Fiscal Year ‘24 Results
| Actual | Budget | +/- |
Contributions, LBPS & Grants | $2,059,824 | $2,027,326 | $32,498 |
Operating Expenses & Mortgage | (2,131,411) | (2,246,803) | 115,392 |
Operating Deficit | (71,587) | (219,477) | 74,916 |
From Board Designated Funds | 71,587 | 219,477 | 147,891 |
| $0.00 | $0.00 | |
Mortgage Balance
| FY24 | Since January 2020 |
Beginning Balance | $665,097 | $3,129,727 |
Payments: | | |
Beyond Campaign | (350,437) | (2,408,597) |
General Fund (Mortgage Payments) | (55,490) | (461,960) |
Ending Balance | $259,170 | $259,170 |
Fund Balances
| 2024 | 2023 |
Board Restricted - Mortgage | 36,110 | 40,540 |
Donor Restricted – Beyond - Capital Improvements | 75,504 | 117,699 |
Donor Restricted - Other | 228,816 | 202,908 |
Restricted Funds | $340,430 | $361,147 |
General Fund | $496,513 | $607,582 |
Board Designated For Future Operations | 0 | 71,614 |
Available for Operations | $496,513 | $679,196 |
Total | $836,943 | $1,040,343 |
History, Highlights and Opportunities:
• More security measures at Verona and Madison Campus in order to be better stewards for our congregation.
• Investments in facilities, including improvement to the church’s HVAC system at both locations, along with new landscaping in Verona to make the campus more welcoming.
• Investments in people, including improved staffing at Little Blessings Preschool and in media production and transitional staff while we look for our new lead pastor.
• Extraordinary fiscal management led us to spend $178,022 less than expected in FY 24.
Generosity from the congregation should help us eliminate our mortgage by the end of the year.
Still await money from IRS for Employee Retention Tax Credit, which is expected sometime this year.
FY25 Proposed Budget
| Actual FY23 | Actual FY24 | Budget FY24 | Change |
Contributions, LBPS & Grants | $1,975,162 | $2,059,824 | $2,325,835 | $266,011 |
Operating Expenses and Mortgage | (2,096,154) | (2,075,921) | (2,418,831) | (342,910) |
Deficit from Operations | (120,992) | (71,587) | (92,996) | (75,899) |
| | | | |
From Reserves/(Surplus) | 120,992 | 71,587 | 92,996 | (75,899) |
| $0.00 | $0.00 | $0.00 | $0.00 |
FY25 Proposed Budget
Investments Proposed for FY24:
Staff Compensation Increase
Roof Repair/Replacement (Madison Campus)
Facility Increases due to repairs on current HVAC Systems
Additional FTE by 1.7 (Partial Year)*
Children Youth & Family
Hospitality
*The open FTE positions are currently included in the 2025 FY budget; the church is committed to investing in the positions when the right person is found.
FY 25 Budget Breakdown
Safety Net
| | Maximum | Projected | |
| Available for Operations | $496,513 | $496,513 | |
| Available to use for FY25 Budget | (16,513) | (92,996) | |
| Remaining Balance | $480,000 | $403,517 | |
| Number of months = Safety Net | 3.0 | 2.52 | |
| | | | |
Projected Safety Net = 2.52 months of expenses at end of fiscal year 2025