Money Matters 9/1/2024
2U Financial Update
Thank you all for your generous financial support during the past fiscal year ending on 6/30!
2U had a net operating loss of $3,471 for the fiscal year ended 6/30/24 and this was a much better result than we had expected earlier. Key figures:
Total Pledges: $313,892 (over budget by $9,892 re catch up from FY 22-23)
Collection Plate: $24,496 (under budget by $3,004)
Total Fundraising: $27,681 (under budget by $819)
Space Sharing: $14,132 (over budget by $4,132 despite construction)
Fitts Fund: $30,380 (over budget by $5,379)
Additional Giving: $15,736 (not budgeted)
Total Operating Revenue: $441,096 (under budget by $7,380)
On the expense side, total operating expenses were $444,243 and under budget by $4,233.
The change in the Director of Administration resulted in savings of $10,326 due to the absence of retirement contributions and the gap between end and start dates. The Worship Committee spent $4,406 less than budget due to fewer services led by guest clergy. Rev. Jason also helped by spending $4,398 less than budgeted on professional expenses. On the other hand, we went over budget on the custodial service by $3,958 and by $2,645 for bookkeeping. The above numbers are subject to a final accounting review. No material changes are expected.
Thanks to members’ strong pledge payments and additional giving, we did not have to take $31,726 in funds from the Fleishman Fund and operating reserves to meet expenses. We did deplete operating reserves by the net loss of $3,471. Thank you all again for helping 2U shine once more!
Capital Campaign Financial Update
We paid our general contractor, Mirek Construction, and the affiliate sub-contractors $187,737 on August 23, reducing our cash balance to just over $300,000. As work continues, we expect to pay out all this cash by the end of December if not sooner. Then we will have to borrow from Devon Bank to complete the work. So, please, if you have been waiting to make capital pledge payments, now is a great time to start! The recent payment included $52,000 for masonry, $50,160 for the elevator, $27,650 for concrete, $14,947 for overhead, and $11,760 for demolition plus other trades. Work is expected to start on the main east entrance shortly.
FYE 6/30 Results
Net Loss of $3,147
Capital Campaign Update
We paid $187,737 to our general contractor, Mirek Construction, and several sub-contractors for recent work on the elevator shaft, etc. The top 5 expenses were $52,000 on masonry, $27,650 on concrete, $50,160 as partial payment for the elevator, $11,760 for demolition.
