Treasurers Report March 2011
In March, 2011, after nine months or 75% of the fiscal year, we have received $438,935 in revenues, which equals about 82% of the revenue receipts budgeted for the year. Total revenues after eight months are about 5% higher than at the same time last year.
After nine months we have received a total of $317,587 in pledge payments or 80% of the amount budgeted for pledges. Total current year pledge payments after nine months are about 4.5% higher than at the same time last year. Also, unpledged donations now account for $10,784 or 135% of the amount budgeted. In addition, we have received more than 100% of the amount budgeted for building user fees, and 79% of the amount budgeted for plate cash.
After nine months, our total expenses are $390,338, which is about 73% of the amount budgeted for expenses. After nine months, our total expenses are about 4.6% lower than at the same time last year. As a result, for the year so far, our net income stands at $48,597. However, for just the month of March this year, our expenses exceeded our revenues by $17,235.
We have also received $12,271 in pledge payments for the next fiscal year.
As of March 31, our church bank accounts held $211,510. (In addition, on December 31, 2010 the assets held in our separate Endowment accounts totaled $349,809, and when we receive the report for March 31, 2011, the value of Endowment accounts should show an increase.)
I anticipate that we may end the current fiscal year with a modest surplus. However, in February and March this year we ran small deficits, and last year we had deficits in February, March, April and June. Thus, it is quite likely that our surplus, if any, at the end of the current fiscal year will be substantially lower than $48,000.
I continue to believe that our church is in good financial shape, but as always I recommend caution in spending during the remainder of the year.
Finally, I note that as of April 10, 2011, we had received 254 pledges for next year that total $385,379. We very much appreciate all those who have pledged. At the same time, it is important to realize that for the current fiscal year our budget included $405,000 in pledges, and even with that amount we had to make significant reductions in many important church programs and in the compensation packages for our church staff. Therefore, I urge any of you who have not pledged to do so, and any who are able, to increase your pledge.
Doug Webbink, Treasurer