September 2012 Financial Update

Funding

Conference Budget

Please reference Schedule A and Schedule B for a summary of the conference budget for September 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 nine months of 2012, revenue from church giving to CMF totalled $2,415,497. This was $134,503 or 4% less than budget, and $28,416, or 1% less than the September 2011 total. The monthly average through August for CMF receipts is $266,786. To reach the 2012 budget goal of $3.4 million, $984,503 is needed over the remaining three months. Last year, a total of $1,085,848 was received from churches towards CMF over the last three months. 

Total expenses after nine months were $2,283,725. This was $117,172 or 5% less than budget and $269,841 or 11% less than the September 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 nine months ending September 30, 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 nine months of 2012, a total of $12,938,545 has been received or 65% of the budget. For the three apportioned funds; Connectional Ministries, World Service and General Church, a total of $4,225,598 was received or 61% of the budget. A total of $8,182,538 or 67% of budget was received for all billed funds relating to pension, health insurance, property & liability and workers compensation. Giving of 65% of the budget, through nine months, is one point higher than the paid ratio of 64% at September 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.