Money Matters 4/1/2025
Dear Members and Friends,
We received 90.8% of budgeted pledges for the first 8 months of 2U’s fiscal year and if this rate continues, we will have a pledge shortfall of $28,530 for the year ending 6/30/2025. Please try to catch up if you are behind on your pledge!
Good 8 Month Results (July 2024 – February 2025)
Thanks to an excellent Fall Fest with our proceeds over budget by $13,711, our revenue is a little over budget despite softness in pledges. Expenses are below budget and expected to pick up after January 1 for a number of reasons. For the full year, our budget has a planned deficit of $21,492. Current results look good but we do not have a fundraiser in the spring.
Insurance for Second Unitarian – Not to be Taken for Granted
Our insurance premiums for property and general liability are $14,480 at present but when the policies renew in May, the annual premiums will rise 30% for less coverage due to the losses from storms nationwide that have been worse than expected. Our deductible for wind/hail damage is increasing to $106,975. Ouch. On the positive side, we do not need to renew our policy for construction. That saves $1,689. Church Mutual, our insurer with a financial strength rating of ‘A’ by the A.M. Best , lost $220 million in 2023 per regulatory filings. We have been a customer of Church Mutual’s for over 35 years. Once our construction is complete, we will seek to obtain another quote. Greater losses are an industry wide issue so it is unclear if we will be able to do any better.
Capital Campaign
Donations for the 8 months ending 2/28/25 were $20,959 and expenses were $338,991. Our capital campaign cash balance is down to $192,123 vs. remaining expenses in excess of $270,000! Please continue to pay your capital pledge! Thank you, Thank you, Thank you!
