Financial Update

Rutherfordton Presbyterian Church Budget Update

 

The following is an update on the General Fund budget and Our Future building campaign, as of October 31, 2020.

General Fund (Operating Budget)

Actual Budget Difference

Income $ 289,559* $ 261,788 $ 27,771 (over projected income)

Expenses $ 259,326 $ 271,678 $ 12,352 (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 provided salary related expenses for the Church for an eight (8) week period beginning June 11, 2020. We have fully expended these funds and expect the loan to be forgiven at no cost to us by early 2021.

 

November 1-15 is our 2021 Stewardship Estimated Gift Giving (EGG) campaign. The Session has developed an optimistic 2021 General Fund budget, which maintains existing ministries while planning for expanding others as conditions improve. The 2021 budget is $325,146 which is an increase of 3.2% over our current budget.

 

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

Pledges and Gifts $ 1,563,830

Pledge and Gifts received to date $ 1,389,260

Pledges outstanding $ 174,570

 

 

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 3.077%. 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.