WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget

Transcription

1 WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226 $ 245 $ (19) - Other Receipts (13) - Other Receipts Total Church Receipts (35) Total WECC Receipts (19) Total Church Expenses (6) Total WECC Expenses (8) Transfer (to) Other Funds 5 (17) (17) - Transfer (to) Other Funds (6) (6) - Net Change for Period 6 $ (50) $ (21) $ (29) Net Change for Period $ (4) $ 6 $ (10) Capital Fund Actual Annual Remaining Designated Funds Actual Annual Remaining Revenue Revenue - General Capital 7 $ 1 $ 109 $ (108) - Outreach Giving Receipts $ 45 $ 60 $ (15) - Land Sale 8 $ (150) - Operating Fund Receipts (6) Total Capital Fund Receipts (258) - Memorials Total Designated Funds Receipts (16) Net Debt Changes 10 (41) (435) 394 Expenditures Expenditures - Outreach Expenditures (34) - Capital Expenditures (46) - Operating Expenditures (163) - Other Memorial Expenditures 1 5 (4) Total Expenditures (46) Total Expenditures (201) Transfer from Other Funds (113) Transfer from Other Funds Net Change for Period 15 $ (21) $ (90) $ 69 Net Change for Period $ 11 $ (165) $ 185 ($'s stated in thousands) Page 1

2 Statement of Financial Position ASSETS As of February 28, 2018 As of December 31, 2017 As of December 31, 2016 Cash and Investments A B B Unrestricted 1 $ 200,114 $ 236,076 $ 88,543 Restricted 2 523, , ,917 Other Current Assets ,000 Property and Equipment at Cost 3 9,055,563 9,055,563 9,164,331 Total Assets 4 $ 9,778,959 $ 9,825,559 $ 9,772,791 LIABILITIES AND NET ASSETS Liabilities Mortgage Payable 5 $ 1,434,839 $ 1,434,839 $ 1,486,881 Short term Loan 6 312, , ,090 Current Liabilities 7 134, ,955 50,763 Total Liabilities 8 1,881,024 1,862,927 1,967,734 Net Assets Unrestricted 9 7,374,653 7,428,712 7,300,140 Temporarily Restricted , , ,917 Total Net Assets 11 7,897,935 7,962,632 7,805,057 Total Liabilities and Net Assets 12 $ 9,778,959 $ 9,825,559 $ 9,772,791 Avg Days Operating Cash on Hand Ratio of Debt to Total Net Assets 14 22% 22% 25% Average Daily Cash Flow Sources Uses Net Inc/Dec Westwood Lutheran General Fund 15 3,847 4,406 (559) Westwood Early Childhood Center 16 3,869 3, TOTAL 17 7,715 8,250 (535) Page 2

3 General Fund: Total Church Receipts Monthly Trend $290,000 $270,000 $250,000 $230,000 $210,000 $190,000 $170,000 $150,000 $130,000 $110,000 $90,000 $70,000 $50,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Actual 2018 Actual Page 3

4 Actual % Variance Actual A B C D Revenue E F G H I J $ 100,269 $ 118,750 $ (18,481) 1 Annual Giving $ 212,607 $ 234,110 $ (21,503) 229,639-7% 9,113 13,917 (4,804) 2 Other Receipts 14,347 27,833 (13,486) 23,553-39% 109, ,667 (23,285) -18% 3 Total Church Receipts 226, ,943 (34,989) -13% 253,192-10% Expenses Westwood Lutheran Church Analysis of Revenue & Expense February, 2018 WESTWOOD GENERAL FUND MONTH YEAR TO DATE ,257 89,491 (234) 4 Salaries and Benefits 176, ,983 (2,264) 162,122 9% 11,296 12,983 (1,687) 5 Outreach 23,779 25,767 (1,988) 32,063-26% 7,272 9,175 (1,903) 6 Administration 16,241 18,350 (2,109) 16,424-1% 19,449 17,038 2,411 7 Building and Grounds 32,250 34,275 (2,025) 28,208 14% 8,640 4,206 4,434 8 Other Program Costs 10,943 8,414 2,529 6,086 80% 135, ,893 3,021 2% 9 Total Church Expenses 259, ,789 (5,857) -2% 244,903 6% % Variance Prior Year Actual % Variance (26,532) (226) (26,306) 10 Change in Net Assets (32,978) (3,846) (29,132) 8,289 (8,333) (8,333) - 11 Transfer from(to) Other Funds (16,667) (16,667) - (14,167) $ (34,865) $ (8,559) $ (26,306) 12 Net Change for Period $ (49,645) $ (20,513) $ (29,132) $ (5,878) 13 Beginning Fund Balance 98,138 98,138 47, Ending Fund Balance 48,493 77,625 41,923 Average Daily Cash Flow 15 Receipts 3,847 4, Expenses 4,406 4, Average Daily Net Cash Flow (559) (65) Page 4

5 WECC Fund: Total Receipts Monthly Trend $130,000 $110,000 $90,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Actual 2018 Actual Page 5

6 % Actual Actual % Variance Actual % Variance Variance a b c d Revenue e f g h i j $ 119,025 $ 122,679 $ (3,654) -3% 1 Tuition $ 226,358 $ 245,358 $ (19,000) -8% $ 224,529 1% 1, Other Receipts 1,899 1, , ,512 (3,021) -2% 3 Total WECC Receipts 228, ,025 (18,768) -8% 225,337 1% Expenses Westwood Lutheran Church Analysis of Revenue & Expense February, 2018 WESTWOOD EARLY CHILDHOOD CENTER MONTH YEAR TO DATE Prior Year , ,341 (7,173) 4 Salaries and Benefits 199, ,681 (6,904) 190,027 5% 8,155 7, Operating 10,235 14,533 (4,298) 16,904-39% 7,205 5,167 2,038 6 Food 11,563 10,333 1,230 6,383 81% 2,353 1, Program 5,264 3,667 1,597 5,272 0% 113, ,608 (3,727) -3% 8 Total WECC Expenses 226, ,214 (8,375) -4% 218,586 4% 6,610 5, Change in Net Assets 1,418 11,811 (10,393) 6,751 (2,917) (2,917) - 10 Transfer from(to) Other Funds (5,833) (5,833) - (2,500) $ 3,693 $ 2,987 $ Net Change for Period $ (4,415) $ 5,978 $ (10,393) $ 4, Beginning Fund Balance 26,279 26,279 9, Ending Fund Balance 21,864 32,257 13,526 Average Daily Cash Flow 14 Receipts 3,869 4, Expenses 3,845 3, Average Daily Net Cash Flow Enrollment (1.4) 17 Children (1.4) (1.8) 18 FTE's (1.8) 84.8 Page 6

7 Analysis of Revenue & Expense February, 2018 CAPITAL FUNDS NET ASSETS - CAPITAL FUNDS - BEGINNING - January 1, Month Actual Remaining a b c 1 $ 133,621 $ 133,621 $ - REVENUES Capital Fund Receipts , ,373 Land Sale 3-150, ,000 Total Revenues , ,373 DEBT FINANCING Short Term Financing 5 (21,698) (320,473) 342,171 Principal and Interest Payments 6 (19,038) (114,228) 133,266 Net Debt Financing 7 (40,736) (434,701) 475,437 EXPENDITURES Capital Expenditures 8 3,889 50,000 46,111 Other Total Expenditures 11 3,889 50,000 46,111 CHANGE IN NET ASSETS 12 (43,689) (225,392) (181,703) Transfer from(to) Other Funds 13 22, , ,500 NET CHANGE FOR PERIOD 14 (21,189) (90,392) (69,203) NET ASSETS - CAPITAL FUNDS - ENDING - February 28, $ 112,432 $ 43,229 $ (69,203) Page 7

8 Analysis of Revenue & Expense February, 2018 DESIGNATED FUNDS Annual Actual Remaining a b c NET ASSETS - DESIGNATED FUNDS - BEGINNING - January 1, $ 400,300 $ 400,300 $ - REVENUES Outreach Receipts 2 45,390 60,000 14,610 Operating Receipts 3 28,628 35,000 6,372 Memorials ,000 4,530 Total Revenues 5 74, ,000 25,512 EXPENDITURES Outreach Expenditures 6 36,234 70,000 33,766 Operating Expenditures 7 27, , ,872 Memorials ,000 4,425 Total Expenditures 9 63, , ,063 CHANGE IN NET ASSETS 10 10,551 (165,000) 175,551 NET ASSETS - DESIGNATED FUNDS - ENDING - February 28, $ 410,851 $ 235,300 $ 175,551 Page 8