July 2012 Financial Update

July 2012 Financial UpdateConference Budget
Please reference Schedule A and Schedule B for a summary of the conference budget for July 2012. 

The total annual budget for 2012 shows revenue of $3,400,000 and expenses of $3,050,136. The conference expense budget for 2012 is 8.6% less than total spending of $3,337,689 in 2011. The local churches support the conference budget through the CMF bill. 

Through seven months of 2012, revenue from church giving to CMF totalled $1,912,653. This was $70,680 or 4% less than budget, and $17,389, or 1% more than the July 2011 total. The monthly average through July for CMF receipts is $273,236. To reach the 2012 budget goal of $3.4 million, this average would need to increase by $24,233 or 8%, to $297,469 per month. 

Total expenses after seven months were $1,850,032. This was $69,525 or 4% less than budget and $148,979 or 7% less than the July 2011 total. Schedule B provides details of cost center budgets. Most cost centers were under budget and some of this is due to timing differences. At this time we are still projecting expenses to be on budget for the year. 

Church Giving – All Funds
Please reference Schedule C for a summary of church giving for all funds for the seven months ending July 31, 2012 with full year comparative information for 2011 and 2010. In 2011, a total of $18.5 million was received against a total budget of $20.5 million, or a paid ratio of 90%. This was similar to 2010, when the total received was $18.6 million or 89% of the total budget. In 2011, there were 270 churches or 61% of the total number of churches that paid all funds 100% or more. In 2010, 63% of churches paid all funds 100%. 

Through seven months of 2012, a total of $10,254,505 has been received against a budget of $20,021,448 or a paid ratio of 51%. For the three apportioned funds; Connectional Ministries, World Service and General Church, a total of $3,340,707 was received or 48% of the budget. A total of $6,489,833 or 53% was received for all billed funds relating to pension, health insurance, property & liability and workers compensation. Giving of 51% of the budget, through seven months, is two points higher than the paid ratio of 49% at July 2011. At this time, we expect giving in 2012 will be similar to the payouts of 90% and 89% for the years 2011 and 2010, respectively.