We finished the first half of the year in an OK position, a bit behind budget, but improved since the 1st quarter. All numbers are as of the end of June.
Budget, Income, and Spending
Our income was $265,443, 94% of where we expected to be at this point in the year, mainly due to below-average pledge payments. Expenses were $283,643, 105% of what we budgeted for at this point in the year. More than half of this overage is due to higher electricity costs because we were not able to install the solar array when originally planned. Overall, this means we had a net loss of $18,200, about $28,000 more than we expected at this point.
Assets and Liabilities
Asset balances added up to $208,824. This does not include the money in our endowments and other investments. This is $138,906 lower than at the beginning of the year, mainly due to the roof repair and paying for the solar array. Total liabilities were $187,449, down $120,706 for similar reasons. Overall, we had $21,375 in net assets, which included $18,200 in current year losses and $39,575 in net income from previous years.
Our investments have started to recover after ending the year down and are currently generating operating income at a rate slightly above budget. The Investment Committee met in April to rebalance the investments. We are grateful to William Myerburg for remembering us in his will and will invest his bequest in support of the church’s mission.