2008 Finance Report

Overview

This is the 2008 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.

2008 was a tough year for our church. We fell behind on some bills, especially our building mortgage. During the summer we were unable to make any building mortgage payment. This put us several thousand dollars in the red. Suntrust, our building mortgage holder, allowed us to reduce our payments for six months so we could catch up. Treasurer reports were made weekly throughout the year since we were always behind.

Despite 2008 being a bad year there were several positives. First, we survived the winter rains better than ever thanks to the new roof we installed in late 2007. Many of us continued to praise God for the roof as heavy rains and snow fell again this December.

At the end of the year our building mortgage improved somewhat. Suntrust, our building mortgage holder, allowed us to reduce our payments for six months so we could catch up. We have been able to catch up a bit, reducing our outstanding balance to $1,875.

Giving also recovered in the fall. This is normal for our church, but does fly counter to what happened to the economy in general. In the fall we were able to pay all our bills. We also caught up on our insurance, paid our property tax and reduced our building mortgage. After having a net negative balance for most of the year we ended December positive. At the end of 2008 we had $2,082 in General Fund and $1,875 in overdue building mortgage, which means had a net balance of $207. God took good card of us, in spite of how the rest of the economy did during this time.

Balances

The table below shows the balances of the various QHCC funds at the end of each month in 2008. The chart below the table shows the General Fund history. The chart includes unpaid bills in the General Fund balance to show when we are behind. 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.

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. At the 2008 budget meeting we voted to set up the Holding Fund. It is designed to hold funds needed to pay irregular large bills such as the property tax. Currently we are behind in our bills so the Holding Fund has no money. Periodically youth at the church raise money and this money is stored in the Youth Fund.

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 Souper Bowl or the Lottie Moon offering.

DateQHCC AccountGeneralParsonageDeaconHoldingYouthDSLTemporary
12/31/20073,256 451 2,861 704 0 75 (835)0
1/31/20084,007 1,140 2,861 704 0 75 (775)2
2/28/20082,994 364 2,861 374 0 110 (715)0
3/31/20082,978 261 2,861 437 0 74 (655)0
4/30/20082,916 160 2,861 437 0 74 (615)0
5/31/20082,391 (432)2,861 468 0 30 (535)0
6/30/20083,927 577 3,161 505 0 30 (345)0
7/31/20084,254 722 3,161 629 0 147 (405)0
8/31/20085,129 1,557 3,161 629 0 247 (465)0
9/30/20084,726 974 3,161 629 0 257 (295)0
10/31/20083,471 454 2,461 655 0 257 (355)0
11/30/20086,264 2,717 2,461 710 0 552 (175)0
12/31/20085,532 2,082 2,461 710 0 514 (235)0

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 08Feb 08Mar 08Apr 08May 08Jun 08Jul 08Aug 08Sep 08Oct 08Nov 08Dec 08Total YTDBudget YTDDifferenceActual Budget
                  
General income7,299 7,364 5,688 8,019 5,809 5,677 6,560 5,273 7,133 5,981 6,488 8,882 5,489 78,363 87,584 (9,221)87,584
                  
Building                 
Hazard Insurance171 512    410   520 20  505  1,967 2,048 (81)2,048
Maintenance80            160 160 960 (800)960
Mortgage1,138 1,137 11371,137 1,137 1,137    1,137 500 650 1,250 9,222 13,656 (4,434)13,656
Property Tax50   205       327   532 600 (68)600
Supplies8             0 100 (100)100
Utilities650 647 400436 480 467 550 838 812 692 639 485 352 6,798 7,800 (1,002)7,800
TOTAL Building2,097 2,296 1,537 1,778 1,617 2,014 550 838 1,332 1,849 1,466 1,640 1,762 18,679 25,164 (6,485)25,164
                  
Business Expenses                 
Worker's Comp50  527           527 600 (73)600
Office  38  44  34    40   156 200 (44)200
Telephone100 94 100 103 99 100 100 99 101 101 101 98 107 1,203 1,200 3 1,200
TOTAL Business Expenses150 94 665 103 143 100 134 99 101 101 141 98 107 1,886 2,000 (114)2,000
                  
Ministry                 
Adult10             0 120 (120)120
Children10             0 120 (120)120
Fellowship30             0 360 (360)360
Missions80 72 74 60 80 60 60   192 60 66 90 814 960 (146)960
Outreach50 17 17 17 17 17 17 17  34 17 17 17 204 600 (396)600
Christian Education25             0 300 (300)300
Worship30   101          101 360 (259)360
Youth10             0 120 (120)120
TOTAL Ministry245 89 91 178 97 77 77 17 0 226 77 83 107 1,119 2,940 (1,821)2,940
                  
Parsonage                 
Maintenance100             0 1,200 (1,200)1,200
Mortgage565 565 565 565 565 565 565 565 565 565 565 565 565 6,780 6,780 0 6,780
Property Tax183   1,106       1,166   2,272 2,200 72 2,200
Utilities408 330 306 393 187 212 225 308 300 521 293 233 283 3,591 4,900 (1,309)4,900
TOTAL Parsonage1,257 895 871 2,064 752 777 790 873 865 1,086 2,024 798 848 12,643 15,080 (2,437)15,080
                  
Pastor                 
Business Expenses500 500 500 500 500 500 500 500 500 500 500 500 500 6,000 6,000 0 6,000
Honorarium3,033 2,800 2,800 3,500 2,800 2,800 3,500 2,800 3,500 2,800 2,800 3,500 2,800 36,400 36,400 0 36,400
TOTAL Pastor3,533 3,300 3,300 4,000 3,300 3,300 4,000 3,300 4,000 3,300 3,300 4,000 3,300 42,400 42,400 0 42,400
                  
TOTAL EXPENSES7,282 6,674 6,464 8,123 5,909 6,268 5,551 5,127 6,298 6,562 7,008 6,619 6,124 76,727 87,584 (10,857)87,584
                  
OVERALL TOTAL14,581 690 (776)(104)(100)(591)1,009 146 835 (581)(520)2,263 (635)1,636 0 1,636 0

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

Actual vs Budget