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 2 14 28 (13) - Other Receipts 2 2 0 Total Church Receipts 3 227 262 (35) Total WECC Receipts 228 247 (19) Total Church Expenses 4 260 266 (6) Total WECC Expenses 227 235 (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 (150) - Operating Fund Receipts 29 35 (6) Total Capital Fund Receipts 9 1 259 (258) - Memorials 0 5 5 Total Designated Funds Receipts 74 100 (16) Net Debt Changes 10 (41) (435) 394 Expenditures Expenditures - Outreach Expenditures 36 70 (34) - Capital Expenditures 11 4 50 (46) - Operating Expenditures 27 190 (163) - Other 12 - - - - Memorial Expenditures 1 5 (4) Total Expenditures 13 4 50 (46) Total Expenditures 64 265 (201) Transfer from Other Funds 14 23 135 (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
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 2 523,282 533,920 504,917 Other Current Assets 3 - - 15,000 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 6 312,133 312,133 430,090 Current Liabilities 7 134,052 115,955 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 10 523,282 533,920 504,917 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 13 24.3 30.2 11.5 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 3,845 24 TOTAL 17 7,715 8,250 (535) Page 2
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 2018 2017 Actual 2018 Actual Page 3
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% 109,382 132,667 (23,285) -18% 3 Total Church Receipts 226,954 261,943 (34,989) -13% 253,192-10% Expenses Westwood Lutheran Church Analysis of Revenue & Expense February, 2018 WESTWOOD GENERAL FUND MONTH YEAR TO DATE - 2018 89,257 89,491 (234) 4 Salaries and Benefits 176,719 178,983 (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% 135,914 132,893 3,021 2% 9 Total Church Expenses 259,932 265,789 (5,857) -2% 244,903 6% % Variance Prior Year - 2017 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 47,801 14 Ending Fund Balance 48,493 77,625 41,923 Average Daily Cash Flow 15 Receipts 3,847 4,440 16 Expenses 4,406 4,505 17 Average Daily Net Cash Flow (559) (65) Page 4
WECC Fund: Total Receipts Monthly Trend $130,000 $110,000 $90,000 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2018 2017 Actual 2018 Actual Page 5
% 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% 1,466 833 633 2 Other Receipts 1,899 1,667 232 808 120,491 123,512 (3,021) -2% 3 Total WECC Receipts 228,257 247,025 (18,768) -8% 225,337 1% Expenses Westwood Lutheran Church Analysis of Revenue & Expense February, 2018 WESTWOOD EARLY CHILDHOOD CENTER MONTH YEAR TO DATE - 2018 Prior Year - 2017 96,168 103,341 (7,173) 4 Salaries and Benefits 199,777 206,681 (6,904) 190,027 5% 8,155 7,267 888 5 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 1,833 520 7 Program 5,264 3,667 1,597 5,272 0% 113,881 117,608 (3,727) -3% 8 Total WECC Expenses 226,839 235,214 (8,375) -4% 218,586 4% 6,610 5,904 706 9 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 $ 706 11 Net Change for Period $ (4,415) $ 5,978 $ (10,393) $ 4,251 12 Beginning Fund Balance 26,279 26,279 9,275 13 Ending Fund Balance 21,864 32,257 13,526 Average Daily Cash Flow 14 Receipts 3,869 4,187 15 Expenses 3,845 3,987 16 Average Daily Net Cash Flow 24 200 Enrollment 90.6 92.0 (1.4) 17 Children 90.6 92.0 (1.4) 91.0 84.7 86.5 (1.8) 18 FTE's 84.7 86.5 (1.8) 84.8 Page 6
Analysis of Revenue & Expense February, 2018 CAPITAL FUNDS NET ASSETS - CAPITAL FUNDS - BEGINNING - January 1, 2018 12 Month Actual Remaining a b c 1 $ 133,621 $ 133,621 $ - REVENUES Capital Fund Receipts 2 936 109,309 108,373 Land Sale 3-150,000 150,000 Total Revenues 4 936 259,309 258,373 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 10 - - - 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 22,500 135,000 112,500 NET CHANGE FOR PERIOD 14 (21,189) (90,392) (69,203) NET ASSETS - CAPITAL FUNDS - ENDING - February 28, 2018 15 $ 112,432 $ 43,229 $ (69,203) Page 7
Analysis of Revenue & Expense February, 2018 DESIGNATED FUNDS Annual Actual Remaining a b c NET ASSETS - DESIGNATED FUNDS - BEGINNING - January 1, 2018 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 4 470 5,000 4,530 Total Revenues 5 74,488 100,000 25,512 EXPENDITURES Outreach Expenditures 6 36,234 70,000 33,766 Operating Expenditures 7 27,128 190,000 162,872 Memorials 8 575 5,000 4,425 Total Expenditures 9 63,937 265,000 201,063 CHANGE IN NET ASSETS 10 10,551 (165,000) 175,551 NET ASSETS - DESIGNATED FUNDS - ENDING - February 28, 2018 11 $ 410,851 $ 235,300 $ 175,551 Page 8