February 2012 Financial Update

Financial Update – February 2012

Conference Budget

Please reference Schedule A and Schedule B for a summary of the conference budget for February 2012.

The total annual budget for 2012 shows revenue of $3.40 million and expenses of $3.050 million. The conference expense budget for 2012 of $3.050 million is 8.6% less than total spending of $3.34 million in 2011. The local churches support the conference budget through the CMF bill.  For 2011, the conference managed a bottom line surplus of $186 thousand. This was made possible through the faithful giving of local churches, especially in December, and a concerted effort by management to reduce programming expenses during the 2nd half of the year.

Through the first two months of 2012, revenue from church giving to CMF totalled $498 thousand, $69 thousand less than budget and $34 thousand more than the total from February 2011. Expenses totalled $527 thousand and were $21 thousand less than budget and $119 thousand less than expenses from 2011.  Schedule B provides details of cost center budgets.

Church Giving – All Funds

Please reference Schedule C for a summary of church giving for all funds for the first two months of 2012 and the full year 2011. We have updated information for 2011, and 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 the first two months of 2012, a total of $2.6 million has been received against a budget of $20.2 million or a paid ratio of 13%.

Audit Financial Statements

The 2010 audited financial statements for all of our entities are posted on the conference web site. Our auditors have started the field work for the 2011 audits. Our target for completing all 2011 audits is May 1, 2012. We will post all of the 2011 audited statements on the conference web site upon completion.