First Jefferson Unitarian Universalist Church

Treasurer - Financial Summary 2013-05-31

First Jefferson Unitarian Universalist Church

 

 

 

 

 

 

 

 

Financial Summary and Status

 

 

 

 

Cash Basis

 

 

 

 

 

 

Current Fiscal Year 2012/2013

 

 

 

 

 

Jul 1 to May 31, 2013, 11 months of the fiscal year

 

 

 

 

 

 

 

 

 

 

 

 

Actual

Budget

Variance

%

 

 

 

Income

189,747

204,500

-14,753

93%

 

 

 

Expense*

192,233

214,261

-22,028

90%

 

 

 

Over/Under

-2,486

-9,761

 

 

 

 

 

*Actual Excludes Mortgage Principle; Budget Includes Mortgage Principle

 

Checking & Savings as of May 31, 2013 Reconciled

 

 

10101 · Frost Checking Account

5,565

Cash

 

 

10102 · Frost Money Market Account

8,155

Savings Money Market

10103 · Frost Securities Cash Acct

12,536

Shirley Johnson Fund

10104 · Frost Spec Purpose Fund

15,441

Designated Funds

Total 10100 · Checking Savings

41,697

 

 

 

Income $189,747 compared to $204,500 budget, 7% below budget

Expenses $192,233, 10% below budget, due to unpaid budgeted bills

 

 

 

 

 

 

 

 

 

Arrears Caught Up by June!

Pensions -$5,275

We paid $10,275 for three employees through April 2013.

We used the $5,550 in the Staff Benefits Special Purpose Fund, and borrowed $4,775 from other Designated Special Purpose Funds to catch up. We will use the Endowment Loan to will pay back that unfunded portion of $4775, and make May and June payments. Beginning in May 2013 pension for two employees is $461 per month. TIAA Cref will calculate lost earnings due to non-payment, and we will pay those. We do not expect that amount to be large. The total amount we will use from the Endowment Loan for pensions is $5,275.00

UU Dues : -$10,087

We will catch up on UUA and SWUUC arrears via the Endowment Loan. We are current with NTUUC. The total amount we will use from the Endowment Loan for Dues is $10,087.

Mortgage FY 12-13 -$11,976

We made 8 payments of $3,992 each this fiscal year and now owe March, April, May and June. We think we can pay March out of existing funds. The total we will use from the Endowment Loan for Mortgage is $11,976.

Endowment Loan $27,338

The total Endowment Loan request is $27,338. Connie requested the selling of stock and the check will arrive within 3-7 days. The funds will be used to catch us completely up on Pensions, UU Dues and Mortgage.

 

Mortgage Relief Request to the UUA Status

We are sending a response Monday, June 10, to Wayne Clark for a third sent of questions (7 this time). We feel that we will get relief by paying interest only that will help us for the next fiscal year approximately $21,756, and possibly the next.

Reports by Program/Projects

We are working to provide information to the RE Council and others on their budgets, income and expenses. This is taking a little time, as line items are put in Quick Books, but not the budgets for particular programs and projects. There is a budget on an excel worksheet, so I am working to compare those budgets with the expenses recorded in Quick books. We request your patience.

Tip of the Hat to the Finance Committee

We noted that this is such a different situation than last year when we had outstanding bills, did not know how much pension we owed, and were behind on all our dues. We have a plan to update the new budget and payroll and enter in the pledge amounts for next year. In addition, we will enter in what we can to the proper line items, programs and projects for the unclassified credit card expenditures.

We will still need to watch every penny, as catching up just means we need to retain our caught-up status! Once again, we have an extremely tight budget for next year, especially since we want to eliminate deficits.

 

Last Updated on Friday, 20 October 2017 13:20
 

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