First Quarter Financials

Submitted by Pastor Gwyneth

One of the blessings of being NOT financially savvy is that I ask those supposedly stupid questions when the financial spreadsheets are passed around. "Please help me to understand this!" I plead to the patient Finance Committee.

I want to know the bottom line. How are we doing as a church financially? How is our income? How are our expenses? Do we need to be on our knees praying for God to make ends meet, or do we need to raise our hands in the air praising God for abundant provision beyond our every dream?

Many of you understand complicated spreadsheets, and these are always available to you by request to the Chair of Finance, Kathy Brann. However, the Finance Committee will now be providing communication on the overall financial status at the end of each quarter. The following is a summary of our first quarter (January, February, and March) results:

Total Income 1st Quarter: $36,035.26
Total Expense 1st Quarter: $42,015.82

Commentary: This deficit of appoximately $5,900 is significantly smaller than last year's 1st quarter deficit of approximately $12,000. This is despite much higher expenses for snow removal and heating oil this year. The main reasons for this smaller deficit are 1. Reduction in salary payouts since elimination of secretary position and retirement of music director 2. Reduction in payment of mission shares compared to last year's 1st quarter by about $1,000 (some conference expenses are auto-withdrawn such as pension and ministerial support which have been paid - this quarter about $6,200.) and 3. Increase in pledges and several gifts by non-pledgers.

The other question raised, however, is how the church runs with any deficit, even though it is significantly smaller. The deficit is made up by borrowing funds from a reimbursement account. Although the intention of this account is not to fund the operating budget, this has been common practice over the years. If you have any further questions on this, or any other budget or financial issue, please feel free to contact Kathy Brann or any other member of the Finance Committee: Susan Angell, Keith Snoddy, Chris Bowker, Walter Greer, Earle Harvey.

So what do you think? Should we be on our knees in prayer for God to help us make ends meet, or lifting our hands in praise for God's abundant provision? Perhaps both! No one can deny God's faithfulness to Peoples Church; when we have had a bill to pay we have been able to pay. On the other hand, we are still living on the edge financially, and unable to pay our full mission shares which fund important ministries not only in New England but around the world. Trustees investments have faltered, which has reduced some of our building work. But God is faithful, and will work through your faithfulness as stewards of God's good gifts. Thank you for your prayer, presence, gifts and service for your church family!