Dear All Saints Family,
Finances continued to remain stable in August. Total giving was $15,618.26 versus a budget of $16,916.67. The slight dip is common in the summer months and September is looking fantastic for giving as of today. Year-to-date giving through August is $149,356.70 which is $14,023.37 higher than the budget of $135,333.33. I reformatted the report this month to group all non-endowment giving. Purposed and General income which include giving designated for flowers, building use, and Scrip are under budget. However, we are fully covering our expenses for 2019 so this is not necessarily a negative, total YTD Operating expense is $35,648.13 under budget. A plan to present a demonstration on how to sign up for SCRIP online is in the works. Watch for the event this fall. Endowment is also under budget because we have not needed the budgeted 5% draw from the endowments due to having excess cash. A decision was made to not draw from the Endowment as planned since we did not need the cash. That way the endowments continue to grow and earn in the investment accounts. The excess cash was due to finalizing the reimbursements for the 2012-2018 expenses due from the endowments.
Operating expenses for August were $3,578.05 under budget overall primarily due to not having a full time rector (approximately $42,000 in savings YTD) and organ maintenance expense is under budget YTD, which could be due to the timing of the work. Additionally, the timing of the quarterly property insurance payment resulted in favorability that will be evened out when we pay the bill in September.
All Saints ended in a net SURPLUS (more money came in than was paid out) for the month of August amounting to $3,578.05 and a YTD SURPLUS of $4,376.80.
Thank you again for your continued giving through this transition period. As you may know, a rector has accepted the call to All Saints. I ask for your prayers and discernment about how we might change financially going forward to cover the additional financial expenses of a full-time rector. We are creating a draft budget for 2020 which will reflect the great cost saving initiatives we implement in 2019. However, there is still more work to do if we want a balanced budget.
Please keep the Vestry, Finance Committee, and Stewardship Committee in your prayers as we work on this important goal.
In His Love,
Alicia Thornton Bayambang
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Phone (920) 734-3656 or (920) 249-4147