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ASBURY FIRST Financial Summary | January 1 – April 30, 2022
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— Angie Burch, Chair of the Finance Committee
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INCOME
2022 YTD ACTUAL
2022 YTD BUDGET
2021 YTD ACTUAL
Individual donations
$601,911
$566,785
$533,066
Special Giving (Rent Assistance & Ukraine)
$98,509
$12,803
$34,744
designated DONATIONS
$32,616
$56,450
$27,374
Subtotal contributions
$733,036
$636,038
$595,184
Foundations/grants
$6,923
$12,048
$46,399
property usage
$33,557
$21,667
$25,126
endowment Draws
$133,469
$122,562
other
$12,432
$5,187
$6,873
TOTAL
$919,418
$808,409
$796,143
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INDIVIDUAL DONATIONS: Individual giving to church operations (both pledged and unpledged) was very robust over the first four months of the year. We are currently about $35,000 ahead of budget for 2022 and almost $67,000 ahead of this time last year. SPECIAL GIVING: This year we have responded to two unanticipated needs with wonderful generosity. We have received close to $58,500 in special donations to help with Rent Assistance here in Rochester, and another $40,000 in donations to provide humanitarian aid to the people of Ukraine. DESIGNATED DONATIONS: These are donations that come with special designations from the donors. Much of these funds are designated for use in our Outreach Ministries. The timing of when these donations are received can vary quite a bit from year to year, so budgeting can be tricky. We are about $24,000 below our budgeted estimates for 2022, but are up about $5,000 over this time last year. FOUNDATIONS/GRANTS: These revenues are down by $40,000 from last year, but this was expected because last year’s grants were largely Covid-related. We are down versus our budget; however, we have several grant applications in progress and expect that these revenues should return to pre-covid levels. However, predicting the dates when funds will be received is challenging. PROPERTY USAGE: We have brought several new users of our space on board and are looking for this source of income to continue to perform well this year. ENDOWMENT DRAWS: Asbury draws 4.5% of the average of a rolling 20-quarter average of the market value of its invested assets. It’s budgeted draw for 2022 is up 8.9% over last year due to a combination of strong investment earnings and new donations.
EXPENSES
WORSHIP & ARTS
$156,813
$139,843
$132,657
Discipleship & Youth
$113,480
$114,505
$68,930
Congregational Care
$62,859
$64,439
$58,693
Outreach ministries
$62,919
$93,445
$58,789
Subtotal Ministries
$396,071
$412,232
$319,069
Conference APPORTIONMENT
$54,800
$54,244
$76,345
Special Assistance (Rent Assistance & Ukraine)
$104,398
$25,000
$45,583
Infrastructure
$308,857
$295,832
$290,974
$864,126
$787,308
$731,971
WORSHIP & ARTS: This line was $17,000 more than budgeted. $8,600 of this was from the “Voices” concert. This concert generated $8,600 in revenues which are included in the Property Usage revenue line. There was also $4,000 of expenses for piano service against a budgeted figure of $1,000. Finally, there were about $4,500 of expenses in this period that were funded with donor-restricted gifts received in earlier years. These expenses are not budgeted in a particular year, but are held until a need arises that is consistent with the donor’s original designation. OUTREACH MINISTRIES: Our expenses totaled $62,919 against a budget of $93,445. This is mostly a matter of timing and is likely to shift when the Outreach Center opens in the fall. We have spent $7,200 below budget for the Storehouse and $22,200 below budget for our five main outreach ministries. We are also about $1,100 below budget for our personnel expenses associated with Outreach Ministries. Conference Apportionment: Asbury First's shared giving this year is $164,400. We are holding $60,000 of this in escrow as part of an anticipated $350,000 commitment from the Conference toward the construction costs of the Outreach Center. SPECIAL ASSISTANCE: This is the total assistance paid out to support local Rent Assistance and Ukraine Relief. The amount paid is slightly higher than the amount collected (see “Special Giving”) because we had some funds on hand in our Pastor's Discretionary Fund that were utilized as well. INFRASTRUCTURE: This line is about $13,000 over budget primarily due to our utility expenses. Last year’s expenses were based on RG&E bills that were themselves based on estimated usage rather than actual meter readings. (RG&E suspended its meter readings during COVID). They recently read our meters and so this year’s bills reflect a “catch-up” amount that makes up for last year’s under billing.