At the end of October, we reached the halfway point in the fiscal year, which began May 1st, 2023, and will end on April 30th, 2024.
Before reporting financial results to date, let’s look back at the important financial goals for the year.
- Staffing: Make progress on our commitment to pay staff equitably.
This year the minister’s salary and benefits were funded at 100% of UUA recommended guidelines. All other staff salaries were increased (some more than others) to create greater alinement among positions. Even with increases this year, however, non-ministerial staff pay is still below UUA recommendations.
- Campus (Property Expense): Support the long-term wellbeing of the building and grounds.
The best practice is for 1.5% of the value of a property to be reserved annually in a Maintenance Reserve Fund for anticipated long-term repairs and upgrades. For UUCW this amount should be $9,150. Last year we set aside $500. This year the amount increased to $1,500.
- Programming: Increase financial support of the Unitarian Universalist Association, MICAH/SOPHIA and other local organizations and a 900% increase in funding for the Anti Racism Task Force.
Financial Results Year to Date (May 1, 2023-October 31, 2023)
Our financial picture for the first six months is a positive one:
Income is close to budget projections with contribution income slightly up and total income slightly below budget (see table below). To maintain this positive income picture for the second six months of the fiscal year, we will need to increase fundraising efforts. If you have ideas or want to help with fundraising, please contact the church office.
Expenditures are below budget projections for all expense categories (property, personnel, programming) (see table below). This is historically the case because the first half of the fiscal year includes the summer months of June, July, and August. Expenses will more closely mirror budget projects as the church year progresses.
Summary: Financial results are tracking close to budget. We need to maintain a positive income stream in the second half of the year as expenditures increase.
If you have questions, please contact Leslie Peterson.