2009 Finance Report

Overview

This is the 2009 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.

2009 was a good year financially. The strong giving at the end of 2008 continued through the early part of 2009. Spring giving was especially strong. It allowed us to fully catch up on our bills and even begin a holding fund for irregular expenses. (The membership voted this through long ago, but we finally had the money to implement it.)

Giving was typically down a bit in the summer, but our holding fund got us through. In the fall giving went up enough to keep us current on our bills. The charts show that November was a huge giving month, but this is a bit misleading. One member gave a large amount but probably won't be able to give much for the next six to eight months. For this reason we started a holding fund with most of the large November gift. The plan is to take money from the holding fund as needed, hopefully stretching over the expected shortfall months.

Our mortgage situation was especially satisfying. We caught up on our building mortgage payments that for so long had been behind. Now we are back to normal payments and are scheduled to pay it off in just over four years, around March 2014.

We also were able to refinance our parsonage mortgage. It is a five-year loan with a balloon payment due at the maturity date. Our usual procedure is to extend it another five years when the balloon is due. Antelope Valley Bank (now California Bank and Trust) came through again with an extension in March. The new maturity date is March 2014, about the same time we should pay off our building mortgage. That will make it easier renew the loan and free up money to pay it down.

One area of concern is the parsonage. We were able to put in a new central heating unit. However, the parsonage fund is now down to $936. Furthermore, the air conditioning doesn't work and needs to be replaced before summer. Getting a new or increased loan on the parsonage seems like a bad idea and is probably not possible. We need to be prepared in the next four years to stretch the remaining money and rely on gifts to make the necessary parsonage repairs. After that our building mortgage will be paid off and we should have more funds available for parsonage repair.

Yes, there are some concerns, but overall we can praise God for his goodness. During these tough economic times we have not only survived but are actually better off than we were a year and a half ago. Our deacon fund has increased and is available as needs arise. We helped the Scott family through their time of crisis. Your giving is the reason we could do all of this -- thank you. Let's look forward to the good God will do in 2010.

Balances

The table below shows the balances of the various QHCC funds at the end of each month in 2009. 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 AccountGeneralGen - HoldParsonageDeaconHoldingYouthDSLTemporary
12/31/20085,532 2,082 2,461 710 0 514 (235)0 7,614
1/31/20094,209 794 794 2,461 710 0 389 (115)0
2/28/20094,542 1,152 1,152 2,461 710 0 304 (55)0
3/31/20095,280 1,919 1,919 2,461 796 0 249 (115)0
4/30/20097,169 3,508 2,008 2,461 796 1,500 249 (175)360
5/31/20098,320 3,198 1,698 2,461 880 1,500 249 (0)1,562
6/30/20096,211 2,583 1,083 2,461 880 1,500 307 (0)10
7/31/20096,496 2,868 1,368 2,461 880 1,500 307 (0)10
8/31/20096,234 2,606 1,106 2,461 880 1,500 307 (0)10
9/30/20095,467 1,757 257 2,461 949 1,500 320 (0)10
10/31/20093,385 (153)(153)2,461 777 0 320 (0)10
11/30/200910,505 6,867 1,867 2,461 777 5,000 320 (0)110
12/31/20097,550 5,480 1,180 936 835 4,300 320 (0)10

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 09Feb 09Mar 09Apr 09May 09Jun 09Jul 09Aug 09Sep 09Oct 09Nov 09Dec 09Total YTDBudget YTDDifferenceActual Budget
                  
General income7,299 6,207 6,800 9,392 8,304 6,680 5,205 7,409 7,031 5,675 8,219 13,753 5,121 89,796 87,584 2,212 87,584
                  
Building                 
Hazard Insurance171  515  505   501   501   2,022 2,048 (26)2,048
Maintenance80 225    130  275      630 960 (330)960
Mortgage1,138 500 5003,000 1,200 1,200 1,200 1,124 1,124 1,124 1,124 1,124 1,124 14,344 13,656 688 13,656
Property Tax50 327         668   995 600 395 600
Supplies8             0 100 (100)100
Utilities650 705 628481 691 492 278 657 777 674 859 395 296 6,933 7,800 (867)7,800
TOTAL Building2,097 1,757 1,643 3,481 2,396 1,822 1,478 2,557 1,901 1,798 3,152 1,519 1,420 24,924 25,164 (240)25,164
                  
Business Expenses                 
Worker's Comp50  524           524 600 (76)600
Office    60    7  40 100 729 936 200 736 200
Telephone100 100 90 112 100 103 101 102 105 105 106 103 105 1,232 1,200 32 1,200
TOTAL Business Expenses150 100 614 112 160 103 101 102 112 105 146 203 834 2,692 2,000 692 2,000
                  
Ministry                 
Adult10          120   120 120 0 120
Children10             0 120 (120)120
Fellowship30             0 360 (360)360
Missions80 56 62 68 100 84 68 52 74 70 60 82 140 916 960 (44)960
Outreach50 17 17 17 17 17 17 16 17 17 17 17 17 203 600 (397)600
Christian Education25             0 300 (300)300
Worship30   104          104 360 (256)360
Youth10             0 120 (120)120
TOTAL Ministry245 73 79 189 117 101 85 68 91 87 197 99 157 1,343 2,940 (1,597)2,940
                  
Parsonage                 
Maintenance100       300      300 1,200 (900)1,200
Mortgage565 565 565 565 565 565 565 565 565 565 565 565 565 6,780 6,780 0 6,780
Property Tax183 1,166         2,476   3,642 2,200 1,442 2,200
Utilities408 335 241 279 177 399 290 231 584 664 364 347 233 4,144 4,900 (756)4,900
TOTAL Parsonage1,257 2,066 806 844 742 964 855 1,096 1,149 1,229 3,405 912 798 14,866 15,080 (214)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 3,000 2,800 3,500 2,800 3,500 2,800 2,800 3,500 2,800 2,800 3,500 2,800 36,600 36,400 200 36,400
Other0        40     40 0 40 0
TOTAL Pastor3,533 3,500 3,300 4,000 3,300 4,000 3,300 3,300 4,040 3,300 3,300 4,000 3,300 42,640 42,400 240 42,400
                  
TOTAL EXPENSES7,282 7,496 6,442 8,626 6,715 6,990 5,819 7,123 7,293 6,519 10,200 6,733 6,509 86,465 87,584 (1,119)87,584
                  
OVERALL TOTAL14,581 (1,289)358 766 1,589 (310)(614)286 (262)(844)(1,981)7,020 (1,388)3,331 0 3,331 0

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

Actual vs Budget