Dec 09, 2013

Monthly Financial Report

Conference Budget – Schedules A & B
Please reference Schedule A and Schedule B for a summary of the conference budget for November 2013.

As a result of the faithful giving of EPA local churches to the connectional ministries fund or CMF we ended 2012 surpassing the $3,400,000 budget. Total receipts were $3,401,619 and December 2012 was another outstanding month with receipts totaling $432,684. Thanks to all of the congregations who continue to support this ministry. For 2013, the annual budget is the same as 2012, $3.4 million.

Through eleven months a total of $2,859,936 has been received. This is $256,731 less than budget and $108,999 less than receipts from a year ago, at the same period. For the month of November, churches gave $261,450 toward CMF and this was $8,914 less than the amount churches gave to CMF in November 2012. To reach the 2013 goal of $3.4 million churches will need to contribute $540,164 to CMF in the final month. As a comparison, churches contributed $432,684 in December 2012.

The conference expense budget was managed very effectively in 2012 by all committee, boards, agencies and others. Total expenses were $2,906,875, 5% or $143,261 less than the 2012 budget of $3,050,136, and 13% or $430,814 less than 2011 expenses. In summary, the 2012 conference budget produced a surplus of $494,744. This surplus was directed to The Pre-82 Pension Liability according to Resolution 2012-21. For 2013, the conference expense budget of $2,850,136 is $200 thousand less than the 2012 budget. The annual budget surplus for 2013 is $549,864. This is to be directed to the Pre-82 Unfunded Pension Liability. Through eleven months the surplus is $364,914.

Through November 2013, total expenses were $2,495,022, 6.2% or $165,955 less than budget and $221,550 or 8.2% less than 2012 expenses at the same period.

Church Giving All Funds – Schedule C
Schedule C is a summary of all funds billed to the EPA local churches showing the amount billed, amount paid and balance remaining. This information is reported for the current year through November with comparative information for 2012 and full year information for the two previous years, 2012 and 2011. Churches paid a total of $15.2 million through November 2013 or 80% of the amount billed. A full report listing all funds for all churches is provided each month to CCFA and the Cabinet.