Category Archives: Finances

Budget Update, October 2021

Based on September financial reports.

INCOME

On the Income side, we are running somewhat ahead of budget, thanks to generous pledge payments that are overcoming deficits in feast and plate offerings, and rent and building use. Both of those areas were directly affected by the pandemic, and both are beginning to rebound now. We have hopes that they may continue their slow return to pre-pandemic levels in the months ahead. In the meantime, members’ generosity is keeping us on a solid footing. 

EXPENSE 

We are running close to budget overall. Our Lay Staff lines are under budget because our Office Coordinator Ann is still working reduced hours; our Music Minister Deanna is also working fewer hours this fall due to temporarily reduced availability. Formation is under budget, largely because youth were not able to take a trip this summer. Buildings and Grounds is over year-to-date budget largely due to snow removal costs early in the year. 

OVERALL… 

Year-to-date income currently exceeds year-to-date expenses. We expect some expenses that are currently under budget to catch up; for example, Outreach funds will all be sent out to do good in the world. However, if current trends continue, it seems likely that we will end the year with income and expenses very close, and possibly a slight surplus. 

Thank you so much to everyone who has made the effort to keep up your giving to St. Dunstan’s through the challenges of the past 18 months. We are carrying on and rebuilding, thanks to you, as well as to all the many ways people participate, help out, contribute, and support us in prayer. 

INCOME

2021

Budget

Actual

through Sept

Budget

through Sept

Feast & Plate 14,000 4800 8500
Pledge Payments 270,000 226,700 214,500
Rent & Bldg Use 14,600 5,800 10,800
Misc Income 2800 4300 1700
Total 301400 241600 235500

 

EXPENSE

2021

Budget

Actual

through

Sept

Budget

through

Sept

Clergy (incl. salary, pension, insurance) 132,400 100,800 100,700
Lay Staff (Music, Office & Childcare) 27,300 17,900 20,500
Worship 4200 3400 3000
Outreach Budget 21,200 14,400 16,100
Formation 9000 3500 6700
Fellowship, Welcome, & Leadership 2800 1200 1300
Bldgs & Grounds

(includes insurance)

48,700 40,900 34,500
Admin & Office 14,300 10,200 11,900
Diocesan Giving 51,300 38,300 38,500
TOTAL 311200 230600 233200

All numbers have been rounded to the nearest $100 for ease in reading.In some cases this means the totals may be slightly off from the detailed financial statements. 

Outreach Committee Report, Late Summer 2021

The work of the St. Dunstan’s Outreach Committee in both 2020 and 2021 has been shaped by actively responding to needs presented by the global Coronavirus Pandemic.  However, the Committee’s work in 2021 looks and feels different than in 2020.  Last year demanded a fast-paced response to an avalanche of immediate economic crises emphasizing hunger and housing, and all the funds were exhausted by October.  2020 also was an eye-opening year to systemic racial and economic problems.  In 2021, the eye-opening has called for more conversation and deliberation about organizational response to the exposed systemic problems.  

To facilitate conversation and deliberation, our meetings in 2021 have added a couple types of personal sharing.  The first is through individual Committee members talking about why they do the volunteer work that they do and why their volunteer work is through particular organizations.  We are learning more about each other and more about the impact particular organizations have.  The second is through short discussions around “The State of Working Wisconsin in the COVID-19 Crisis,” a report from a nonpartisan UW think tank.  This is helping us think about exposed systemic patterns in Wisconsin.

Both the eye-opening from 2020 and our deliberations in 2021 are reflected in a slower-pace of distributions in 2021 and a more focused choice of supported programs.  

  • $1,000 for the Episcopal Network for Economic Justice,
  • $400 for MOSES’ efforts in criminal justice reform,
  • $500 for Bread for the World for hunger advocacy,
  • $500 to D.A.I.S. (Domestic Abuse Intervention Services), 
  • $200 for KIVA (micro loans),
  • $500 for the Road Home (rapid rehousing)
  • $1,000 for a Joining Forces for Families summer swim program for students at Elver Park,
  • $2,780 for Middleton Outreach Ministry’s new “Connections” Program focused on creating housing stability,
  • $1,200 was raised for St. D’s Diaper Drive.  To date $600 worth of diapers has been distributed among: 
    • Reach Out Lodi 
    • Healing House
    • Madison YWCA,
    • Allied Drive Food Pantry, and
    • Karen’s Essentials Corner
  • $1,000 for a medical clinic in the Diocese of Newala in Tanzania,
  • $500 for micro loans in developing countries through Working Capital for Community Needs (WCCN)
  • Also, in August the Committee received applications for the 2021 Outreach Endowment funds from 5 organizations, all of whom serve a multi-racial clientele.  Based on our longstanding approach of allocating 5% of the Outreach Endowment Fund’s principal each year (so as to maintain the fund in a sustainable manner), we understand that this year $5,469 is available for Endowment Grant allocations.  As in past years, we will provide a brief report at the Vestry’s September meeting that summarizes our recommendations for allocating St. D’s 2021 Outreach Endowment Grants and requests approval.

If you would like to learn more or get involved in the work of the Outreach Committee, contact the church office using the Contact Us form on this website, or call 608-238-2781 and leave a message!

Financial update, Sept. 2019

At the end of the summer, our budget continues to look healthy. Overall, our income is above budget, and our expenses are below budget. Some specific expense lines are over budget, but not by large amounts. Some expenses will catch up in the final four months of the year, but we’re entering the fall on a steady financial footing. 

See the table below for an overview of where our income and expenses stand as of the end of August, relative to our budget. Please note that numbers in table are rounded to nearest $100 for ease of browsing. This means columns may not add up exactly in some cases. If you would like to see full financials or have questions about our finances, talk to Rev. Miranda, email , or call the office at 608-238-2781. 

2020 Look-Ahead

We are beginning to think about our 2020 budget. While we’re still working on the numbers, we know that some expense lines are likely to increase. 

  • Since the Parish Center will be coming back to our use (with the Foundry414 church returning as Sunday morning building users), we will be taking on expenses like utilities and cleaning for that building. These costs may be offset by donations from more groups using our new, improved spaces. 
  • Expansion in areas like our youth programs and new worship opportunities like Cookie Church require modest budget increases for things like food and materials. 
  • In addition, we anticipate the usual yearly increases in things like insurance premiums and our Outreach budget line and diocesan giving, which both increase with our annual budget. 

We are always looking for places we can pare back our expenses, as well, to keep our budget in balance and be responsible with the financial resources we share as the people of St. Dunstan’s Episcopal Church. 

 

2019 Budget

(Numbers rounded to nearest $100)

2019 Budget

2019

Budget though August

2019 Actual through August

INCOME
Feast & Plate 20,000 11,500 15,300
Pledge Payments 270,000 190,000 192,600
Rent & Bldg Use 14,000 9100 9400
Misc Income 3000 1800 2600
Total 307,000 212,400 219,900
EXPENSES
Clergy (incl. salary, pension, insurance) 129,000 88,400 87,200
Lay Staff (Music, Office & Childcare) 34,000 22,800 20,000
Worship 5500 3600 3500
Outreach Budget 20,000 12,000 8800
Formation 5000 3400 3700
Fellowship, Welcome, & Leadership 4900 3000 3000
Bldgs & Grounds

(includes insurance)

52,000 28,700 22,800
Admin & Office 12,200 8700 6700
Diocesan Giving 50,000 33,200 33,200
TOTAL 313,500 203,900 189,000

Midyear financial report

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.