Church Financials

2023 Summary Financials

1. We missed our Pledged Giving goal by $17,982 or 2.3%
2. Designated Gifts and Program Fee revenues were $47,494 or 25.1% better than planned. This is from the Sabbatical which was paid through a Grant, and Facilities improvements. Approximately $10,500 of expenses for the new roof (approximately $50,000 total cost) were recorded in 2023. These expenses were budgeted in 2024.
3. Operations Expense over due to $10,500 in new roof expenses budgeted in 2024, window replacement, and expenses at the Family Life Center associated with storm damage.
4. Employee expenses were 7.27% below plan as we did not hire a full-time Associate Rector. Father George continues to be a fantastic gift to our Church.
5. As an offset to the favorable income from the Sabbatical Grant, we also incurred the associated expenses and this explains the negative variance in Ministry.
6. We donated $20,000 to the Church Foundation. In the 2024 Budget, we increased this amount to $25,000.
7. After two years of no salary increases, the Vestry approved a 5% increase for Staff and Clergy.
8. In recognition of excellent work during 2023 including the Sabbatical and no Associate for five months, the Vestry also approved bonuses this year in the aggregate total of approximately $30,000. This equates to an average of $3,300 per person and approximately 5.5% of total employee expense. Vestry felt this was strongly deserved.
9. If we had not spent $10,500 of the $50,000 new roof budget (all budgeted in 2024), we would have finished 2023 with a deficit of approximately $5,000 - $2,500 better than our annual 2023 budget.