Money Matters 10/1/2024
July 1 - August 31 Operating Budget Results – A Good Start
The new fiscal year is off to a good start thanks to pledge payments. Expenses tend to run less than usual during the summer. Also, our custodial service is late in billing so the income number is on the high side. The delayed starts of the digital producer (Zoom service) and the building maintenance technician also helped.
Fiscal Year ’24-25 Budgeted Deficit Increases
At the June 9 Annual Meeting, the congregation approved a budget with a deficit of $13,418 on revenue of $412,770. Further review discovered mandatory retirement contributions for part-time staff will add $6,580 to our costs and a reduction in our bookkeeping costs bring the deficit to a projected $17,454. Everyone can help by participating in our big October 26th fundraiser: “Over the Rainbow – Silent Auction & Talent Review!”
Capital Campaign Masonry Need Accelerates
During the January 2022 project list, we believed we had 5 years to put off work on the exterior masonry. The east side, however, has deteriorated significantly since then and should be restored as soon as possible to avoid the risk of a much costlier repair later. This cost will be in the range of $35,000 and the board will discuss how to pay for this at the October meeting. New windows in the loft (~$30,000) may also be discussed.
Since our large capital payments in August, we have not received invoices. Demolition work on the east sidewalk (think jackhammers) and east interior being this week. Total remaining expenses are at least $390,000 and we now have cash of $303,224 in our capital account to pay for this. We anticipate the cash will all be used in the coming few months and borrowing will be required. Please continue to fulfill your pledges!
Temporary 2U Loan Extensions Sought
Both our $84,978 mortgage and our unused credit line for construction mature on November 1st. A 6-month extension has been requested from Devon Bank in order to allow completion of our capital campaign projects. We anticipate borrowing approximately $100,000 to finish the work before all capital pledges are paid. Then, a new mortgage will be agreed upon. On the bright side, our mortgage has been paid down by $96,820 over the past 6 years thanks to all of our donors!
Minor Adjustment to FYE 6/30/24 Results
Good news! After a final scrubbing of the numbers, 2U’s deficit for the year just ended was only $1,688 and this is better than the $3,471 reported in the September 1st Anvil.
What is the Cost to Run 2U Per Week?
The cost is $8,273.
Respectfully submitted,