FINANCIAL REPORT

OVERVIEW OF 2021

At first glance, last year appears to be satisfactory with regards to the financial picture of your Holiday Park Church.  A closer look reveals the depth of faithfulness in your congregation.  Considering the combined effect of the continuing pandemic, staff changes, virtual services, building upgrades, closing of the Beyond Jubilee Campaign, temporary closing of our Pre-School and dwindling in-person worship attendance, your Church has emerged in a fiscally strong position.

Receipts for 2021 were $523,336, exceeding 2020 by $8000.00.

The adopted budget was $581,768, resulting in a shortfall of $58,432.

Expenditures totaled $550,379.

The Finance Committee managed the Church resources to support many obvious upgrades to the building, including in the Pre-School.  Application and approval for a federal Payroll Protection Plan (PPP) guaranteed salaries, especially for the Pre-School Staff.  Forgiveness of that loan was a significant assist.  Consequently, we can begin 2022 with a working fund balance which can offset over expenditures due to building improvements.

REPORTING FOR 2022

The Finance Committee has directed that there will be a monthly report in the interest of clarity as progress is made against the adopted 2022 budget of $551,758.  The monthly report will indicate budget expectation, receipts, variance and expenditures, including over/under against receipts.  Cumulative progress totals for the year will also be presented.

A brief narrative will document selected specific points of interest for the month.

January’s summary will appear in the second week of February. This will be the proposed pattern going forward. The current month’s summary will appear in the second week of the following month.
 
(Data compiled from minute note from a Finance Committee Meeting held on January 10, 2022)