The Vestry is eager to share this quarterly update with you as finances are an important aspect of making it possible for us to share life together and to “encounter, embody, and extend the presence of Christ.”
Highlights from July-September
- Benevolence Fund gifts received of $1,217 and disbursements of $740 to individuals/families for personal care services and therapy. The current Benevolence Fund balance is $5,865 at the end of September.
- Signed lease agreement with the Diocese of Indianapolis and prepared the building for move-in, including approval for new carpet in the children’s ministry area and removal of carpet in the entryway.
- Secured new insurance policy from TEC-affiliated provider to account for new building and enhanced coverages
- Finalized the transition of banking from Chase to National Bank of Indianapolis to gain better banking services (non-profit experts, good interest on reserve funds) and partner with a dedicated supporter of local community needs.
| Year-to-Date (Jan-Sep 2024) | Budgeted | Actual |
|---|---|---|
| Income | $153,600 | $170,465 |
| Expense | $165,058 | $162,752 |
| Difference | -$11,458 | $7,713 |
Perspectives on our Budget
- Giving year-to-date significantly exceeds our forecasted budget (+$17k). Thank you! We see this as evidence of God’s continued work in our community as we transition into a new era for our church.
- Expenses year-to-date are slightly below our forecasted budget. The increased income and decreased expenses mean that we have not run a deficit year-to-date as had been anticipated during budgeting for the year.
- Expenses associated with the new building have begun to kick in during October and will continue to increase through the end of the year and beyond. It’s possible that we’ll run a slight deficit by the end of 2024 based on these new expenses, which include increased rent, updated insurance, utilities, maintenance, and move-in related projects (e.g., new carpeting, site clean-up, A/V system).
- Even should a budget deficit materialize for 2024, we’ll be in good shape as our unallocated reserve fund maintains three to six months of operating expenses.
Future Plans
- The initial draft budget for 2025 has been created to inform the stewardship campaign in October. The Finance Committee, consisting of Ken Racke (Treasurer), Nathan Baker (Junior Warden), Fr. Ben Sternke, and Ruth Ann Roney will prepare a final budget proposal for Vestry approval by December.
- We continue to work closely with the Diocese of Indianapolis regarding capital expenses incurred with the building transition and appreciate the ongoing partnership to ensure financial sustainability.
The Vestry welcomes your questions and participation in the course of our life together. We invite you to join us, or continue supporting our operational and Benevolence Fund ministries, and thank you for your partnership in stewarding our mission.
