Monthly Financial Reports
November 2019
Offerings of $121,000 were received in November. While this is lower than we had estimated, it is larger than we received last November. Our year-to-date total of $1,607,000 is $58,000 lower than planned but $3,000 higher than this time last year. Our year-to-date deficit is $98,000, but should be covered by December’s offerings. We are on pace to slightly exceed 2017 and 2018 offerings and to break even for the year.
Your November Faithful Ones contributions of $862 helped DISD and RISD staff and students affected by the recent tornadoes. Funds for DISD students went to the Dallas Education Foundation, a community-based foundation created to enhance and supplement the educational opportunities and needs of students and staff. Funds helping RISD students and staff went to Network of Community Ministries, as proposed by RISD.
Your December Faithful Ones contributions will support Family Gateway. The mission of Family Gateway is to provide stability and life-changing supportive services to children and families affected by homelessness. Family Gateway serves over 400 families a year which includes over 900 children per year.
October 2019
Offerings of $164,000 were received in October. This is close to what we had estimated. Our year-to-date total of $1,486,000 is $24,000 lower than planned and $19,000 lower than this time last year. Our year-to-date deficit is $70,000, which isn’t unusual for this time of year. We are on pace to exceed 2017 and 2018 offerings with $1.93 million.
In October, we continued to form new fellowship groups, Pastor Jim hosted a new members class, and we highlighted the Foundation and the good work it does. We continued to explore what the Next 100 looks like: the next 100 members, the next 100 dollars, and the next 100 service hours.
Your October Faithful Ones contributions supported Impact Dallas. On November 9th and 10th, members volunteered to share God's grace with others through service in the community by visiting veterans at the VA, building wheelchair ramps for the home-bound disabled, prepare cracker packs and hygiene kits for the homeless ... go to kingofglory.com/impact/ to see what you missed.
September 2019
Offerings returned to a normal level for a 5-Sunday month ($159,000). Our year-to-date total of $1,322,000 is $28,000 lower than planned and $50,000 lower than this time last year. Our year-to-date deficit is $79,000, which isn’t unusual for this time of year. We are on pace to match 2017 and 2018 offerings with $1.90 million.
In September, we continued to form new fellowship groups, we introduced the Divine Design workshop, and Pastor Jim hosted Coffee and Conversation with the Pastor. We also kicked off the Next 100 Initiative, which includes discerning and pledging our support for King of Glory during 2020.
Your September Faithful Ones contributions supported the North Dallas Shared Ministries, an interfaith community of volunteers, partners and collaborators providing charitable assistance to persons in need by providing a food pantry, clothes closet, rent and utility financial assistance, job counseling, tax counseling and medical and dental clinics.
August 2019
Offerings are on a roller coaster; from a near-high of $187,000 last month to a near-low of $104,000 this month, our year-to-date total of $1,163,000 is $63,000 lower than planned. This month reversed our progress, resulting in a year-to-date deficit of $51,000. We are on pace to match 2017 and 2018 offerings with $1.90 million. We had targeted $2.02 million.
In August, we introduced Cross Fit KOG, to take our spiritual exercise to the next level. We are encouraged to participate in one of several Adult Education classes being offered this Fall. We were also encouraged to join one of the many small groups and Bible studies that meet each week. These opportunities will get us into a new routine and help us build our faith muscle.
Your August Faithful Ones contributions supported the Texas Ramp Project, which supports a network of regional organizations throughout Texas that build free wheelchair ramps for disabled and economically disadvantaged people.
July 2019
Wow! What a turn-around! We received $186,000 in offerings in July, resulting in a year-to-date total of $1,059,000. This is only $3,500 lower than planned, giving us much needed breathing room. We continue to controlled expenses, so that we actually have a year-to-date surplus of $4,000. If our offerings continue near this level, we could reach our offering target of $2.019 million.
KOG had many activities, events and meetings in July. We celebrated Michael Shake’s service with a reception on July 14 and Kim Widlund retired on July 31. We identified interim leaders for Michael Shake’s position and a new Director of Administration for Kim’s position.
We concluded the Backpack Challenge. We collected $16,563 and 600 backpacks. Thank you for your generosity! The backpacks were filled and prayed over during the Women’s Ministry Backpack Luncheon and delivered to Dobie Primary School. Due to your overwhelming generosity, we were able to provide additional backpacks to support our refugee family and 100 foster children served by Upbring.
On June 30 we introduced a seven-week Sunday school offering studying the book Interrupting Silence: God's Command to Speak Out by Walter Brueggemann, wherein we explored how God’s faithful people can have a voice in the pressing concerns of our society — poverty, racism, environmental protection?
What else? Summer Choir continued; you donated blood during the Carter blood drive; you supported Mosaic’s Christmas in July Supply Drive; and Parish Care held an open house. Plus there were various groups who met around Bible study as well as shared interests, activities, and age groups.
Your July Faithful Ones contributions supported VNA – Meals on Wheels. VNA delivers nutritious, freshly prepared hot meals to 4,000 Dallas County residents Monday through Friday. These individuals are the hidden hungry; they are homebound and unable to access resources like food banks and grocery stores.
June 2019
I am increasingly concerned about our offerings. While June’s offerings were about expected, we are not catching up. Our year-to-date total of $873,000 is low by about $51,000. We have controlled expenses, so that our year-to-date deficit is only $41,000. In order for us to reach our offering target of $2.019 million and to avoid another annual deficit, our offerings need to increase dramatically.
In spite of the low offerings, there was a lot of activity at KOG during June. We celebrated Pentecost and Kim Widlund’s 28 years of service (before being interrupted by a great and rushing wind!). Pastor Jim led the “Jesus and Harley Davidson Changed My Life” Sunday School series; VBS explored “To Mars and Beyond;” Summer Choir started; the Backpack Challenge continued; volunteers supported the Habitat for Humanity build and the Texas Ramp Project; Summer Moms fellowship started; and the Stephen Ministers held an open house. As always, numerous groups meet around Bible study as well as shared interests, activities, and age groups, including a pool party for young families.
Your June Faithful Ones contributions will go to support Small Needs, Big Change. Small Needs, Big Change funds are provided to King of Glory members who are suffering unexpected financial setbacks.
May 2019
Yellow light… Caution… That’s how I’m viewing KOG’s year-to-date figures. We received offerings of $135,524 in May which is about average but our Y‑T-D total of $746,000 is low by about $50,000. We have controlled expenses, so that our Y-T-D deficit is only $15,000. In order for us to reach our offering target of $2.019 million, our offerings need to increase.
Activity at KOG during May was a bit calmer, providing renewal after the busy Easter season. Still, we had numerous groups meet around Bible study as well as shared interests, activities, and age groups.
Your May Faithful Ones contributions support the backpack project, providing backpacks filled with school supplies to every student at Dobie Primary School. Dobie, in the Richardson ISD, serves preschoolers with financial challenges and/or developmental disabilities. It also has little parent involvement, and teachers historically provide school supplies from their own salaries. It’s not too late to help. The Backpack Challenge continues through July.
April 2019
April was incredibly busy at King of Glory. How did you participate? Among the events were Lenten midweek services complete with a prayer labyrinth, the Family Easter Egg Hunt, Holy Week services, and Easter. We also held the Rest, Reflect, Recharge Women's event, the Coffee and Conversation with the Pastor, and Poverty is Our Problem symposium.
Do you get the weekly email? Here are some additional activities announced during the past month: Action Guys Night Out, Knowing God Bible study, Let's Eat Out, Gusto, Knight Circle, DISCOVER Bible Study, Comforter Club, Parent Night Out, Women's Project Day, Praying Together Small Group, Gusto field trip, KOG Book Discussion, Habitat Build, Action Ladies Night Out, Action Brunch, and Caregiver Support Group. What is your non-worship connection?
Our April Faithful Ones contributions supported the operations of Mosaic in Dallas. Mosaic partners with those who have disabilities to provide a meaningful life in a caring community, giving voice to their needs. Mosaic provides a variety of residential options, vocational training, paid employment, day services and advocacy, 24 hours a day, 365 days each year.
In terms of dollars, we received $153,000 in April, which is a little low for an Easter month. For the first four months, we have received $611,000, which is lower than the 4-year average. Compared to our YTD spending plan, we are $21,000 behind.
Our operating expenses after four months is less than our spending plan. We have spent $526,000 whereas spending plan is $585,000 ($59,000 difference). Our current deficit of $5,500 is smaller than the $51,000 deficit we had anticipated.
March 2019
The year’s momentum continued throughout March. We started the month with a Fat Sunday pancake breakfast supporting our youth program, hosted the Cost of Poverty experience, held Ash Wednesday and Wednesday lent services including walking a prayer labyrinth, and witnessed the wedding of Pastor Jim and Nicole. On March 23, KOG and other church volunteers started the 12-week Habitat Spring Build with KOG members feeding all the volunteers on March 30. As with every month, numerous groups met around Bible study as well as shared interests, activities, and age groups. Our March’s Faithful Ones contributions supported the critical needs of Dobie Primary School. Dobie, an RISD school located in a challenging area of the King of Glory neighborhood, offers morning pre-K, and afternoon pre-K and kindergarten classes to approximately 520 students. The neighborhood demographic includes many parents working several jobs who are unable to support extra yet essential needs for their students.
In terms of dollars, we received $148,660 in March, which is a little low for a five-Sunday month. For the first quarter, we have received $458,000, which is lower than the 4 previous years except 2017 (when we received $1.9mm for the year). Compared to our YTD spending plan, we are only $18,000 behind.
Our operating expenses after three months is less than our spending plan. We have spent $369,000 whereas spending plan is $399,000 ($30,000 difference). Our current surplus of $21,000 is higher than the $2,000 deficit we had anticipated.
February 2019
Thank you for your support throughout 2018. For complete information on 2018, please download the 2018 Annual Report at kingofglory.com/resources/
We have started 2019 with a bang! Pastor Jim presented a sermon series exploring the elements of our worship service. We expanded our Sunday school offerings, hosted an ecumenical service with the local Catholic diocese and Lutheran synod, and presented a Rebels with a Cause forum. The KOG Foundation presented an estate planning workshop and numerous groups met around Bible study as well as shared interests, activities, and age groups. Our Faithful Ones contributions supported Lutheran Disaster Response in December, Network of Community Ministries in January and those affected by the federal government shutdown in February.
In terms of dollars, we received $207,000 in January, in part due to $84,000 in prepaid pledges. This is higher than usual. However, we only received $102,000 in Feb, which is lower than average. Combined, this start is similar to 2015, 2016 and 2017. It is not similar to 2018 because of the unusually large amount of prepaid pledges received for 2018 ($123,000). Compared to our year-to-date spending plan, we are $18,000 behind in offerings.
Our operating expenses after two months is less than our spending plan. We have spent $299,000 whereas spending plan is $324,000 ($25,000 difference). Our current surplus of $15,000 is higher than the $4,000 surplus we had anticipated.
November 2018
November’s offerings of $99,198 was the 3rdworst month in 10 years. This low amount indicates 2018 will likely bring $1.90M in total offering, which is the same as 2017. Our spending plan for 2018 was $2.00M.
Our big event in November was Impact Dallas, during which we participated in 13 different activities to benefit the community around us. Go to http://kingofglory.com/impact/to see those activities. Our men’s group participated in Thanksgiving fellowship at Outcry in the Barrio and the month ended with preparations for the Angel Tree and Hearts and Hands for Hope, our Advent Community Event to feed the hungry. Your Faithful Ones for November went to support Durable Medical Equipment Exchange of Dallas.
At the end of November, we have received $1,604,000 in offerings and $21,000 in other income. We had allocated $257,000 in benevolence and spent $1,490,000 in operating expenses, resulting in a deficit of $122,000.
For comparison purposes, this time last year, we had received $1,613,000 in offerings and $15,000 in other income. We had allocated $258,000 in benevolence and spent $1,531,000 in operating expenses, resulting in a deficit of $161,000.
Thank you!
October 2018
October’s offerings of $132,742 was a reversion back to low-month offerings resulting is losing some ground. The three months of Aug-Oct were $432,000 which was slightly higher than last year’s $427,000 but less than 2016’s $447,000. We do not want to repeat 2017, which is where we are headed.
Your offerings and your time provided for a new members class, a Women’s Group project day, fellowship at Outcry in the Barrio, and a Halloween event for the 1st, 2nd and 3rd Graders. Our Young Families group held its annual family service project, Reverse Trick or Treating at a local retirement center. And for a little fun, our Young Adult, Young Family, and ACTION groups held Oktoberfest to honor Martin Luther's German heritage. The month ended with Consecration Sunday for our 2019 pledges and Confirmation for a number of our youth. Your Faithful Ones for October went to purchase supplies for Impact Dallas.
At the end of October, we had received $1,505,000 in offerings and $21,000 in other income. We had allocated $241,000 in benevolence and spent $1,388,000 in operating expenses, resulting in a deficit of $103,000. For comparison purposes, this time last year, we had received $1,478,000 in offerings and $13,000 in other income. We had allocated $236,000 in benevolence and spent $1,394,000 in operating expenses, resulting in a deficit of $139,000.
Thank you!
September 2018
As I reported last month, September giving was great with $173,582 in offerings! This support was a great catch-up. Your offerings and your time provided for a new musical offering for our Jr. High youth called Jubilate, Club 4/5 held their “Hello Goodbye Event” for incoming 4th Graders and outgoing 6th Graders, and Gusto kicked off its 10th season. The month ended with “Coffee and Conversation with Pr. Jim” where more than a dozen visitors came to find out more about KOG and our ministries. Your Faithful Ones for September went to support the ELCA Young Adults in Global Mission (YAGM).
As of the end of September, we have received offerings of $1,372,000 and $18,000 of other income. We have paid $219,000 in benevolence and $1,205,000 in operating expenses, resulting in a deficit of $34,000. We are $11,000 ahead of our offering estimate and $46,000 lower than our expense estimate. For comparison purposes, this time last year, we had received $1,324,000 in offering and $11,000 of other income. We had paid $212,000 in benevolence and $1,188,000 in operating expenses, resulting in a deficit of $65,000.
Thank you!
August 2018
First, a huge THANK YOU for your early September offerings! The August 21 letter went out too late to impact August but the response in the first half of September has been fantastic. We should significantly improve our financial position in September.
As for August, its offerings of $125,897 were unusually low and did not cover our spending, resulting in an increased deficit.
If you were out of town in August, you missed a lot. This month we hosted the ELCA Missionary to Jerusalem, blessed backpacks, held a Women's Project Day to make quilts and prepare layettes for Lutheran World Relief, resumed Sunday School with new adult opportunities, and held our 3rd annual Congregational Pool Party. In addition, there were many small group activities and events. Our Faithful Ones offering supported Small Needs-Big Change. Small Needs-Big Change is for KOG members and those in the community who ask us for assistance with unexpected, minimal needs. This is usually a $10 to $20 need for someone who needs money for gas or for a family who stops because they are hungry and in need of a meal.
As of the end of August, we have received offerings of $1,199,000 and $14,000 of other income. We have paid $192,000 in benevolence and $1,079,000 in operating expenses, resulting in a deficit of $58,000. We are $45,000 behind our offering estimate and $42,000 lower than our expense estimate. For comparison purposes, this time last year, we had received $1,239,000 in offering and $11,000 of other income. We had paid $198,000 in benevolence and $1,069,000 in operating expenses, resulting in a deficit of $17,000.
Blessing to you as we move into autumn.
July 2018
July offerings of $149,450 were average for a 4-Sunday month but light for a 5-Sunday month. My continued concern promoted a letter which was mailed August 21. I won’t repeat all theinformation contained therein but will highlight a few items.
July brought a successful Backpack Challenge to provide school supplies and another well attended Adult Sunday School session, “The Forgotten Luther”, as well as Summer Moms Fellowship. Our junior highers were in Austin at the end of the month to take part in “A Week of Hope” where our students spent each full day assisting elderly dementia patients at an adult day care facility. Our Faithful Ones offering supported Lutheran Immigration & Refuge Service in July.
At the end of July, we have received offerings of $1,073,000 and $14,000 of other income. We have paid $172,000 in benevolence and $962,000 in operating expenses, resulting in a deficit of $47,000. We are $28,000 behind our offering estimate but $31,000 lower than our expense estimate.
For comparison purposes, this time last year, we had received $1,051,000 in offering and $10,000 of other income. We had paid $168,000 in benevolence and $965,000 in operating expenses, resulting in a deficit of $72,000.
For our capital campaign, Building Tomorrow Together, in 2018 we have received contributions of $76,000 and paid $10,000 in interest. We have cash of $130,000 and outstanding pledges of almost $134,000 to cover the $200,000 notebalance as well as financing costs.
Again, thank you for all you do for KOG and its Mission.
June 2018
June offerings were lower than expected at $105,000. I am concerned with the low back-to-back offerings as we move into deep summer. We need to be in the $150Ks for the next several months to keep our cash balance at its current levels. In spite of the lower-than-expected offerings, we continue to advance our Mission. In June, we held vacation bible school (“Rolling River Rampage”), summer choir started, Sunday School “How do Lutherans Interpret Scripture” was attended in large numbers, and our youth attended the ELCA Youth Gathering in Houston. We also kicked off the Backpack Challenge to provide school supplies. Our Faithful Ones offering supported the Backpack Challenge this month.
At the end of June, we have received offerings of $923,000 and $14,000 of other income. We have paid $148,000 in benevolence and $834,000 in operating expenses, resulting in a deficit of $45,000. We are $26,000 behind our offering estimate but $19,000 lower than our expense estimate.
For comparison purposes, this time last year, we had received $914,000 in offering and $9,000 of other income. We had paid $146,000 in benevolence and $826,000 in operating expenses, resulting in a deficit of $49,000. Thank you for your increased generosity in such a short period of time! Narrowing this gap is encouraging, yet still speaks to the challenges ahead.
For our capital campaign, Building Tomorrow Together, in 2018 we have received contributions of $61,000 and paid $9,000 in interest. We have cash of $116,000 and outstanding pledges of almost $150,000 to cover the $200,000 note balance as well as financing costs. (We are purposefully holding on to theremaining BTT cash as a hedge against a possible cash flow issue in September.) Please review your BTT pledge and giving from the recent statement mailed to you. We would like to pay off the loan within the next few months but need your support to make this happen.
Repairs continue on the southern rent house, which was in much worse condition than anticipated. Rental income is earmarked to pay for the rent house repairs (capped at $35,000) as well as the $65,000 parking lot overage balance. This $100,000 balance will take 4 years of rental income to pay off.
Thank you for your continued support of KOG and its Mission.
May 2018
May offerings were lower than expected at $140,000. However, due to the large amount of prepaid pledges, we continue to maintain a good financial position. At the end of May, we have received offerings of $818,000 and $13,000 of other income. We have paid $131,000 in benevolence and $705,000 in operating expenses, resulting in a deficit of $5,000. We are $4,000 behind our offering estimate but $16,000 lower than our expense estimate. Some of the activity occurring in May: we concluded the spring semester for children’s Sunday School, we paid deposits for the National Youth Gathering (in Houston at the end of June; the theme is “This Changes Everything”), we kicked off the Backpack Challenge, and we prepared for the installation of the new Chiller.
For comparison purposes, this time last year, we had received $780,000 in offering and $8,000 of other income. We had paid $125,000 in benevolence and $709,000 in operating expenses, resulting in a deficit of $46,000.
For BTT in 2018, we have received contributions of $56,000 and paid $8,000 in interest. We made another principal payment of $100,000 in May, so we have cash of $111,000 and outstanding pledges of over $150,000 to cover the $200,000 note balance as well as financing costs. (We are purposefully holding on to the remaining BTT cash as a hedge against a possible cash flow issue in September.)
We recently contracted with a tenant for the northern rent house and move-in is expected in mid-to-late June. A big THANK YOU goes to Jeff Broekhove for his continued generosity and work on all 3 rent houses.
Thank you for your continued support of KOG and Building Tomorrow Together.
April 2018
After the first four months of 2018, we are off to a good start. We started the year with the most prepaid offerings ever and regular offerings have been average. So while we are presently in a good position, we will need to be diligent in giving and careful about spending throughout the summer. At the end of April, we have received offerings of $678,000 and $11,000 of other income. We have paid $109,000 in benevolence and $567,000 in operating expenses, resulting in a surplus of $13,000. We are $11,000 ahead of our offering estimate and $15,000 lower than our expense estimate. Overall, we are $29,000 ahead of what we had budgeted, so this is good news. As I wrote this time last year, 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 and support multiple summer ministries. (Read Pastor Jim’s recent letter for the numerous activities and programs held by KOG during January through April. It’s incredible!)
For comparison purposes, this time last year, we had received $607,000 in offering and $7,000 of other income. We had paid $97,000 in benevolence and $536,000 in operating expenses, resulting in a deficit of $19,000.
For BTT, we have received contributions of $54,000 during 2018. We have paid $7,000 in interest. We have cash of $210,000 and outstanding pledges of over $150,000 to cover the $300,000 note balance as well as financing costs.
A property management company has been retained to manage the two western rent houses. Repairs are finished on the northern house and it is currently listed for rent. Repairs have started on the southern house.
The chiller (A/C unit) has been ordered and installation is expected during the 1stor 2ndweek of June.
Special contributions to reduce the deficit and fund the chiller have been received. Deficit funding is at $11,000 and chiller funding is at $55,000. Thank you for these special gifts!
Thank you for your continued support of KOG and Building Tomorrow Together.
November 2017
Offerings fell in November with only $135,648 being received ($22,000 short of budget). At the end of November, we have received offerings of $1,614,000 ($75,000 short of budget) and $15,000 of other income. We have paid $258,000 in benevolence and $1,531,000 in operating expenses ($46,000 below budget), resulting in a deficit of $161,000. The deficit increased during November while we were expecting a small decline. Most of the deficit will be covered by December offerings but probably not all of it.
For comparison purposes: this time last year, we had received $1,681,000 in offerings and $9,000 in other income. We had allocated $269,000 in benevolence and spent $1,554,000 in operating expenses, resulting in a deficit of $133,000.
For BTT in November, we received $79,000 and paid almost $3,000 in interest. We paid another $300,000 on the loan, so that at the end of November, we had cash of $134,000 and $528,000 in outstanding pledges to cover the $600,000 loan balance as well as financing costs.
October 2017
Offerings improved in October with $153,650 being received. However, this was still short of budget by $25,000. At the end of October, we have received offerings of $1,478,000 ($53,000 behind budget) and $13,000 of other income ($5,000 behind budget). We have paid $236,000 in benevolence ($8,000 below budget) and $1,394,000 in operating expenses ($47,000 below budget), resulting in a deficit of $139,000. While this is a large number, it usually is covered by larger offerings in November and December.
For comparison purposes: this time last year, we had received $1,533,000 in offerings and $6,000 in other income. We had allocated $245,000 in benevolence and spent $1,418,000 in operating expenses, resulting in a deficit of $124,000.
For BTT in October, we received $121,000 and paid almost $3,000 in interest. At the end of October, we had cash of $358,000 and more than $600,000 in outstanding pledges to cover the $900,000 loan balance as well as financing costs.
September 2017
Offerings were very low in September with only $85,482 being received. This was short from my estimate by $45,000 and offsets the great August that we had. (The sum of Aug and Sep is $274,000 which is $31,000 less than 2016 and $20,000 less than the 2012-2015 average.) At the end of September, we have received offerings of $1,324,000 ($28,000 behind budget) and $11,000 of other income ($17,000 behind budget). We have paid $212,000 in benevolence ($4,000 behind budget) and $1,188,000 in operating expenses ($83,000 below budget), resulting in a deficit of $65,000. While this is $42,000 less than we had budgeted, it includes over $30,000 in insurance proceeds which will be paid out during the water damage repairs.
For comparison purposes: this time last year, we had received $1,391,000 in offerings and $7,000 in other income. We had allocated $223,000 in benevolence and spent $1,267,000 in operating expenses, resulting in a deficit of $92,000.
For BTT in September, we received $19,000 and paid almost $3,000 in interest. At the end of September, we had cash of $240,000 and outstanding pledges of $778,000 to cover the $900,000 loan balance as well as financing costs.
August 2017
Offerings of $188,461 were received in August, which was very high and went far in covering the low July. At the end of August, we have received offerings of $1,239,000 ($23,000 ahead of budget) and $11,000 of other income ($15,000 below budget). We have paid $198,000 in benevolence ($4,000 over budget) and $1,069,000 in operating expenses ($61,000 below budget), resulting in a deficit of $17,000. While this is $65,000 less than we had budgeted, it includes almost $30,000 in insurance proceeds which will be paid out during the water damage repairs.
For comparison purposes, this time last year, we had received $1,235,000 in offering and $6,000 of other income. We had paid $198,000 in benevolence and $1,116,000 in operating expenses, resulting in a deficit of $73,000.
For BTT in August, we received $67,000 and paid almost $3,000 in interest.
July 2017
Offerings were low in July with $136,339 being received. This would be fine for a regular month, but July had 5 Sundays; offerings were expected to be higher. At the end of July, we have received offerings of $1,051,000 ($32,000 below budget) and $10,000 of other income ($10,000 below budget). We have paid $168,000 in benevolence ($5,000 below budget) and $965,000 in operating expenses ($33,000 below budget), resulting in a deficit of $72,000. While this is $4,000 more than we had budgeted, we continue to control expenses and are in line for zero net income.
For comparison purposes, this time last year, we had received $1,086,000 in offering and $5,000 of other income. We had paid $174,000 in benevolence and $995,000 in operating expenses, resulting in a deficit of $78,000.
For BTT in July, we received $65,000 and paid almost $3,000 in interest.
FACILITIES
A copper chill water line in the ceiling above the Choral Rehearsal Hall ruptured during the overnight hours of Sunday 7/23 into Monday 7/24. Water flowed onto the floors of the Rehearsal Hall and the adjacent corridor, down into the Parlor and the LL18 classroom on the Lower Level. Insurance is expected to cover all of this after the $5,000 deductible.
The chiller which provides air conditioning in the main building and activity center is 17 years old and is having issues. We are unsure whether the issues are caused by a failing unit or by poor electricity. A surge protector and monitoring over the next 2 months should answer that. However, we need to plan for a future replacement. The cost will be approximately $180,000 and Council will be discussing how to fund this expense.
Thank you for your continued support of KOG and Building Tomorrow Together.
June 2017
At the end of June, we have received offerings of $914,000 and $9,000 of other income. We have paid $146,000 in benevolence and $826,000 in operating expenses, resulting in a deficit of $49,000. This is $32,000 lower than we had budgeted, so this is good news. We are $2,000 ahead of our offering estimate; we continue to control expenses and are in line with our budget.
For comparison purposes, this time last year, we received $928,000 in offering and $5,000 of other income. We paid $148,000 in benevolence and $869,000 in operating expenses, resulting in a deficit of $84,000.
For BTT, we have received contributions of $269,000 during 2017. We have paid $194,000 in final construction costs, furnishings and interest. We made a $300,000 loan payment in June. We have cash of $97,000 and outstanding pledges of $984,000 to cover the $900,000 note balance as well as financing costs.
Thank you for your continued support of KOG and Building Tomorrow Together.
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