December 2011 Summary

Highlights:  

We ended the year with a $33K Net Operating Deficit, 3.9% of our 842K budget, due primarily to under-budgeting for the Diocesan Assessment by $22K.  Excluding the Diocesan Assessment the Deficit is $11K.  Total Operating Income in December was 38.3% over budget, a material improvement compared to last month, and is 0.6% under budget year-to-date.  Pledge Payments in December were 54.7% over budget, and are 1.2% below budget for the full year.  Operating Expenses were 2.0% under budget for December, and are 3.3% over budget year-to-date. 

Plate Offerings and Special Gifts and were both significantly over budget in December.  No allocation from the Lump Sum Pledge Holding Account [LSPHA] was made in December. 

As of December 31, 2011, the cash balance in the Scott Valley Bank checking account was $71.2K. 

Notes:  

1. Pledges paid as a Lump Sum are recognized as income in an amount necessary to achieve zero year-to-date Net Income, to the extent funds are available.  The Lump-Sum Pledge Holding Account balance is currently $0.
2. Statements of St. Stephen’s Financial Activities- Summary and Comparative, Financial Condition, and Fund Balances are presented in the monthly Vestry Financials file sent to the Vestry.  Members of the congregation may request a copy of the Vestry Financials statements or files.

Additional Information and Comments: 

1. The unusually large Non-Operating Other Expense for December is a result of accounting adjustments to capitalize the expenditures for the Roof/Solar project and the Labyrinth project.
2. The withdrawal of $26.4K from State Street Funds was recorded as a December transaction. The check was received in January.  In the future Vestry authorization for the annual withdrawal will be requested in October so that the cash is received in the current year.
3. The Diocese has approved the requested line-of-credit loan for the roof and solar project.  As of December 30, $249K had been accessed.
4. Beginning this year monthly income budgets for Current Pledge payments, Loose Plate, and Special Gifts are based on a 6 year weighted average of the periodic receipts for each of these accounts.
5. Annual operating expenses are budgeted equally each month.  Outreach expenditures from investments are budgeted in December.

Please phone or e-mail Bill Crisick, Treasurer, with comments or questions.  [925-934-4439; crisick@value.net]