SOTH Council Monthly Committee Report

Committee Name

Treasurer

Report Date

09-16-2019

Items Discussed

The financials for August 2019 are attached.

Church Mortgage balance as of August 1, 2019 was $174,630.05.

At the end of August monies available for A/C upgrades and/or Building reduction totaled:

Bldg Fund – $18,120
Major Bldg Repairs – $ 9,868
Capital Fund – $ 2,670
TOTAL $30,658

Income in the General Fund in August was not enough to cover August expenses. However, a surplus from earlier months covered this loss.

The Altar Fund is in a negative position for the first time this year. Money from the General Fund (Worship:Florist) was used to cover this loss.

Pam Brosonski conducted an audit of the finances this month. A report will be forthcoming. One major deficiency she noted involved improper procedures in counting weekly offerings: two people are required to count funds each week, funds must be counted on church premises, and signatures affirming the deposits need to be on deposit summaries.

Implementation

The deficiencies noted above were corrected as of September 8 2019.

A meeting to discuss the 2019 budget will be held on Thursday, September 26 at 6:30 pm at the church.. Larry Holihan, Tina Crawn, Pam Brosonski, Joe Montfort, and Marie Johnson are on the budget committee. The meeting is open to council members who may want to attend.

SOTH Council Monthly Committee Report

Committee Name

Treasurer

Report Date

08-19-2019

Items Discussed

Pam Brosonski will audit the church financials in the next few weeks.

The Capital Campaign to raise $150000 started on August 1. The goal is to raise this amount by the end of 2020, eliminate the church mortgage, and pay for remaining air conditioner upgrades.

As of this date about $13,000 has been designated toward this goal. Some of the money was raised prior to the August 1 start date.

As of yet, we have not yet seen savings from the energy reduction projects (e.g. outdoor lighting, led lights, new a/c, etc.). Usage seems on a par with last year. It is difficult to ascertain if any additional usage is due to hotter weather this summer.

Recommendations/Action

We need to come up with a plan to obtain more counters. Counting should be accomplished in a group of at least two members and counting conducted on the church site.

SOTH Council Monthly Committee Report

Committee Name

Treasurer

Report Date

06-16-2019

Items Discussed

Financials for May 2019 are attached.

A substantial contribution for the General Fund was received this month. This contribution puts us in line with achieving our proposed income for the year.

The kickoff for the Mortgage Reduction effort will begin the first week in July with a bulletin insert and introduction during announcements. The goal will be to raise $150,000, but over $20,000 raised by the start date.

Need to get financial plan to replace a/c units as they fail.

Need to determine how garage project will be financed.

Note that Raymond James investments showed a significant loss in May, but probably will substantially recover in June.

We are keeping up with payment of all liabilities.

SOTH Council Monthly Committee Report

Committee Name

Treasurer

Report Date

05-16-2019

Attendees

Larry Holihan

Items Discussed

Attached are financial for April 2019.

The money needed to retire the mortgage as of May 16 is about $176,992.
We received $2,592 in the Reduction fund in April.

Our electric bill for April was $756. (Good! But May bill has returned to over $1,000. I have asked the electric company for a rate review to discover ways to reduce this bill.

A bill for $14,879 for a security system was paid in April. All of the income for this project was donated by a member.

We will be starting a mortgage reduction campaign beginning July 1 and ending in Feb or March next year. The goal will be go eliminate the mortgage by the end of year 2000. We may not make it, but it is a good goal. I am setting up a $150,000 goal. We already are close to $15,000 better than that so we will show some progress when we first put up the chart. I am ordering two charts to be displayed in sanctuary. image attached.

Recommendations/Action

We still do not have electronic files of our finances from our previous bookkeeper. Recommend aggressive action to accomplish this.

Shepherd of the Hills Treasurer and Financial Report March 2019

SOTHfinancials0319

Committee Name

Treasurer

Report Date

04-08-2019

Attendees

No meeting of the Finance Committee was held this month.

Items Discussed

ELECTRIC BILL COMPARISON 2018 vs 2019

2019 2018
JAN $1019 $ 279
FEB $ 926 $1360
MAR $ 913 $ 1122
APR $ 757 $ 804

TOT $3615 $4165 Reduction of $650

BUILDING FUND
Mortgage balance April 1 – $199,119
Extra principal paid April 1 – $ 2,500
Adj mortgage Bal April 1 – $197,119
April 8:
Cash on hand mortgage – $ 19,560
Needed to retire mortgage – $177,059

GENERAL FUND BALANCE
Jan 1 ’19 – $42,299
Feb1 ’19 – $38,931
Mar1 ’19 – $38,052
Apr1 ’19 – $37,008

INCOME VS BUDGET – Jan-Mar 2019
Income $58,076
Budget $68,398
Difference -$10,322

Implementation

Copy of financials attached