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Monthly Financial Reports

06.28.17

    May 2017

    At the end of May, we have received offerings of $780,000 and $8,000 of other income.  We have paid $125,000 in benevolence and $709,000 in operating expenses, resulting in a deficit of $46,000.  This is $13,000 lower than we had budgeted, so this is good news.  We are $2,000 ahead of our offering estimate and we continue to control expenses; we enter the summer in line with our budget.  As I described last month, during each of the next 4 months, expenses will exceed offerings and our deficit will increase to over $100,000 by the end of September.  This is normal and expected but your summer support will reduce this deficit. 

    For comparison purposes, this time last year, we received $784,000 in offering and $5,000 of other income.  We paid $126,000 in benevolence and $741,000 in operating expenses, resulting in a deficit of $78,000. 

    For BTT, we have received contributions of $252,000 during 2017.  We have paid $190,000 in final construction costs, furnishings and interest.  We have cash of $385,000 and outstanding pledges of $1.0 million to cover the $1.2 million note balance as well as financing costs.  We will make a $300,000 loan payment in June.

    Thank you for your continued support of KOG and Building Tomorrow Together.

    April 2017

    Thank you for the April “catch-up!”  At the end of April, we have received offerings of $607,000 and $7,000 of other income.  We have paid $97,000 in benevolence and $536,000 in operating expenses, resulting in a deficit of $19,000.  This is only $2,000 higher than we had budgeted, so this is good news.  While we are $20,000 behind our offering estimate, we have controlled expenses and enter the summer in line with our budget.  During each of the next 5 months, expenses will exceed offerings and our deficit will increase to over $100,000 by the end of September.  This is normal and expected but your summer support will reduce this deficit. 

    For comparison purposes, this time last year, we had received $605,000 in offering and $3,000 of other income.  We had paid $97,000 in benevolence and $580,000 in operating expenses, resulting in a deficit of $69,000. 

    For BTT, we have received contributions of $212,000 during 2017.  We have paid $186,000 in final construction costs, furnishings and interest.  We have cash of $348,000 and outstanding pledges of $1.0 million to cover the $1.2 million note balance as well as financing costs. 

    Thank you for your continued support of KOG and Building Tomorrow Together.

    Michael Weir, 
    King of Glory Council Treasurer

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