2022 Treasurer's Report
Good afternoon everyone,
Faith Bible Church concluded its fiscal year March 31, 2022, and we’d like to share a summary of the results for the year, the budget for next year, and some information about the Building Next project.
Year-End Summary
Your generosity in March increased giving for the year to $5.813 million versus a budget of $5.7 million. Except for certain unexpected and unbudgeted facility costs, our general, administrative, and ministry expenditures were below budget.
Notably, $217,000 was spent on A/C repair and replacement during the year, which was $157,000 over budget. As a result, we ended the year with a reduction in our General Fund from operations of $10,300 rather than adding to our surplus. In a few weeks, our CPA firm will conduct the annual audit of our financial statements, and the resulting audit report will be available for your review.
Next Year's Budget
For the 2022-23 fiscal year an operating budget of $5.7 million has been adopted, the same as last year. Considering the Phase I Renovation Project currently underway, and the financial resources that will be required, we determined it was prudent to maintain operating expenditures at the same level as the prior year.
Building Next
Regarding Building Next, as of March 31, approximately $3 million remains to be expended on the project. With insurance proceeds and surplus funds, we have preserved a total of $2 million, leaving $1 million to be financed, as summarized below:
Faith Bible Church concluded its fiscal year March 31, 2022, and we’d like to share a summary of the results for the year, the budget for next year, and some information about the Building Next project.
Year-End Summary
Your generosity in March increased giving for the year to $5.813 million versus a budget of $5.7 million. Except for certain unexpected and unbudgeted facility costs, our general, administrative, and ministry expenditures were below budget.
Notably, $217,000 was spent on A/C repair and replacement during the year, which was $157,000 over budget. As a result, we ended the year with a reduction in our General Fund from operations of $10,300 rather than adding to our surplus. In a few weeks, our CPA firm will conduct the annual audit of our financial statements, and the resulting audit report will be available for your review.
Next Year's Budget
For the 2022-23 fiscal year an operating budget of $5.7 million has been adopted, the same as last year. Considering the Phase I Renovation Project currently underway, and the financial resources that will be required, we determined it was prudent to maintain operating expenditures at the same level as the prior year.
Building Next
Regarding Building Next, as of March 31, approximately $3 million remains to be expended on the project. With insurance proceeds and surplus funds, we have preserved a total of $2 million, leaving $1 million to be financed, as summarized below:
We ask that you prayerfully consider a contribution to Building Next in addition to your regular giving. Our desire is to be debt free as soon as possible to allocate more resources to our missional purpose rather than debt service. In addition to the $1 million loan we are securing for Building Next, $1.69 million remains on the term loan used to construct Phase III of our campus. Annual principal & interest payments are included in our budget, but we also receive and apply designated gifts to assist in retiring this debt ahead of schedule. Again, prayerful consideration of a contribution to apply to this loan is appreciated.
Thanks to you, the financial condition of Faith Bible Church is strong, and we are grateful for your support of our mission to build generations of Jesus followers who take grace to the world.
Michael Kowalski
Treasurer
Thanks to you, the financial condition of Faith Bible Church is strong, and we are grateful for your support of our mission to build generations of Jesus followers who take grace to the world.
Michael Kowalski
Treasurer
