St. Dunstan’s Episcopal Church Mid-Year Financial Report

Based on January through June finances 

Overview

The parish’s finances are healthy and most lines in our budget are on target for this point in the year, with only minor exceptions.

Income 

Income is up and ahead of budget by about $9,000. The areas reflecting this increase are Feast Day Income (offerings given at Easter and Christmas, which are over budget by $1,235) and Rent Income from groups and events that use our main buildings occasionally. That budget line is currently $375 over the anticipated annual budget. The Pledge Income is ahead of budget, reflecting strong giving into the summer. This line usually ends the year close to budget, which means people tend to give what they said they would give; thank you!

Expenses

Overall, most expense lines are on target or only slightly above or below their midyear budgeted amount.

Many costs can be managed to be with budget at year end but are not distributed evenly during the year. Some budget lines that reflect this are Formation, Other Ministries, Building Repairs and Maintenance, the Rector’s expenses lines, and Administration. All seem to be on track or manageable to end the year close to budget. Fellowship/Kitchen may exceed its budget as we continue to do more, particularly extending our formation programs. Office Supplies may end the year over budget.  The Rector’s Continuing Education line is also over budget for the year, but no additional expenditures are anticipated.

Some overages, such as Outreach giving, the Rector’s Health & Disability premiums, and lay staff salaries, are simply an artifact of when payments or grants are made relative to the calendar, and will resolve by the end of the year.

Altar and worship expenses are under budget. This may be partially due to the investment in communion wine that we made last year, which means we will not have to re-order this year. The Event Fund, a new line last year, is below budget, but is used more heavily in the second half of the year for Evening Bible Camp and the Craft-In in November.

Any expense lines which do end the year in deficit (i.e. over the annual budget amount) will likely be covered by enough other accounts finishing under budget. In addition, the Balance Sheet shows that there are funds (Retained Earnings) from previous years’ budgets that can be used to cover small deficits in current Net Income.

In summary, if our giving and spending continue on track, we expect to end this fiscal year on a sound footing, thanks to your generosity and faithfulness.

Designated Funds

St. Dunstan’s maintains many “Designated Funds” which do not show on an income and expense report. These are investments and gifts given for specific purposes.

We have investments with the Diocesan Trustees of Funds and Endowments. The current balance there is $196,693, divided into two designated funds. One of these is the fund that generates the income for our outreach grant program. The other is an unrestricted investment. We have used these funds to make outreach grants and to fund the preparations for a capital campaign. In practice, we have often used our cash flow to temporarily cover these expenditures without having to withdraw funds from these investments, leaving as much there as possible earning dividends.

These funds represent money that St. Dunstan’s uses in its various ministries beyond the day to day operating of the parish. Some of the funds you may be familiar with which are outside our operating budget are the Middleton Outreach Ministry, the Middleton Outreach Pantry, memorial funds for individuals and general memorials, the Discretionary Fund, and part of our rent income is designated for capital expenses for our facilities. There are others: the organ fund, music contributions, birthday offerings, the Haiti project, the United Thank Offering and most recently our very successful Diaper Drive. So far this year $26,402 in contributions have been made to all our assorted designated funds. All of these funds are listed on our balance sheet and a full report is given to the vestry at least every quarter.

Copies of our detailed finances are available for review by members of the parish at any time. Ask one of our Co-Treasurers, Val McAuliffe and Sue Lloyd; Rev. Miranda; or contact the church office.