A budget of $5.7 million was adopted for the current year, which is the same as the previous fiscal year. As the budget is compiled, monthly giving is forecast based upon historical trends, and as of October 31 anticipated giving to the General Fund was $3.129 million. Through October, contributions are 11%, or $345k, below what was expected. On average, monthly giving has been nearly $50k under budget.
Historically, year-end contributions in December have been nearly twice the amount of average monthly giving and have often enabled our annual budget to be met or exceeded. This year’s budget reflects a forecast giving of $855k in December, consistent with prior years.
Lower-than-expected giving has been partially offset by expenditures that have been under budget. General, administrative and ministry expenses are 8% or nearly $234k less than planned. Recognizing current giving trends, the staff has proceeded with caution as much as possible; but Faith Bible has been subject to the same inflationary pressure all have been experiencing.
As shown in the financial chart, in addition to operating expenses the general fund is used to pay principal and interest on our building debt, as well as provide funding for the Missions and Benevolence budgets. We have also used $1.153 million for Building Next, the renovation and refurbishment of Phase I of our campus. Surplus funds carried over from the prior year and insurance proceeds have been used thus far to pay for the renovation project. As you can see, however, the general fund has declined to $364k and we will soon begin to draw on a bank Line of Credit to complete Building Next.
Nearly $1.6 million remains to be paid over the next 3-4 months to complete the renovation project. As previously reported, we have a $1.5 million LOC in place to provide funding. We are seeking Building Next donations of at least $100k to cover the remaining costs.
Your generous giving is the fuel we run on, which supports our pastors and staff that are engaged in our children & student ministries, groups & adult ministries, worship, care & counseling, missions, etc. We depend on your stewardship to provide the facilities and infrastructure used by all ministries to “build generations of Jesus followers who take grace to the world”. We recognize that economic challenges are faced by many, but we ask that you prayerfully consider the information shared in this report. Your giving is a form of worship and you have been a Church body that has always responded abundantly, for which we are extremely grateful.
On behalf of the Elders, Staff and Finance Committee,
Michael Kowalski, Treasurer |
|
