Stewardship
Cash received in June totaled $39,082 and expenditures were $50,173. This resulted in a monthly cash deficit of $11,091. For the year-to-date we have an operating surplus of $8,913 due to 2010 pledges(1) that were paid in late 2009. Based on a 6-month prorated earned portion of the prepaid pledges we have a YTD operating deficit of $6,137. July is also trending towards a deficit month. The Finance Board continues to closely monitor expenditures to keep our financial position as sound as possible. The congregation can help by keeping the pledges current.
| Period | Income | Expenses | Deficit / Surplus |
| June 2010 | $39,082 | $50,173 | -$11,091 |
| 2010 to date | $311,724(1) | $302,810 | $8,913 |
(1) Includes $30,100 in prepaid 2010 pledges received in 2009.
The church Building Fund ended June with a bank balance of $230,215, an increase of $3,488 for the month. Our outstanding bank loan is $857,201. Our lending bank PNC has offered us an attractive restructuring of the loan, and we have accepted their offering. The loan will be split into a $450,000 fixed rate portion at 3.96%, and a $407,201 variable rate portion starting at 2.35%. Both loans have a 5-year term with a 15-year amortization. This change gives us some protection against anticipated increasing interest rates, and extends the next refinancing date from August 2013 to August 2015. Monthly payments of principal and interest will start at about $6,720. For the next few years these will be covered by the Building Fund cash reserves and future contributions.
In addition to reducing the $450K fixed-rate loan balance during the 5-year term via the amortization payments, our goal will be to completely retire the $407K variable-rate loan in the 5-year period. To do this we will need continued support from members after the current campaign ends this year.
Please note that the July mailing of midyear giving statements for the Building Fund contained statements from June 2009 rather than the correct June 2010. Members whose reports changed during the period have been sent a corrected copy.
You are welcome to contact me with any questions.
~ Gerry Flinn, Treasurer
jgflinn@msn.com