December 20, 2012 Vestry Meeting Treasurer s Report. I. November 2012 Financial Discussion

Transcription

1 December 20, 2012 Vestry Meeting I. November 2012 Financial Discussion November Parish Giving of $122,180 was $17,729 or 17% higher than the budget for the month. It was also $39,213 or 47% higher than November Jeffords Fellowship Hall capital contributions were $2,682, which is comparable to the budget. Among the favorable highlights for this month is Non-Pledging Member Giving of $9,528, which was $8,321 higher than the budget (Non-Pledging Member Giving is defined as parish giving by parishioners who have not pledged during the current year). December also appears to be a strong month for Parish Giving (for example, last week s deposit was $74,800, as much as $50,000 higher than a normal week). Much of this can be attributed to Advent and the upcoming Christmas seasons, as well as parishioners fulfilling their pledges by the end of the year. We also know that a few parishioners have prepaid part of their 2013 pledges in November and December. This pledge giving will be reflected in our 2012 results. Operating Expenses (excluding Debt Service) for the month were $110,529, which was $11,454 or 9% lower than the budget. There were a few payroll-related reversals from previous months which accounted for this positive variance. Debt service of $38,501 was very close to the budget. In spite of positive revenue and expense variances, however, St. David s incurred an operating deficit of $11,893, although this deficit was $30,094 or 72% less than the budget for the month. For the 11 months ended November 30, 2012, Parish Giving of $1,238,607 was $76,385 or 6% lower than the budget (these values include the special contribution made in September). JFH Campaign Pledge collections of $86,633 were $63,633 or more than 200% higher than the budget. Total Cash Inflow for the 11 months ended November 30, 2012 was $7,816, or 1%, higher than the budget. Total Operating Expenses (excluding Debt Service) were $1,241,210, which was $54,288 or 4% lower than the budget. Debt Service of $423,515 was very close to the budget of $423,515. Our cash deficit for the 11 months ended November 30, 2012 of $134,254 was $53,005 better than the budget of a $187,259 deficit. Prior Year Comparisons For the 11 months ended November 30, 2012, Parish Giving was $171,651 or 16% higher than during the same period in Year to date JFH Capital Campaign contributions are $88,633, which is $43,577 or 33% lower than during the same period in 2011.

2 Page 2 St. David s consolidated expenses (not including Debt Service) are $147,791 or 14% higher in 2012 than in This largest single component of this year to date negative variance is higher Program Expenses from our larger Diocesan commitment. Our Debt Service for the 11 months ended November 30, 2012 of $423,515 is $56,156, or 15%, higher than during the same period last year, due to principal amortization on our loan which began in October For the year to date period in 2012, we realized an operating deficit of $134,254 compared to an operating deficit of $81,064 in II Budget Update As we discussed at the last Vestry meeting, the Vestry has not yet passed a 2013 budget until we have a better idea about 2013 pledges. Shown below is a 2013 pledge summary as of yesterday, December 19: Description # of Pledges $ Amount Pledges for $1,243,220 New pledges (incl. in above amounts) 30 $50,002 Pledges last year that have not renewed 76 $131,768 In very broad terms, we have a 2013 budget gap roughly equal to the amount of pledges from 2012 that have not yet renewed, as shown above. The renewal rate of those pledges will determine the resolution to the budget issue. III. Financing Update As we discussed in the Treasurer s report at the recent Annual Meeting, we have been in discussion with Renasant Bank, our lender since 2007, and this bank has verbally committed to renewing our loan in We continue to stay in touch with outher banks, however. Yesterday we learned that State Bank & Trust, who we first talked to in February, has decided that it is not interested in participating in our loan re-financing. We will receive some feedback from the bank regarding their decision, which may help us in our discussions with other banks. We will next meet with Renasant during the first week of January. They have requested our preliminary year-end financials and some other information, all of which we are assembling and are prepared to discuss. IV. Illumination Letter We have not prepared a letter for the Illumination for November. We anticipate a great deal of parish giving in December, so the November discussion would not be very meaningful. We would like to have one for the January Illumination, which will include preliminary year-end numbers, pledge status, etc.

3 Page 3 St. David's Episcopal Church Treasurer's Overview November 2012 Increase / October November (Decrease) Cash Position Renasant Balance $127,641 $101,764 ($25,877) Designated Gift Account $227,168 $220,212 ($6,956) Short Term Market $112,790 $127,606 $14,816 Total Funds Available $ 467,599 $ 449,582 $ (18,017) Long Term Investments Long Term Market $538,367 $543,691 $5,324 Total Funds $ 1,005,966 $ 993,273 $ (12,693) Obligations Jeffords Hall Mortgage $5,879,680 $5,870,606 ($9,074) Diocese Foundation Loan $151,962 $151,014 ($948) Sinclair House Parisioner $150,000 $150,000 $0 Total Obligations $6,181,642 $6,171,620 $ (10,022) Total Restricted Funds $414,518 $407,656 ($6,862) November November Favorable Actual Budget (unfavorable) Cash Operating Activity Excluding Preschool Parish Giving $122,180 $104,451 $17,729 Restricted Funds Transferred $217 $950 ($733) Other Receipts $12,058 $10,031 $2,027 Total Operating In-Flow $134,455 $115,432 $19,023 Jeffords Hall Capital Campaign $2,682 $2,500 $182 Total In-Flow $ 137,137 $ 117,932 $ 19,205 Personnel Expenses $64,058 $70,608 $6,550 Program Expenses $25,338 $27,157 $1,819 Building & Grounds $13,125 $15,255 $2,130 Other Expenses $8,008 $8,963 $955 Debt Service $38,501 $37,936 ($565) Cash Operating Expenses $149,030 $159,919 $10,889 Surplus / (Deficit) $ (11,893) $ (41,987) $ 30,094

4 Page 4 St. David's Episcopal Church Treasurer's Overview November Increase / December November (Decrease) Cash Position Renasant Balance $248,557 $101,764 ($146,793) Designated Gift Account $159,650 $220,212 $60,562 Short Term Market $120,514 $127,606 $7,092 Total Funds Available $ 528,721 $449,582 $ (79,139) Long Term Investments Long Term Market $389,672 $543,691 $154,019 Total Funds $ 918,393 $ 993,273 $ 74,880 Obligations Jeffords Hall Mortgage $5,972,528 $5,870,606 ($101,922) Diocese Foundation Loan $161,241 $151,014 ($10,227) Sinclair House Parisioner $150,000 $150,000 $0 Total Obligations $6,283,769 $6,171,620 $ (112,149) Total Restricted Funds $264,598 $407,656 $143,058 November November Favorable November 2011 Increase / YTD Actual YTD Budget (unfavorable) YTD Actual Decrease Cash Operating Activity Excluding Preschool Parish Giving $1,238,607 $1,314,992 ($76,385) $1,066,956 $171,651 Restricted Funds Transferred $15,369 $19,500 ($4,131) $40,943 ($25,574) Other Receipts $133,574 $108,875 $24,699 $85,317 $48,257 Total Operating In-Flow $1,387,550 $1,443,367 ($55,817) $1,193,216 $194,334 Jeffords Hall Capital Campaign $88,633 $25,000 $63,633 $132,210 ($43,577) Total In-Flow $1,476,183 $1,468,367 $7,816 $1,325,426 $150,757 Personnel Expenses $615,503 $634,800 $19,297 $548,109 $67,394 Program Expenses $267,822 $279,918 $12,096 $205,842 $61,980 Building & Grounds $200,459 $225,719 $25,260 $196,280 $4,179 Other Expenses $103,138 $100,773 ($2,365) $88,900 $14,238 Debt Service $423,515 $414,416 ($9,099) $367,359 $56,156 Cash Operating Expenses $1,610,437 $1,655,626 $45,189 $1,406,490 $203,947 Surplus / (Deficit) ($134,254) ($187,259) $53,005 ($81,064) ($53,190)

5 Andrew, Lesley From: Sent: To: Subject: Sunday, January 13, :18 PM Andrew, Lesley Fw: Supplement to Treasurer's Report Original Message From: Jim Landers To: Lisa Puckett To: Chris Burpo To: Edith Cobourn To: Amy Evins To: Amy Evins To: Steve Farris To: Meg Green To: Marilyn Hedrick To: Bill Irwin To: Jorge Romero To: Bill Sleeper To: Jim Wilson To: Jim Wilson To: Kurt Wilson To: To: To: To: Cc: Ken Swanson Cc: Anne Elizabeth Sweidler Cc: Fr. Antonio Brito Cc: Kathy Holman Cc: Kathy Holman Cc: Lesley Andrew Cc: Lloyd Bowen Cc: Jim Landers ReplyTo: Jim Landers Subject: Supplement to Treasurer's Report Sent: Dec 20, :08 PM Please review this information as a supplement to the report I sent to you earlier today: In today's report, I mentioned that there were some 2013 pledge prepayments for us to be aware of. The detail behind that statement is that none of November's Parish Giving was a prepayment of 2013 (I thought that some of it was), but several parishioners made large one-time payments to fulfill their pledges. In December, we know that at least $51,600 of the month's Parish Giving will be partial or complete prepayments of 2013 pledges. This information is positive in that we know that some people are working hard to fulfill 2012 pledges. Also, 2012 Parish Giving will be better than it otherwise would be by at least $51,600. Both of these items will make our 2012 financial condition look better as we discuss re-financing with the bank. Of course, the slight negative to the 2013 pre-payments is that 2013 Parish Giving will be lower than the amount pledged, other things equal, because of these prepayments. Jim Landers 1