Financial Brief: 2017-2018 Fiscal Year Summary

by Joe Schenk, Chair, Finance Committee

We closed out the 2017-2018 fiscal year in June with strong results:

  • $489,421 in income
  • $462,162 in expenses

More than half of the savings on expenses were in Personnel costs where we saw savings in our intern’s medical coverage and a miscellany of smaller contributing items.

Our “plant and equipment” operational expenses were under budget by $11,000 with less spent in the areas of Grounds and Building Maintenance than was planned.

Finally, our programming expenses were underbudget by over $5,000 with frugal spending by a number of committees.

We ended the year with just over $300,000 in our accounts not including funds on reserve for Building Capital and other project and ministry accounts. We deem this to be a healthy reserve that would serve to protect us against any economic hardship. We continue to pay annual dues to the UUA of $24,000 and are paying a property loan with a balance of $395,000 as of the end of the fiscal year.

The Finance Committee reviews progress to budget monthly and reviews the health and status of our accounts on a periodic basis with the Board.

We are in a strong financial position!

Note that the above discussion does not encompass the Endowment Fund or the Capital Campaign fund, both of which maintain their own accounting.