Church Financial Update, May 2016

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Christ the King Episcopal Church Financial Update for 2016 through May 31, 2016

Revenue Summary

Total revenue for the year-to-date is $243,353.57 which is $14,449.37 ahead of budget. We also have received an additional $65,000 in pre-paid pledges that will be recognized as revenue on a pro rata basis over the remaining months of the year. Plate income is slightly lower than projected at this point in the year as we appear to have converted some “plate givers” to pledging units as part of last year’s successful stewardship campaign.

Expense Summary

Total expenses for the year-to-date are $227,568. This is $1,112.00 below budget. We will continue to monitor expenses to ensure our financial goals are met.

Net Surplus/Deficit

Net surplus for the year is $24,023.11. This is $2,886 ahead of our year-end goal.

Reserves/Special Accounts

Christ the King also has funds in a number of reserve and restricted accounts. Our primary reserve accounts are an Emergency Reserve account with a balance of $150,000, and a Buildings, Grounds, and Equipment Reserve account with a balance of $68,796. These accounts were established by the Vestry to help ensure the Church has funds available for extraordinary expenses as it relates to the Church’s operation and its buildings. No funds have been spent from these accounts during my tenure on the Vestry and as Treasurer (2015 and 2016).

Examples of other accounts deemed restricted are flower guild, altar guild, and columbarium among others.

Please click here to see the Christ the King 2016 Budget for Parish Distribution.

If you would like a more detailed breakdown of the budget and financial reports, hard copies are available in the church office. Should you have questions about the church’s financials, please contact Dale Dalbey, our Treasurer, at or call him at 205-706-6499.

 

 

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