Financial Update - January 31, 2019
As we approach the end of our fiscal year on August 31, 2019 and plan our 2019/2020 budget, we wanted to report on our financials year-to-date. Here are some highlights as of July 31, 2019:
Autogiving income (66% of our total budgeted income) is 1% below budget. The number of autogivers has decreased by 10% over the fiscal year and we will see a further dip in autogiving income due to the natural movement of people in and out of the community.
Offering income is under budget by 24% ($20,381 actual vs. $26,650 budgeted). Some of this is due to folks switching from offering to monthly autogiving; some is due to lower attendance.
Year-to-date income reflects a mid-year unbudgeted gift given specifically to support the long-overdue process of bringing staff salaries more in line with their skills and expertise. That income offsets a corresponding unbudgeted modest increase in payroll expenses.
Staff continue to manage expenses exceptionally well, despite starting with a tight budget.
We are in the midst of budget planning for the 2019/2020 fiscal year which starts September 1.
Our expenses have increased a bit, as expenses have a way of doing, and we are planning around the dips in autogiving and offering.
We are also looking at new sources of funding, including some untapped resources that are available to Thrivent members. Are you a Thrivent member or know someone who is? We’d love to share how you can help put those membership benefits to work to help our Fabric Community.