EMERSON’S FINANCIAL HEALTH
By Clinton Bench
We are almost to the halfway point in Fiscal Year 2017, and our financial standing is keeping projected pace with our budget. Thank you to all our members and friends for keeping us financially healthy! Currently, our statement of accumulated earnings and losses shows a net income that is 15% ahead of our $102,000 in budgeted expenses through November, but this is partly due to the regular uneven pace of rental income throughout the fiscal year. The rate of payments on pledges has also increased since its slowdown in September, which has resulted in our being about 5% ahead of budget for that line item.
Total ministerial and staff compensation continues to trail our budgeted amount, partly due to slightly more unpaid leave than expected in the early months of this year, partly due to lower billable hours worked so far by program staff, and partly due to conservative expense budgeting on our part. The minister’s moving expenses have been fully reimbursed, and his frugality allowed us to be well under budget! Thank you, Reverend Matthew!
The Fall Fling (our fall fundraiser) was a great success and generated more in bids, sales, and entry fees than budgeted for – more good news! However, not all income had been received from bids at the time of the November statement, so the relevant revenue line item still shows less than the budgeted amount for the full year – most of these outstanding bids will likely be fulfilled in December. Overall, these factors, combined with our expected trends, suggest that we should reach the halfway point of this fiscal year in a healthy financial position.