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
- 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.
- 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.