Current Financial News
While church leaders plan for lower giving in the summer, this summer’s income was outpaced by spending due to several large projects. As a precautionary measure, the Finance Committee has decided to hold the extra $2,000 we have been paying on the mortgage (January – August) until income and spending are balanced this fall.
Setting the Church’s Budget
It is the annual work of the Finance Committee to present the Administrative Board with a budget for the coming year. The work begins by collecting budget requests from committees, boards and other areas of ministry in the church. For example, the Board of Trustees submits projected funds needed for repair and maintenance of our church campus buildings and our parsonages. The Staff-Parish Relations Committee proposes the amount needed for staff salaries and benefits. The Finance Committee also reviews past utility bills and anticipated changes in rates.
With all of the information collected, the Finance Committee determines whether projected income will meet projected needs. It compiles a detailed budget and submits it for consideration. The Administrative Board approves the final draft of the budget and is responsible for any changes made during the year.
Long-Term Financial Goals
The church has adopted long-term financial goals. They include: retiring the mortgage debt by 1222 by paying an additional $2,000 on the monthly mortgage and making a 13th payment each year; creating a reserve fund for emergencies; establishing a Major Gifts List to guide those who would like to make a large gift; encouraging Legacy Giving and giving to the church’s Endowment Fund.
If you have any questions concerning the ministry of the Finance Committee, please contact Finance Chairperson, Donna Thompson
No comments:
Post a Comment