Expense over budget by $8K – largely HVAC repairs
- Electricity over budget by $5,500
Of course the most significant item is the shortfall in Pledge Income. It is not unusual for our Pledge Income to be down in the early part of the fiscal year, as some of us wait to pay later in the year. Keep in mind the church has obligations throughout the year. We anticipate pledge payments to improve in the second quarter – please help us make that happen.
A FEMA grant applied for did not materialize. However, a similar pot of funds came open recently and we must thank Ron Cookston for the time and effort he put in to get this second application in. It will be some time before we hear back, but if we receive this grant it should help significantly next fiscal year.
John Stauffacher and others reviewed the operation of the solar panels – no significant problems were found. The panels are saving us $1,000 - $1,200 in electricity costs, but this is not as much as was anticipated. Electricity will continue to run over budget this year – the church is reviewing other possible electricity saving measures.
I will close with some good news – the church has completely paid off the loan for the solar panels! There was a line item in the Capital Campaign to make a large principal payment, and the Renew & Rebuild and Finance Committees, along with the Board were all unanimous in their decision to pay off the loan in full, using funds from the Capital Campaign and also the remaining Green Campus Funds. With this payoff, the church no longer has the liability of making a $43K annual loan payment for the next nineteen years. A solar credit is being applied for and, if received, could mean approximately $50K refunded to the church, which could be used to replenish some of the funds used to pay off the loan.
I hope you all have chance to enjoy this holiday season!
Griff Godwin
Treasurer
