Treasurer's Report

Summary of the Treasurer’s Report on April 28, 2019

View a PDF of the presentation.

Summary of First Quarter 2019

Giving was $2.15M

  • Down $51K when compared to Q1 2018 giving
  • Comparison includes 13 Sundays in 2019 vs. 12 Sundays in 2018

$155K below Q1 2019 budgeted giving

  • Spending was $2.38M
  • Up $141K when compared to Q1 2018 spending
  • $119K below Q1 2019 budgeted expenses

Spending exceeded giving by $232K

  • In Q1 2018 spending exceeded giving by $40K

South Campus Update

The final financing for South Campus is now in place.

South Campus loan:

  • A final draw was made on the construction loan on 3/26
  • The loan then converted to an amortizing loan with a 4.35% interest rate and monthly payments of $38K

South Campus was funded by the following sources:

  • Fill These Cities: 25 x ’25 Giving: $2.16M
  • Designated Gifts: $1.87M
  • New Debt: $6.92M
  • Total South Campus Cost: $10.97

Conclusion

  • The 25 month acceleration phase of “Fill These Cities: 25 x’25” ended on 12/31/2018 and so far giving has returned to levels experienced before the initiative.
  • Expenses are being managed in line with giving, but this means we are not able to do all of the things we want to as a Church that continued generosity would enable us to do. This is reflected in the 2019 “Fill These Cities: 25 x ’25” budget being paired back in significant ways to be more in line with recent giving.

Prayers

  • Thanksgiving to God for providing a South Campus.
  • Pray that we would continue to be a congregation of cheerful givers and that God would use our generous gifts to accomplish his purposes.

Slides can be seen by viewing a PDF of the presentation.

Downtown Campus

720 13th Avenue South, Minneapolis, Minnesota, 55415
Sundays: 7:30am, 9am & 11am

North Campus

5151 Program Ave, Mounds View, Minnesota, 55112
Sundays: 9am & 11am

South Campus

20700 Kenrick Ave, Lakeville, Minnesota, 55044
Sundays: 10:30am