2023 Treasurer’s Report

Annual Financial Summary
We ended the year in a somewhat worse financial position than expected. We start this year in a tighter financial situation than last year, but still generally healthy. All numbers are as of the end of December.

Budget, Income and Spending
Our income was $526,610, 99% of our budget of $531,276. Payments on pledges, gifts, and rentals underperformed. Plate collections and investments overperformed. Expenses were $551,144, 103% of our budget of 534,383. A significant portion of this is due to higher electricity costs, because we were not able to install the Schinhofen solar array when originally planned. Overall, this means we had a net loss of $24,534, almost $21,500 more than we budgeted for.

Assets and Liabilities
Asset balances added up to $196,351. This does not include the money in our endowments and other investments. This is $151,380 lower than at the beginning of the year, mainly due to the roof repair, air filters, our net loss, and paying for the solar array. Total liabilities were $181,310, down $126,846 for similar reasons other than our net loss. Overall, we had $15,041 in net assets, which included $24,534 in current year losses and $39,575 in net income from previous years.