Financial Update from Mount Calvary’s Treasurer, Eric Baertsch
Good morning,
As the Treasurer for the church I wanted to give the congregation an update on where we are with finances as they compare to the budget this year.
I have both bad news and good news to share with you this morning.
Here is some good news on the screen - You can see that Mount Calvary has a tremendous amount of generous givers. And we appreciate and thank each and every one of you for your generous contributions.
Through the end of September offering income for the year was approximately $450,000 which is about $36,000 below budget year to date. If we were to revise our budget for this year it looks like offering may be more in the neighborhood of $600,000 rather than the $636,000 that was budgeted.
The good news with the budget though is that expenses are predicted to be about 5% below budget which equates to a savings of about $36,000. We approved a deficit budget for 2022 and planned to use about $55,000 of the PPP loan to balance the budget, we had hoped to not use that much of the PPP dollars but it appears we will be.
The church also has a loan that came due in 2022, I am sure you have all seen what interest rates are doing currently and this loan was due in September but the good news is that we refinanced this loan early, in May, and were able to secure the same interest rate we had previously. We also reset the amortization to 15 years which will save us about $10,000 for our 2023 budget.
We are already starting to work on the 2023 budget and as you can see on the screen we have a goal for 2023 of $675,000 in giving in order to balance the budget. We are asking for everyone’s help in meeting this goal for 2023. In addition, any year end giving that helps reduce our deficit for 2022 will reduce the amount used from the PPP reserve and this will then be available to help balance our 2023 budget.
Again I want to thank everyone for your generous giving and if you haven’t completed a pledge card in the past please consider doing so for 2023 so we have better information to complete the budget.
If you have any questions, please contact our treasurer at ericbaertsch@msn.com or our director of operations at nadyne.glidden@mtcalvary.com.