Treasurer’s Corner

What Does "Restricted Funds" Mean?

2015-05-18 21:01:30 afrisknpcovenant-org
- 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 treasurer@npcovenant.org.
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New Fund Code - 52 Days (through 2018)

2014-05-28 12:00:12 sapplequist
As of May 27th, 2014, a new fund code has been added to our church's financial system - 52 Days (through 2018). If you would like to give to this item you may indicate this on your check in the memo line or by designating this fund in your on-line giving. For those of you that have pledged to this campaign during the last few weeks, we will also use this fund code to indicate your pledges in the near future. If you have any questions about this, please feel free to email the Treasurer.
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Pledge Information - HUGE THANK YOU! (Updated June 1, 2014)

2014-05-22 03:56:13 sapplequist
As of Sunday, June 1, 2014, we have received responses from 65 units for a total of $354,465! THANK YOU TO ALL WHO HAVE RESPONDED! If you have not yet responded, you may still do so by sending your card into church with the attention of the TREASURER. Or you can email the Treasurer with the details.
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Some Questions about Pledging (May 21, 2014)

2014-05-17 12:25:12 sapplequist
I have had two people ask for verification about types of pledges that they have made:
  -  "I made a pledge to the last building fund, did I meet that pledge yet?"
  -  "I gave to the roof last fall and at that time I said I would give some more in 2014, does that count toward this building pledge as well?" These are very good, and becoming common, questions.
I believe that previous building pledges (from 2004 through 2009) to the building were to assist with the additions (handicap accessibility, offices, elevator, etc). But those costs changed from the building work at that time to the mortgage payments now. This is now referred to as Fulfilling Our Commitment and although those initial pledges are old, the expense still exists in the form of the mortgage payments.
I think that means that people should consider all the pledges they made prior to 2012 to have been fulfilled. (Even if they have not technically been fulfilled, I don't think that the original pledges can be checked to know for sure if they have been fulfilled or not.)
So I think of everyone as "starting over" in 2014. And for 2014 people have pledged to the:
(1) general fund (single year)
(2) FOC, aka mortgage payments (single year)
(3) some pledge to a few other things (Friendship Center, etc) (single year)
(4) and now with this 52 Days of Recommitment are pledging to the building work (potential for 5 years)
NOTE: This pledge to the 52 Days DOES NOT replace the giving or pledging to the FOC (aka mortgage payments)
* Also, people gave to the one time roof request last fall...some called this a pledge and it sort of was, but it was also usually a one-time payment at that time.
These pieces can be confusing so if you have any questions, please email the Treasurer at any time. Also, if you would like to see a history of your pledging, email the Treasurer and those details can be provided to you.
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2013 Financial Year is now Closed (Jan 13, 2014)

2014-01-14 03:12:07 sapplequist
This past Saturday the financial year at NPCC was closed. The GREAT news is that we received enough income ($730,638) to meet our expenses in 2013. THANK YOU TO ALL WHO HAVE GIVEN TO NPCC IN 2013!! Additional details will be available soon in the MEMBER RESOURCES section of the NPCC website under DOCUMENTS. (click here for link.) Also, the 2014 proposed budget informtaion will be available there too!
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