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.