Treasurer's Report

 

FROM THE TREASURER

The results for the first eleven months of the Fiscal Year 2018-2019 leave us with a negative Net Operating Income (NOI) of -$22,523. At this same time last year, our NOI was positive $6,289.

For the past three years, we have been using a calculation to project the direction we are heading for year end. This month, we project a negative year-end NOI of -$26,918.

For the current fiscal year, we planned to use $20,000 from savings to cover gaps in our budget due to the added expense of increasing our staff. The net result of this savings usage is that we are approximately right on plan as expected.

It is incredibly important everyone meet their financial commitments by Sunday, June 23 as any donations made on June 30 will have to be processed on next year’s budget. We want to show as much of a balanced budget as possible to receive favorable terms with our bank.  Please start contributing to the Capital Campaign. It would be very helpful if congregants would front end their capital campaign commitment payment this summer.  All Souls must put up a substantial amount of money as a down payment to our bank for a construction loan so that we can begin our building project in September.

Brad Mock, Treasurer at bradley_j_mock@hotmail.com or 860-705-2966