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Treasurer's Report

Summary of the Treasurer’s Report on April 25, 2021

View a PDF of the presentation.

First Quarter 2021 Summary

  • Giving was $2.06M
    Down $51K when compared to Q1 2020 giving (-2.4%)
  • Spending was $2.24M
    Down $102K when compared to Q1 2020 spending (-4.4%)
  • Spending exceeded Giving by $172K
    In Q1 2020 spending exceeded giving by $223K

Mortgages & Other Liabilities

Bethlehem Mortgage for North Campus

  • $1.2M Principal balance as of 3/31/2021
  • Reduced by $133K YTD
  • $64K of this reduction was from designated gifts toward reducing mortgage balances

Bethlehem Mortgage for South Campus

  • $6.6M principal balance as of 3/31/2021
  • Reduced by $42K YTD

Interest Savings – Debt Restructuring

Debt restructuring negotiated in March 2021

  • Analysis by Bryan Rohde
  • Negotiating by Jon Grano
  • Approval by FPA Committee & Elders
  • New 3.2% rate from existing rates of 4.75% North Campus and 4.35% South Campus
  • Fees were less than $2K

$100K interest savings per year

  • $350K budgeted interest expense amount for 2021
  • $250K annual (12 month) amount starting April 2021
  • $75K interest savings projected for this budget year
  • Faster principal reduction

Conclusion

Praise

  • We are thankful for another quarter of stable finances, consistent with prior years
  • We have a solid core of faithful givers
  • We continue to manage expenses in line with revenue, although timing of receipts and expenditures causes fluctuations on an interim basis
  • We were able to achieve interest expense savings by negotiating a lower interest rate on our loans

Prayer

  • Pray for unity in the execution of our mission
  • Pray for maximum kingdom impact, using the resources with which we have been entrusted to glorify God and promote his message

Notes on spending/giving histories, year-to-date spending, and liabilities/assets are available in the PDF of the presentation.