UUCM Budget Discussion Sunday, May 17, 2020 1:00 pm
Overview • I look for this year to bring a spirited discussion! – Please bear with me as I explain where we are and where we, the Finance Committee and the Board, recommend we go financially. – Then, we can have an open discussion of our options and come to a conclusion of how to move forward. • When the presentation is over, I will open up the floor to questions and feedback. You can raise your hand (it’s a button at the bottom of your screen) or type your question or feedback in chat.
2019-20 Update
Summary (April 30, 2020) Total Year to Date Net Income $242,417 Total Year to Date Expenses $258,388 Net Ordinary Income ($15,971)
Account Balances (April 30, 2020) Checking and Savings Balances Checking Account – Mutual Bank $ 17,555 Money Market – Mutual Bank $ 7,333 Pastoral Care Account $ 1,563 Petty Cash $ 62 Designated Funds $31,672 Total $59,907
Account Balances (April 30, 2020) General and Restricted Fund Balances Ball – General Fund Reserve $ 91,350 Askren Fund – RE $ 13,589 Crosley Fund $ 63,913 Templar Fund $ 233,288
Income (through 4/30/2020) • Total net income so far is $250,594 vs. $315,257 budgeted for the full year. • We budgeted $268,337 in Pledges. – So far, we have taken in $217,070 or 80% of that total, and we are 85% of the way through the year. – We have lost some pledges due to people passing away or facing financial difficulties, but we were on track to reach our total before the shutdown. – No one has notified the church that this shutdown will impact their pledge, but there still may be an impact, especially if people are out of work or choosing to stay home longer. • We budgeted $2600 in loose offerings. – So far we have brought in $2491 or 96% of budget.
Income (continued) • We budgeted $25,500 for fundraising. – The Bazaar brought in $15,565 vs. $13,000 budgeted. – Fundraising misc. was budgeted at $7,500. The difficulties of this year for our church, the lack of a fundraising committee, and the shutdown will cause this to fall short. – The Service Auction was budgeted to bring in $5,000, and that has been cancelled due to the shutdown. – We will fall short for the 2019-20 year by ($9,609). – We now have a fundraising committee in place that will plan for a possible modified service auction for early fall and other fundraisers. • Despite stock market challenges, our investments are outperforming expectations ($6,778 so far vs. $6,720 budgeted for the full year)
Expenses through April 30, 2020 • Our expenses are on track to be right at the budget with a few exceptions: – RE Expenses and Minister’s expenses look low – could be a timing issue or could be a result of the unusual circumstances of this year. Will have answer on that by the meeting. – Office equipment and software is above budget ($3,143 vs. $2,640 budgeted) because Nadine needed a new computer when hers died, and, as a result, new Microsoft products.
Expenses (continued) – Our electric is $6,709 so far vs. a full year budget of $6590. – Our water is $5,071 vs. $5,000 budgeted for the full year – Our utilities are lower currently due to the building being closed, so we won’t incur that much more in these areas. – Repairs and Upkeep are above budget ($6,865 fs. $4,500 budgeted for the full year) due to AC repair last summer, parking lot light repairs, and boiler repairs. – But, overall, the Property and Maintenance Budget is still in range, although it will end up over because we still have custodians, electricity, water, and heat and maintenance expenses, just much lower than usual due to closure. – Postage and Unigram expenses are down.
Notes • We have not taken any money out of our investment accounts this year to cover any repairs or other projects. • Investment accounts remain strong and have gone up, despite economic uncertainty. – Ball $91,350 vs. $82,782 last year – Askren (RE) $13,589 vs. $12,743 last year – Templar $233,288 vs. $216,884 last year – Crossley $63,913 vs. $58,385 last year
Current Financial Status • We are doing ok right now, although we will likely run short of our projected balanced budget for the 2019-20 fiscal year. • It has been a tumultuous year within the church, and 2020-21 promises even more changes. • When we budgeted last May, and when we revised the budget in October, we did not foresee the challenges that were coming with the COVID- 19 pandemic – of course! • Pledging is trending up – both for the 2019-20 year and the 2020-21 year, which is good news.
Planning in the COVID-19 Era • The UUA has provided many opportunities for us to learn about how to best handle this unique time. • We have attended many and read everything we can find to help us. • This budget represents our best attempt to plan for 2020-21. If things change, we will make changes to our budget at the Congregational Meeting in October.
2020-21 Recommended Budget
Budget Process Staff and Committees turn in budget requests to the Finance • Committee who enters them into the Request Budget. Finance Committee enters pledge information from the • Stewardship Committee. Finance Committee reviews budget and makes cuts to get down to • the Austerity Budget (a balanced budget) Finance Committee Makes creates a Recommended Budget. They • forward all 3 budgets to the board. The Board reviews the budgets and makes changes. • The Board approves a budget to be presented to the congregation • for approval. Budget is approved or amended at the Congregational Meeting. •
Overview This is obviously a very difficult time to plan for much of anything. • There are so many unknowns: – When will the church be able to open again? – How has and will this COVID19 situation effect our congregation financially? Loss of jobs, loss of retirement income, loss of assets may all impact their giving to the church. – How will our opportunities for fundraising be impacted? – How will pledges be impacted? – How will spending be impacted? But, we believe that it is important that we follow our values even • when times are tough. Maybe especially when times are tough. Therefore, this budget represents what we believe to be the best • combination of fiscal responsibility, social responsibility, and responsibility to our congregation.
Income Income 2019-20 Budget 2020-21 Budget Change Pledges 268,327 270,700 2,373 Loose Offerings 2,600 2,600 0 Total 270,927 273,300 2,373 • Pledge numbers came directly from the Stewardship Committee. We have pledges or commitments to pledge for that amount. • Loose Offerings for 2018-19 are on track to slightly higher for 2019-20, so we think this is a safe number.
Income Income – Fundraising 2019-20 Budget 2020-21 Budget Change and Social Activities Service Auction 5,000 5,000 0 Bazaar 13,000 13,000 0 Fundraising, Misc. 7,500 8,000 500* Social Activities* 1,100 1,100 - Total 26,300 27,100 500 We do not know if the bazaar will be able to continue this year, or what form it • will take. It depends on where we are with the virus closer to that time. But, we have a fundraising committee in place! They will look into many • opportunities including a form of the service auction to be held in September, the bazaar in November, new opportunities and ideas, etc. They will look at things that can be done virtually as well as in person. Social activities is an in and out – we spend any money we make. • We have added $500 in expenses for the fundraising committee, so if they • bring in $8,000 here, and spend $500, they will still actually make $7,500. This looks like an increase, but it is not.
Income Income - Investment 2019-20 Budget 2020-21 Budget Change Interest and Dividends 1,620 1,620 0 Templar Fund Income 5,100 5,100 0 Total 5,720 5,720 0 • Even in this difficult year we have made $6,720 so far, so these numbers seem relatively safe.
Income Income – Misc. 2019-20 Budget 2020-21 Budget Change Building Use 500 500 0 Total 500 500 0 Dedicated Offerings 10,500 10,500 0 Building use is dependent on the number of people wanting to use the • building. We thought $500 was safe (we have made $495 so far this year), but it depends on how soon we can open the building safely to groups. Dedicated offerings are not really part of our budget since we send them to the • organization we raised money for, but they are listed. So far this year we have brought in $9,852, so we are at 91% of our full year budget, and we are only 85% of the way through the year.
Income Income – TOTAL 2019-20 2020-21 Difference 303,147 305,520 2,373
Expenses Ministerial Expenses 2019-20 2020-21 Budget Change Budget Salary 45,500 55,000 9,500 Housing Allowance 15,000 15,000 - Total Base Salary 60,500 70,000 9,500 Payment in Lieu of FICA (taxes) 4,628 5,355 727 Minister’s Pension 5,445 6,300 855 Health Insurance 8,086 8,086 0 Life Insurance 449 449 0 Dental Insurance 1,644 1,644 0 Disability 660 660 0 Professional Expenses 6,050 6,050 0 Sabbatical Accrual 2000 500 (1500) Comm. Minister’s Stipend 2,550 2,601 51 Comm. Minister’s Expenses 250 500 255 Total 94,457 102,145 7,688
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