Treasurer’s Report: June 5, 2016, Congregational Meeting

The fiscal year 2016 was an eventful one for Emerson:

  • THE MORTGAGE WAS PAID OFF A FULL MONTH AHEAD OF THE TARGET DATE!
    • The final payment was made 5/27/16 thanks to all of your generous donations.
    • This means that the church is already saving by not having to make a $4,385 mortgage payment for June or any month after that—woo hoo!

mortgage-burning-clipart-1

 

  • GENERAL BENEFIT FUND (GBF):
    • The congregation last year authorized a transfer of $60,000 out of the GBF. It was used for:
      • Building Maintenance: $25,951
      • Cash flow shortfall: $34,049

 

  • FORECAST FOR FY16: Your Treasurer is forecasting that the church will breakeven for FY16 when comparing income and expense, after taking into consideration the transfers from the GBF. This sets the church up for a strong start as we head into the next fiscal year and welcome a new minister.
    • The pledge payments made in May helped enormously, with an extra $10,000 donated by members, primarily as pre-payments of their FY17 pledges. A word of explanation:
      • The accounting is done on a cash basis, so income and expenses are tracked when income is received and expenses are paid.
      • But, the pledge commitments you made are tied to a fiscal year.
      • This means that some pledge payments are made in the same fiscal year as the pledge commitment, but every year some members actually pre-pay their pledges which help the current year’s cash flow.
      • Not to worry, some members do this every year plus this year we expect more new members to join as a result of Rev. Matthew being welcomed into the Emerson Community as our new settled minister.

 

  • BUDGET FOR FY17:
    • The Managers initially proposed a budget that provided for the funding of all the items that are important to Emerson and its members.
      • It was presented to the congregation at the May 22nd meeting with a request to help close the $24,000 gap. And many of our members increased their pledges, closing the gap on the shortfall! This will help ensure that Emerson is Building for the Future!
      • The budget was then revised by both the Managers and the Board to take into account the new information received since then and is one of your handouts today.
    • The budget is mostly based on known information with the exception of a few items: the $12,000 you see for Building Maintenance being one of them plus some uncertainty as the actual amount of moving expense, health insurance and the installation service for Rev. Matthew.
      • We know that parts of the building need maintenance, and our capable Plant Manager is assessing the needs to determine the timing and cost of the items.
      • It is important to plan for those expenses, so we have added a placeholder for any of the ways that they could be funded later this year at line 3010A.

 

THANKS YOU TO ALL OF YOU FOR MAKING EMERSON A WONDERFUL PLACE TO JOIN TOGETHER IN COMMUNITY!

REUTER

Leslie Reuter

Emerson Board Treasurer

lreuter@sbcglobal.net