Finance Summary (1st Quarter Report, 2015-16)

pdfSept_2015_Board_RevExp.pdf

Summary: Pledge income is slightly lower than last year though auto draft participation is up. Rental income is steady. Staff transitions (DRE and Membership) result in slightly higher personnel expenses for 1Q. Programming expenses are under budget. This is typical as the program year is just getting started.

The first quarter net (+$10K) is less than the past two years. Even though pledge income tends to be front loaded in the fiscal year (65% within first 6 months) and auto-draft participation is up, the timing of when and how pledges are paid is variable. Overall the financial picture looks solid. Expenses are in line and monitored closely. The summary of restricted accounts shows $55K in the general reserve fund and $57K in deferred maintenance (the remaining balance of the capital campaign fund has been transferred here).

Notes

Mortgage: New loan closed July 2015. Includes $200,000 down payment from challenge gift and the rate is a 10 year loan amortized over 10 years. Reminder: variable mortgage paid off ($64,501.58) on Nov. 25, 2014.

Loan                       Principal Balance                  Monthly Payment             Rate

Variable                 $131,272                                $1,419                            5.37%

Financial Review (agreed upon procedures): Mark Danes will conduct site visit Nov. 2015. A report is expected later this fall.

New Online Giving Features

You can now also contribute through your MyERUUF account towards your pledge, Generosity Sundays, Social Justice Sundays, or just to the collection plate. It’s easier than ever before! You can access your giving history, your pledge balances, and make a secure contribution all in one place. That may sound good, but it gets even better. You can set up an automatic contribution on whatever schedule or date best fits your need, and completely in your control. This method of giving is available through either credit card or e-check. You can do a onetime contribution or set it up for drafting on any recurring date of your choice. Just log into MyERUUF to see what’s new. Questions: Mary Berry, Bookkeeper ().

(document by Daniel Trollinger, Director of Administration)