We are at the halfway point of the 2023 budget year. The Finance Committee continues to project forward while mapping where we’ve been.
Pledges are still tracking collections similar to last year. This has not changed since the First Quarter Report. We have received 65% of projected pledge income. Unpledged income is on track to meeting the budgeted amount. And at $8,365, we have already collected over the budgeted amount of plate income of $7,800.
We collected $85,247 from the IRS Employee Retention Credit of the pandemic relief funds. We received a gift of stock which was sold and netted $69,642. The funder has requested that this money be used for sanctuary lighting, audio/video upgrades, and social justice and witness projects. A $100,000 CD has been purchased with the unallocated funds.
Projecting to 2024, from a mid-2023 perspective, we anticipate a pledge increase of $15,000 and an expense increase of $36,000, resulting in the use of over $44,000 in cash reserves in 2024. We still do not have a sustainable budget.
Here are some thoughts and reflections from the Finance Committee:
- The congregation is aging. Five out of every eight FCC pledgers are over the age of 70.
- Social media has become increasingly important in the lives of many people. The church needs to improve its presence in that sphere.
- The Facilities Committee has identified a number of major projects that need attention now and in the near future. The church needs a strategic plan for how these important needs and others will be addressed.
- If we want to move forward as a vibrant and growing congregation, we need major upgrades to our audio, video and internet capabilities.
To be sure, there are significant challenges. But it is clear, in all church activities, the congregation has found new energy and with it is seeing new opportunities. All in all, this is a very exciting and positive time for FCC of Eugene.
Larry Flick, Treasurer and member of FCC Finance Committee