Financial Update

The following is an update on the General Fund budget and Our Future building campaign, as of November 30, 2020.

General Fund (Operating Budget)

Actual Budget Difference

Income $ 312,126* $ 287,641 $ 24,485 (over projected income)

Expenses $ 287,216 $ 297,606 $ 10,390 (under projected expenses)

 

The General Fund budget includes all Church operations, including salaries, building maintenance, operating costs, Christian growth and nurture, worship, outreach, and fellowship budgets.

 

*Included in the General Fund Income (offerings) is the $26,319 loan received through the CARES ACT (Payroll Protection Program) which is currently being reconciled with the expectation that the loan will be forgiven.

 

The Session has developed an optimistic 2021 General Fund budget. This $335,754 budget is a 3.2% increase over our current budget. It generally maintains our Ministry programs at the same level while meeting operating expense increases. To meet this budget level, we have estimated the need of $248,000 in Estimated Gift Giving (EGG) pledges. As of 12/08/20, we have received $ 173,672 towards that goal. We encourage our membership to submit their EGG pledges, as soon as possible, so that we can confirm our General Fund budget in early January.

 

Our Future (Building Campaign) Pledge Goal $1,750,000

Pledges, Gifts, Refunds & Interest $ 1,588,640 Pledge and Gifts received to date $ 1,424,255

Pledges outstanding $ 159,385

 

 

Our Future Mortgage

Original balance $ 550,000

Principal payments to date 50,001

Balance remaining $ 499,999

 

The 20-year mortgage is with the Presbyterian Church (U.S.A.) Investment and Loan Program, Inc. with an interest rate of 3.007%. During the Our Future campaign, the loan principal is paid from the Our Future Building Campaign account and the mortgage interest is paid from our General Fund account.