2007 Finance Report

Overview

This is the 2007 financial report for Quartz Hill Community Church. It starts with this overview of the year. Following the overview there is detailed information about fund balances and the budget.

After losing most of our General Fund balance in 2006, we stabilized at the end of 2006 and the early part of 2007. In May 2007 a large gift raised our balance to near $6,000. As usual summer was bad and we crashed all the way to zero by the end of August. We rebounded slightly in September but went back to zero in October. Starting in October we were continually behind in our bills and never experienced our normal year-end surge. We did manage to end 2007 with all bills paid, but only barely. We ended the year with $451 in the General Fund which was not enough to pay the bills due the first week of 2008.

Because our financial situation was critical the treasurer began making weekly reports to the deacons and then to the congregation. During this time our giving did become more consistent which is a big reason we survived the end of the year. Weekly reports will continue as long as we are behind on our bills. However, now the reports are made by email only to members. Monthly status updates will be given to the congregation as announcement slides.

Despite the problems with our General Fund we were able to fix our roof. The congregation raised over $10,000 for the roof, most of it during the summer. It was a much needed fix and is really appreciated now that the winter rains have set in. No doubt the great generosity shown toward the roof fund limited our capacity to give to the General Fund at the end of 2007.

Balances

The table below shows the balances of the various QHCC funds at the end of each month in 2007. The chart below the table shows the General Fund history. All funds are contained in the QHCC Account, which means that the QHCC Account column is a total of the rest. Most income and spending occurs through the General Fund. When we fall behind in our bills, another line appears on the chart. The "Effective Balance" lines shows the General Fund minus any outstanding bills.

The Parsonage Fund has funds primarily from parsonage refinancing and is used to care for and maintain the parsonage. The Deacon Fund is usually donated to every communion service and is used to help people in need. To help with upkeep and improvement of the church property, the Restore Fund was started. It receives irregular donations and also is spent sporadically.

The Pastor Retirement Fund was started to aid our pastor in saving for retirement. Most money for it comes out of the General Fund, although contributions are welcome. Usually any funds accumulated are distributed to the pastor at the end of the month, so that the reported balance should be zero. However, we began the year with a balance of $925. This was due to a treasurer mistake explained in the 2006 report. The February distribution was not made until early March, so February shows a balance above $925.

The DSL and Temporary Funds should normally show zero balances. The DSL Fund has a negative balance because Quartz Hill School of Theology is responsible for our DSL fees and is behind in reimbursing QHCC. The Temporary Fund covers money taken in for things not budgeted, such as youth fund raisers or the Lottie Moon offering. The $75 balance are funds the youth raised but have not used yet.

DateQHCC AccountGeneralParsonageDeaconRestorePastor RetirementDSLTemporary
12/31/20068,686 3,401 4,226 136 742 925 (885)139
1/31/20077,868 2,838 4,226 165 742 925 (945)(85)
2/28/20076,616 1,339 4,226 165 742 1,225 (1,005)(77)
3/31/20076,672 1,300 4,031 165 742 925 (415)(77)
4/30/20076,815 2,150 4,031 292 742 0 (475)75
5/31/200713,043 5,861 4,031 369 742 0 (535)2,575
6/30/200715,960 5,128 4,031 369 742 0 (595)6,285
7/31/200712,741 1,656 4,031 447 742 0 (655)6,520
8/31/200711,130 205 2,861 447 742 0 (715)7,590
9/30/200714,007 939 2,861 520 (0)0 (775)10,462
10/31/20073,601 934 2,861 566 (0)0 (835)75
11/30/20073,537 839 2,861 657 (0)0 (895)75
12/31/20073,256 451 2,861 704 (0)0 (835)75

Here is the chart showing the General Fund balances, income and expenses throughout the year.

General Fund History

Budget

This table shows the how income and spending compare with the budget throughout the year. The left-hand column shows the budget categories and sub-categories. Next to it the Budget Column shows the monlthy budgeted amounts for each category. The next columns show the income and spending for each month. The Total YTD Column shows the total income and spending for the year to date. The Budget YTD Column shows the amount budgeted for the year to date. The Difference Column shows the difference between actual income and spending and the budget for the year to date. The Annual Budget Column shows the yearly budget amounts.

Category DescriptionBudgetJan 07Feb 07Mar 07Apr 07May 07Jun 07Jul 07Aug 07Sep 07Oct 07Nov 07Dec 07Total YTDBudget YTDDifferenceAnnual Budget
                  
General income7,500 7,161 5,396 7,769 7,419 12,358 5,266 4,755 4,925 8,000 7,226 5,890 7,236 83,401 90,000 (6,599)90,000
                  
Building                 
Hazard Insurance167 0 0     512   512   1,024 2,000 (976)2,000
Maintenance80 0 0     260      260 960 (700)960
Mortgage1,160 2,275 11371,137 1,137 1,137 1,137 1,137 1,137 1,137 1,137  2,275 14,783 13,920 863 13,920
Property Tax50 0 0 335       205   540 600 (60)600
Supplies30 0 0      90     90 360 (270)360
Utilities650 817 569825 443 611 435 902 444 677 853 672 345 7,593 7,800 (207)7,800
TOTAL Building2,137 3,092 1,706 2,297 1,580 1,748 1,572 2,811 1,671 1,814 2,707 672 2,620 24,290 25,640 (1,350)25,640
                  
Business Expenses                 
Worker's Comp50  564           564 600 (36)600
Office 30 0  8 4  7   80   129 600 (471)600
Telephone100 117 89 101 95 99 96 97 95 99 98 97 95 1,178 1,200 (22)1,200
TOTAL Business Expenses150 147 653 101 103 103 96 104 95 99 178 97 95 1,871 2,400 (529)2,400
                  
Ministry                 
Adult10             0 120 (120)120
Children10             0 120 (120)120
Fellowship30             0 360 (360)360
Missions80 100 72 60 80 80 124 54 48 50 80 76 60 884 960 (76)960
Outreach50 18 18 18 18 18 18 18 18 18 18 18 18 216 600 (384)600
Christian Education20  142     69 69     280 240 40 240
Worship30   101          101 360 (259)360
Youth10             0 120 (120)120
TOTAL Ministry240 118 232 179 98 98 142 141 135 68 98 94 78 1,481 2,880 (1,399)2,880
                  
Parsonage                 
Maintenance100             0 1,200 (1,200)1,200
Mortgage570 565 565 565 565 565 565 565 565 565 599 531 565 6,780 6,840 (60)6,840
Property Tax250 0  1,078        1,106  2,184 3,000 (816)3,000
Utilities300 375 438 287 287 333 324 606 609 720 348 196 267 4,790 3,600 1,190 3,600
TOTAL Parsonage1,220 940 1,003 1,930 852 898 889 1,171 1,174 1,285 947 1,833 832 13,754 14,640 (886)14,640
                  
Pastor                 
Business Expenses500 500 500 500 500 500 500 500 500 500 500 500 500 6,000 6,000 0 6,000
Honorarium2,950 2,800 2,800 2,800 3,500 2,800 2,800 3,500 2,800 3,500 2,800 2,800 3,500 36,400 35,400 1,000 35,400
TOTAL Pastor3,450 3,300 3,300 3,300 4,000 3,300 3,300 4,000 3,300 4,000 3,300 3,300 4,000 42,400 41,400 1,000 41,400
                  
TOTAL EXPENSES7,197 7,597 6,894 7,807 6,633 6,147 5,999 8,227 6,375 7,266 7,230 5,996 7,625 83,796 86,960 (3,164)86,960
                  
OVERALL TOTAL14,697 (436)(1,498)(38)786 6,211 (733)(3,472)(1,450)734 (4)(106)(389)(395)3,040 (3,435)3,040

This chart shows spending and income compared to the budget for the major budget categories.

Actual vs Budget