Greetings Heritage Members & Friends!
I am very pleased to be writing this fall to share the first in what will become a regular quarterly update on our church finances.
We closed the books on last year’s finances in October, and we finished the year healthily “in the black”. You can see for yourself by visiting the new Financial Statements page within the password-protected area of the HUUC website here: https://huuc.net/members-area/financial-statements/. Click on “FY 2018-19 Income and Expenses Closed Books”.
We ended the year with very strong pledge income and some expenses that came in lower than they had been budgeted. Even with lower than budgeted fund-raising and rental income we were able to close out our 2018-2019 fiscal year with an excess “Net Income” of $5,073.39. That surplus allows us to bolster our church finances against unexpected expenses in the new church year or farther out into the future.
For the current fiscal year, we’re right on track overall for income (pledges, rentals, and fund-raising), but our budgeted pledge payments in particular are running behind for this time of the year. This is a good time for all members and friends to evaluate where you are with regard to your 2019 tax situation. If you do aim to itemize your taxes, then you’ll want to make sure you’re on track with your pledge payments or even pay ahead if you’d like more of your pledge donations to be counted as part of your 2019 tax year.
On the expenses side this year we’ve had a couple of unbudgeted maintenance expenses come up. New flooring was determined as a critical need in the Religious Exploration rooms. Also, our outdoor shed was in dire need of being replaced. Our new shed will allow our Taekwondo renters to store some of their supplies in addition to providing more spacious and organized storage for the church. We’ve covered these expenses partly through the Furnishings lines in our current year budget. We’ve also tapped into the Memorial Garden and Maintenance funds that are not directly associated with this year’s budget, a move that was made at the discretion of the Board of Trustees.
The Finance Committee is meeting regularly on the Sunday before each Board meeting. We’re currently evaluating the church’s investment strategy to determine whether the funds that we’ve been invested in for many years now are ready (or perhaps overdue) for re-balancing and re-allocating. We’re working with the Board to try to bolster our maintenance funds as we confront an aging church building that is likely to require upkeep expenses in the coming years.
Thanks for taking the time to read this column and keep up with our church finances. If you have questions or would like to see specific topics covered in the future, please let me know.
Finance Committee Chair