Third Quarter Finance Update
Dear Friends,
Please see below an update from the Administration Commission of the Session about the third quarter finance numbers:
At the annual congregational meeting in February, the session presented a 2025 operating budget that projected a year-end deficit. However, we noted that if 200 households would give an additional $20 per week to the general fund, the deficit would be eliminated.
Through the first nine months of 2025, 156 households have responded to that challenge, and total gifts to the operating budget are up 6.7% from the same period a year ago. Thank you, thank you, THANK YOU to those who have so generously answered the call!
As of September 30, budgeted operating income was $919,084, while actual income was $949,103. Budgeted operating expenses were $1,185,691, while actual operating expenses were $1,054,833. (It is common in many churches for total expenses to exceed income by the end of the third quarter due to the summer slowdown in income and before year-end gifts begin.)
The large variance between budgeted and actual expenses continues to be driven primarily by two factors. When the former Church Administrator retired in March, rather than replacing the position (and its salary and benefits), we promoted from within and reshuffled responsibilities among staff and volunteers. While first and second quarter benevolences have been paid in full, third quarter benevolences have not yet been booked.
Work is underway to replace the roof on the sanctuary and should be completed the week of October 20, and a major leak between the Fellowship Hall and the Tinsley Stern building has been identified and repaired. The session has set aside funds from endowment earnings, an undesignated estate gift, and lead gifts from a handful of households. While the work is being completed, it’s possible that there may be a small gap between what the session was able to earmark from those sources and the final total cost. If you would like to contribute a special gift to help close any potential gap with the roof project, please contact Administration Commission Chair Jeffrey Trapnell or Treasurer Michelle Clendenen-Shaw. We give thanks to our own Smith Wilson for his guidance and leadership on this project!
We give thanks for those households who give over and above their gifts to the operating budget to help eliminate our construction debt. As of September 30, the outstanding loan balance was $594,257, down from $725,482 on January 1. As of this month, we have now retired 92% of the original $6.4M note!
Thank you so much your faithful financial support of the mission and ministry of First Presbyterian Church! For more information or with questions, please contact Administration Commission Chair Jeffrey Trapnell or Treasurer Michelle Clendenen-Shaw.