We ended the year in a reasonable financial position and slightly better than we budgeted for. This allowed us to incur a smaller-than-expected net operating loss and less reliance on reserve funds than we had planned for. Although the church has begun to reopen, we still suffered losses due to the church being closed for longer than we had planned. All information below is as of December 31. Typically, there will be minor changes to the numbers reported here due to factors such as lost pledge checks. Final numbers for 2021 will be reported at the Annual Congregation Meeting in May.
Assets and Liabilities
Asset balances add up to $263,546, a reduction of $115,664 over the course of the year. This does not include the money in our endowments and trusts. Total liabilities are $243,228, a reduction of $81,825 from the beginning of 2021. Overall, we have $20,318 in net assets, a reduction of $33,839 over the course of the year.
Our income came in at 95% of the budget, for a total income of $491,046. We mainly fell short in rental fees, Giant Eagle card sales, and the bond/interest portion of our investments. Fortunately, expenses were also under what was budgeted, at 93%, for total costs of $524,885. We especially had lower building and grounds costs and music expenses. Overall, this left us with a net loss of $33,839, less than the $44,399 loss budgeted.
Thank you to everyone who attended the December Budget Meeting. The Board has approved a budget for 2022 that anticipates a net income to balance out the losses from previous years while also making modest but important investments in staff salaries, maintaining programs, and preserving our building.