Financial Updates

 Creekside Profit & Loss Statement through January

​​

​

​

​

​

​

​

​

​

​

​

 

 

 

 

Overview 

Thanks to significant gifts in December and January, we are doing better than we had planned. Without accounting for roof replacement expense, we have net income of $97,690 and a positive variance to budget of $53,964. When accounting for roof expense, we have a much smaller $4,282 net. Note that the Leadership Team has approved spending on both the roof replacement and lobby expansion using Surplus funds and designated Facility Funds. Going forward we will be tracking our regular budget, as well as all spending from both Surplus and the designated Facilities Fund. FYI, the work on the Lobby is expecte to run about $28,000 in total.

 

Compared to Previous Year

Income is up year-to-date, compared to the previous year due to increases in offerings and in rental payments as seen below

​

​

​

​

​

​

 

 

Seasonal Note

Throughout the budget year, the most important thing to focus on is Offering income. In contrast, the timing of expenses can vary, but we expect to spend the budgeted amount by the end of year no matter what.  Our largest costs--staff and mortgage are fixed; other expenses can be adjusted only slightly; so we need to know early if Offering income is down and we need to make spending cuts.  Seasonally, we accumulate significant Offerings at the end of the calendar year because of year-end Christmas giving. However, Offerings taper off over the rest of the fiscal year--so much so, that we plan for some individual monthly losses from March through August.  

​

Profit & Loss Statement through January

 

​

​

​

​

​

​

​

​​

​

​

​

​

​

​

​

​

​

​

 

Thanks to significant gifts in December and January, we're $53,964 in the black. Note however that we have to use deficit spending to account for the roof and lobby work, so the P&L shows a gain of only $4,282 after subtracting the $49,682 expense of the new roof.  The Leadership Team has approved spending on both the roof and lobby using Surplus funds rather than funds from the income statement. 

 

If questions, email stewk777@gmail.com.

 

Stew Konzen 

Financial Officer