– Joline Schultz, Treasurer
At the May 3 congregational meeting, I reported we had cash/deposits of $646,420 as of March 31, 2015, including restricted funds. What does “restricted funds” mean? The restricted funds are gifts received for a designated purpose or funds we have reserved for a specified purpose. Some examples include:
* Fulfilling our Commitment reserves (FOC) – We have $45,548 of FOC gifts reserved for future mortgage payments (approximately six months of payments) if ongoing gifts are not sufficient to cover the monthly mortgage payment.
* 52 Days Reserves – We have repaired the roof and replaced windows. We know that the tower needs attention. The tower project will not be done this summer, as we will need funds to pay for it. As members and friends complete their 52 Days pledges, we designate those funds for the intended purpose of future capital projects like the tower. We received $89,581 through December 31, 2014 and have received an additional $17,020 in 2015.
* Preschool Reserves – For the last several years, the Preschool has operated with income exceeding expenses. Knowing that has not always been the case, the Preschool has set aside excess funds of $92,735 as a cushion. Note, at the end of the school year before reserving any funds, the Preschool has been making a tithe to the church toward general operating expenses.
* Memorials – Gifts received in memory of members and friends (currently $21,196). The Memorials Committee works with the family to determine the use of the funds.
* Estate Bequests – Gifts received from the estate of someone who has passed away (currently $155,032). A portion of these funds are intended to be used for the tower project and/or other capital improvements projects.
* CHIC – Restricted funds may be short-term in nature. As of March 31, we had $13,095 of funds reserved for CHIC. Shortly thereafter we sent payment for our students and counselors attending CHIC.
* Evangelism/Outreach – Ted and Shirlee Johnson established a trust that provides NPCC a quarterly payment (interest on the invested funds) designated to be used for Evangelism and Outreach. The balance is $17,737.
* Camping – Each year, we provide scholarships for students to attend camp. The balance of $3,756 raised through the pancake breakfast, Easter funds and other gifts will support students going to camp this summer.
For your information, through April 30, 2015, income of $253,759 exceeds expenses of $250,072 for a net position year to date of $3,687. Thank you for your continued generosity to designated funds and general church operations.
If you have questions about restricted funds or other church financial matters, feel free to contact me at firstname.lastname@example.org.