First Quarter Financial Update

First Quarter Financial Update

Greetings and Happy Spring!

With these first few days of harbinger-of-summer weather, I’d like to give you a high-level overview of where we at Old First are financially — and tell you about something the Elders are particularly happy about.

For the Year-to-Date through April 30, 2015, total income is ahead of the 2015 Budget, and expenses are mostly in-line with budget. As a result, Net Income, our “bottom line”, is positive and better than budget and indeed better than Year-to-Date last year in 2014.

Why is this significant? A year ago one of our concerns as church leaders was whether or not the Capital Campaign — and so many people’s second-mile giving to it — might affect giving the on-going stewardship support on the part of our members. Four months into 2015 and we have observed that Regular Giving (comprised of Pledges and loose Envelopes) is actually ahead of budget.

And, as we announced in worship when “the Capital Campaign was able to repay the Endowment ahead of schedule,” our Capital Campaign income is also ahead of budget.

So, though early days, in brief, our financials are inline, overall, with budget. And our financial position continues to look strong. The Elders will continue to monitor financial performance closely as we head towards the summer.

What we are really happy about though, and thankful for is watching Annmarie Kleinhans grow into her new role as Old First’s Treasurer and begin to fill Adam Sherr’s, a-hem, large shoes. And to that point, Adam has been tremendously helpful in getting Annmarie up to speed and teaching her our systems and processes. And answering all the detail questions that come up in an operation like ours.

A word of thanks also to Beth Walker and her sister who actually tutored Annmarie in using our accounting system.

In the coming month or two, expect to see Annmarie begin to provide her own helpful overviews and synopses of Old First’s financial position, with insights into the strengths and challenges of our financial performance. But for now, I wanted to give her a break (as she’s had a lot to cover and get under her belt in the beginning), and make sure you all have this brief overview and good news. And of course to thank everyone for their continued generosity.

Be well and enjoy the weekend!

Yours in faith,