Treasurer Report, October 2010
In October, 2010, after four months or 33% of the fiscal year, we have received $236,914 in revenues, which equals about 44% of the revenue receipts budgeted for the year. Total revenues after four months are about 11% higher than last year. In October, current year pledge payments were $50,967, and after three months we have received 45% of the amount budgeted for pledge receipts for the year. Total current year pledge payments after four months are 18% higher than at the same time last year.
In addition, in October we received another $1,475 in prior year pledge payments. With respect to other revenue sources, after four months we have received a total of $3,493 in building user fees, which is 68% of the amount budgeted for the year.
After four months of the fiscal year, our expenses amount to $151,941, which is about 28% of the amount budgeted for expenses. As a result, after four months our reported net income is $84,973. For just the month of October, our net income was $27,702. After four months, our total expenses are about 8% lower than last year.
With respect to specific expenses, we have now spent 54% of the amount budgeted for the year for church office expenses. Church electricity costs continue to be high, now accounting for 46% of what was budgeted for the year and exceeding what we spent last year by about 14%.
At the end of October, we had $208,108 in our church bank accounts, but this does not take into account a large number of outstanding checks (which is true at the end of every month).
Also, at the end of October we had $160,000 in outstanding building loans held by members as member bonds, as well as by the Endowment Fund, and $51,024 remaining in our loan from the UUA.
Overall, our church continues to be in good financial shape, at least after the first four months of the year, and the church appears to be in a somewhat better financial position than it was at this time last year.
However, in order to keep the current numbers in perspective, we should remember that last fiscal year, expenses exceeded revenues in the months of January, February, March, April and June. A significant amount of our church expenses occur in the later part of the year. We should also remember that for the last several years the church has ended the year with a deficit, so that the cumulative operating fund, which holds significant reserves, was reduced. So it is still quite early to have a clear picture of how the year will end up.
Each month the Finance Committee and the Board of Trustees receive income statements and a balance sheet. Copies of these reports are also available for review in the Church Office. Doug Webbink, Treasurer, Board of Trustees Treasurer@uucharlottesville.org