Great Exchange Covenant Church Annual Meeting August 26, 2012 12:15pm – 1:15pm.
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Transcript of Great Exchange Covenant Church Annual Meeting August 26, 2012 12:15pm – 1:15pm.
Great Exchange Covenant ChurchAnnual Meeting
August 26, 201212:15pm – 1:15pm
Mission & Vision
Pastor Doug Stevens & Pastor Ali Hasan
Mission:Our mission is to be an authentic, loving and vibrant church community that partners with God in transforming people of all cultural backgrounds and personal circumstances into committed followers of Jesus Christ, who serve locally and globally.
Vision:We are providing a home for multiethnic people in Silicon Valley and in the South Bay
We are growing the people in our fellowship through spiritual mentoring in all life stages
We are transforming our community for Christ through ministry to children and their families
Ministry Highlights
Jeff Liao
What to look forward to in the coming year
Pastor Doug Stevens
Financial Update &FY2013 Budget
Terrence Wu
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Overview information:
• Average church attendance: 160 Adults and 55 Kids (down 17% from last year)
• Average number of giving units down to 64 from 70 last year (down 9% from last year)
• Percentage of giving units at 40% (increase of 6% from historic information)
• Income was approximately $22K higher than prior year
Attendance Trend (FY2012 vs. FY2011)
Attendance Trend
0
50
100
150
200
250
300
350
Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
2010-2011
2011-2012
Tithing Trend (FY2012 vs. FY2011)
Tithing Trend
$0.00
$20,000.00
$40,000.00
$60,000.00
$80,000.00
$100,000.00
$120,000.00
$140,000.00
$160,000.00
$180,000.00
Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
2010-2011
2011-2012
Statement of Financial Position (as of 7/31/12)
Assets:Operating Cash $ 211,683Restricted Cash $ 72,749Unstoppable Cash $1,703,294Total Assets: $1,987,726Liabilities:Current Liabilities $ 614Credit Cards $ 189Pension Liabilities $ 1,590Net Assets $1,985,333Total Liabilities/Net Assets $1,987,726
General Operations (FY2012) projected
Actual YTD Budget YTD VarianceIncome:- General Tithe $701,000 $620,000 $81,000Expenses:-Facilities $171,000 $188,774 $(17,774)-Salaries/Benefits $357,500 $381,125 $(23,625)-Other Operations $ 26,575 $ 37,243 $(10,668)-Ministries $ 25,244 $ 50,023 $(24,779)-ECC Giving $ 70,100 $ 62,000 $ 8,100Total $650,419 $719,165 $(68,746)Net Income (Loss): $51K $(99K) $150K
Tithing - Projected vs. Actual (FY2012)
Projected vs Actual Tithing
$-
$20,000.00
$40,000.00
$60,000.00
$80,000.00
$100,000.00
$120,000.00
$140,000.00
$160,000.00
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Months
Am
ou
nt Budget
Actual
Restricted Funds Accountas of July 2012
Leftover from ST Missions:
Kenya $18,730
Thailand $ 2,091
China $ 4,772
Cambodia $ 1,420
Nathan/Priscilla LT Cambodia Funds $41,953
Benevolence Fund $ 3,783
Total Restricted Funds $72,749
Unstoppable Funds (as of July 2012)
INCOME:- Unstoppable Funds (Principal) $3,978,361- Interest $ 192,862Total Income $4,171,223EXPENSES:- Campaign Expenses $ 144,478- Local Expenses $1,601,680- Regional Expenses $ 364,825- Global Expenses $ 356,946Total Expenses $2,467,929TOTAL UNSTOPPABLE FUNDS $1,703,294
16
Budget Strategy (FY2013)
Budget income proposal-Based on average of $12.5k tithe per week. Average tithe is approximately $11,170 per
week over past 5 months.
• Budget expense proposal-Current church staff: 2 full time, 4 part time.
FY2013 includes budget for Transitional Pastor/Sr Pastor and PT Worship Director.
Focus this year is on our mission/vision and outreach.
Budget Proposal (FY2013)INCOME:
- General Tithe $737,500
EXPENSES:
- Facilities/Operations $214,406
- Salaries/Benefits $413,039
- Ministries $ 39,598
- ECC Giving $ 73,750
Total Expenses $740,793
NET LOSS $ (3,293)
*See handout for more details
18
Budget Breakdown (FY2013)
Salaries/Benefits56%
Facilities/Ops29%
Covenant Giving10%
Ministries5%
Facilities/OperationsSalaries/BenefitsMinistriesCovenant Giving
19
Ministry Highlights (FY2013)
Churchwide Events: Community Picnics, Harvest Festival, Operation Xmas Child, Christmas, Easter, Marriage Seminar
KidZone/Student Ministries: Curriculum, Training, Kids Club, VBS, Re:set Jr. High midweek gatherings
SaLT Ministries: SaLT Gatherings, CC Weekly Outreach Gatherings, Frontline Welcoming, Women’s Ministry, Small Group Budgets
Compassion, Mercy/Justice: City Team Outreach, Journey 2 Mosaic Scholarships, Missionary support, Missions Team Debriefs, Invitation to Racial Righteousness
Comp/Mercy/ Justice
8%
Christian Formation
5%
SaLT Ministries13%
Worship7%
CAM/Production6%
KidZone/Student Ministries
27%
Churchwide Events
34%
20
Next Steps
Vote on budget proposal at next Annual Meeting on September 9, 2012
Additional questions? Contact Leadership Team
Q&A
21
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The best is yet to come!Thank you and God bless!