Here’s a quick summary of our finances as of the end of August, 2014. We’ve just gone through the dreaded summer months (the Treasurer’s least favorite financial period). People are on holidays or are taking a break from church. Obviously less attendance at Sunday service means less givings to the church. Thank God for PAR, our preauthorized remittance program which allows members to give to the church via automatic bank withdrawals even during the summer. This along with the fact that in July and August we had one less minister to pay helped keep our financials in fairly good state.
On June 1 (the beginning of summer), the church had a financial deficit of $22,000. On August 31 (the end of summer), the church has a financial deficit of $22,500. So we got through the summer, basically where we started, which from the Treasurer’s standpoint is great. However he knows that we had major savings in personnel costs which made this happen. Otherwise we would be in much worse shape. Once we have added a temporary minister to help out during our search period, such savings will decrease significantly.
We are coming up to your Treasurer’s favourite period, Bazaar month (October). The proceeds from this event will substantially reduce this deficit, as it always has. The Treasurer LOVES the Bazaar.
So how does the end of 2014 shape up financially. Because of the unknown ministerial staffing situation during the next few months, it is very hard to estimate. It looks like we should be OK for 2014, say a small deficit.
Deficits are handled through our cash reserves. As of August 31, our reserve is around $27,000. This is not a large amount. It could be eliminated with a single event, a new roof for example. Our cash reserve should increase over the next few months (Bazaar, Christmas givings) but the Treasurer keeps an eye on this amount at all times.
In conclusion, your Treasurer is breathing a little easier than a couple of months ago. Your continued financial support is needed and appreciated.