We were somewhat behind budget in the first quarter of the year, which will become a problem if it continues next quarter. All numbers are as of the end of March.

Budget, Income and Spending
Our income was $161,008, 97% of our budget of $165,505. Pledge payments underperformed. Expenses were $155,235, 112% of our budget of $138,613. This is due to a variety of high costs, including professional development, religious education, HVAC maintenance, and utilities. Overall, this means we had a net income of $5,774, about $21,000 less than we budgeted for.

Assets and Liabilities
Asset balances added up to $192,944. This does not include the money in our endowments and other investments. This is about $24,000 lower than at the beginning of the year. Total liabilities were $168,841, down $30,000. A major factor was distributing the $20,000 raised during the Khasi Hills water campaign. Overall, we had $24,102 in net assets, which included $5,774 in current year earnings and $18,329 in net income from previous years.