from the treasurer

Hello, All Saints ~
 
Please find the January financial reports below. The format looks different because I configured QuickBooks to generate the reports automatically so I do not have to retype them in excel. Also, this year the monthly budget allocation is adjusted for when known actual expenses for quarterly items will be paid, in order to provide a better view of monthly results. For example, the property insurance premium invoice is paid quarterly, so the whole expense would hit in the month in which it is paid. 
 
Major financial related activities that occurred in January include the following: 

• The investment of the excess cash in the checking account. We expect to need the excess cash by June, so it was invested in temporary CDs and also in a savings account so that the money will be earning income until the cash is needed.
• The annual worker's compensation audit was completed.
• The parochial report is in process.
• The annual church audit request for initial documentation arrived.
• The analysis of telephone/internet expenses was resumed.
• A copier provider met with the rector, the senior warden, and the parish secretary to make a sales pitch, which gave us a good idea of competitive options and bids, which will help us immensely when the contract with our current supplier ends.
• A final analysis of the transfer of the endowment from Associated Bank to the DCT was completed. The attached balance sheet shows the current value of the endowments as of 12/31/2019 at $893,532, with Q4 earnings included. Endowment statements are provided quarterly from the DCT so watch for an update in April 2020. 

 
Pledges for January are $24,013, versus the budgeted amount of $18,333.33. Pledges are, therefore, already $5,680 over budget for the new year. Thank you for your gifts from the heart! We appreciate you!
 
Ministry expenses, at $3,832, are close to the budgeted amount of $3699.
 
Minister expenses being at $19,818, versus the budgeted amount of $16,707, results in an over-budget variance of $3,111 due to payroll timing and a catch-up bill for three months (December 19 - February 20) of Rector Health Insurance premiums. Payroll is paid 26 times per year, and the budget is the total payroll amount divided by 12. 
 
Facility costs came in at $4,012, compared to the budgeted amount of $3,298, due to costs associated with boiler maintenance and higher than average utilities costs from higher gas usage in the winter. The utility and boiler costs are typically seasonal and will even out in future months.
 
Operation costs came in at $2,340, compared to the budgeted amount of $1,917, causing a slight, unfavorable variance of $365, due to a bill for newspaper advertising costs for 2019 arriving in January.  
 
Overall, we had a strong month and ended with a surplus (more incoming cash than outgoing cash for expenses) of +$3,710. You may be wondering how this is possible when the finance committee projected a (-$60,000) deficit for the year. Due to the timing of expenses, the deficit is not projected to start occurring until February. However, based on a sneak peek, February pledges are also already over budget, so we're already doing better than planned. We've got this! :)  
 
Thank you for contributing to a strong financial start to the year! 
 
Peace,
Alicia Bayambang
All Saints Episcopal Church Treasurer
920-216-6006

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