Treasurer's Report

Summary of the Treasurer’s Report on April 26, 2020

View a PDF of the presentation.

First Quarter Summary

Giving was $2.12M.

  • Down $30K when compared to Q1 2019 giving
  • $135K below Q1 2020 budgeted giving

Spending was $2.34M.

  • Up $20K when compared to Q1 2019 spending
  • $145K below Q1 2020 budgeted expenses

Spending exceeded giving by $223K.

  • In Q1 2019 spending exceeded giving by $173K

Mortgages

Bethlehem Mortgage for North Campus

  • $1.65M principal balance as of 3/31/20
  • Reduced by $109K YTD
  • $53k of this reduction was from special designated gifts towards reducing our mortgage balances

Bethlehem Mortgage for South Campus

  • $6.76M principal balance as of 3/31/20
    Reduced by $42k YTD

Conclusion

Praise

  • We are thankful for an increased number using online giving and recurring giving options while we are prevented from worshiping together.
  • We continue to manage expenses in line with revenue, although timing of receipts and expenditures causes fluctuations on an interim basis

Prayers

  • Pray for continued generosity in 2020 so that planned and budgeted ministry initiatives aren’t deferred.
  • Pray for wisdom for the leaders of the church and the financial team to manage and plan in an uncertain economic environment.

Notes on spending/giving histories, year-to-date spending, net assets, and the Payroll Protection Program (PPP) are available in the PDF of the presentation.

Downtown Campus

720 13th Avenue South, Minneapolis, Minnesota, 55415
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North Campus

5151 Program Ave, Mounds View, Minnesota, 55112
Sundays: 7:30am, 9am & 11am

South Campus

20700 Kenrick Ave, Lakeville, Minnesota, 55044
Sundays: 9am