Financial Update – March 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.
Through the first quarter of 2012, revenue from church giving to CMF totalled $781 thousand, $69 thousand or 8% less than budget. Giving for CMF through the same period in 2011 was $724,098.
The increase over the prior year is due, in part, to the slow start some of our churches experienced in the early part of 2011 with the roll out of the new remittance system.
Expenses totalled $770 thousand and were $42 thousand, or 5% less than budget and $99 thousand, or 11% less than expenses from March 2011. 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 come in at or under budget for 2012.
Church Giving – All Funds
Please reference Schedule C for a summary of church giving for all funds for the first quarter of 2012, with comparative information for 2011 and 2010. 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 quarter of 2012, a total of $4.1 million has been received against a budget of $20 million or a paid ratio of 21%. For the three apportioned funds; Connectional Ministries, World Service and General Church, a total of $1.4 million was received or 19% of the budget. A total of $2.6 million or 21% was received for all billed funds relating to pension, health insurance, property & liability and workers compensation.
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.