How did we do it……. well, you did it…..through your pledges and gifts
and the proceeds of the insurance claim and bank financing.
In June, the Church reduced the construction loan to $400,000 and in July commenced
monthly mortgage payments of $2,476.94 on a 20 year 4 1/4% fixed rate loan that today
stands at $ 395,829.92. And, the building fund account has a cash balance of $71,224.26
with approximately $70,000 to be received on pledges which will fund the monthly payments
for the next four and a half years provided there are no further capital programs .
I’M SURE THE LORD WOULD SAY, "WELL DONE THY GOOD AND FAITHFUL
SERVANTS."
Build it and they will come….. and some
did .. but not to the extent we planned. We started the year with 103 pledged accounts
(which was subsequently increased to 108) with total commitments of $ 182,000. This was
substantially under budget with the expectation that new members would make up the
difference.
The average pledge was $1,770. which was slightly higher than the previous year but
there were less pledges.
In addition there are 82 families that contribute on a regular basis but substantially
less than the average pledge.
Consequently, while the Church is managing the expenditure side right on budget through
October of $210,000, the income side is $26,000. under budget resulting in a net loss of $
24,762. This operating deficiency has had a negative effect on our operating account by
reducing it to $10,000. We expect expenses to average about $20,000 per month for November
and December. With the exception of January and April, every month saw an operating
deficit and unless our collections are strong during the last two months, we could exhaust
the remaining balance in the bank account.
While the pledge accounts appear to be current, we ask that they consider extending
their support to a higher level and that all parishioners give generously with their
Christmas gifts. The Church would like to recover the deficit so we can enter the new year
with a strong operating account.
Thank you,
Richard F Gerhart
Vestry Chair for Finance and Stewardship
