We trust in the Lord that your new year has begun reliant on him and in growing surrender.

We wanted to share that the 2020 budget has been completed, reviewed and approved. The Accounting team worked directly with all church department staff to build the budget from the bottom up which included a department by department review of all needs for the upcoming year. Once the draft was put together, it was compared to expected giving and the budget was adjusted accordingly.  The budget was reviewed by the Finance Committee and presented to the Elders for approval on January 14.

With the goal of being both consistent with the information we share and transparent as it relates to the details we are sharing, the staff has prepared the following charts which are aligned to the dashboard we currently present monthly.

2020 Budget

2020 Budget

From the above, you can see that for 2020 our Church has planned $17.6M of stewarded use, which consists of $15.34M of expected giving and $2.29M from the mortgage reserve fund. As discussed in past communication, while expenses are relatively fixed and giving has some seasonality, you will see a plan in the sermon notes based on $295K a week which is the average expected giving over the course of the 2020 calendar year. The need reflected in the sermon notes will represent the planned giving compared to the actually received giving.  As previously shared, historically our church runs a deficit through November which is made up for in December. For the 2020 budget, we plan to fund a reserve that would help bridge this timing for future ministry years.  A point of highlight you will notice is that our overall budgeted mortgage and facility-related overhead represents more than 30% of our budget.  We believe this is too high of a percentage of our total expenses; as such, the reduction of our overall mortgage debt and associated costs continues to be a primary focus of our finance team, from review of all of our properties to opportunities for refinancing and retiring debt, to how we use funds generated from the sale of the Niles campus, we are thinking and praying through every option.

We wanted to share that in addition to the above summary, the line-item budget is available for an in-person review to all church members. To schedule a review, please reach out to any of us or your campus leaders.

Lastly, and as always, please do not hesitate to reach out to [email protected] with any questions or further details you may need.

RETURN TO ALL ELDER UPDATES