Hey Church Family,
We have a lot to communicate regarding where we landed with our finances in 2020, and we want to give a snapshot of our financial picture moving forward. I can’t thank you enough for your financial support. In a year with so much turmoil, our finances stayed incredibly stable through the entire year. Thank you for keeping Morning Star strong during 2020 and for your commitment for this to continue through 2021.
Here is some important information for you to be aware of.
DECEMBER GIVING REPORT / MINISTRY FUND
- December Budget: $210,000
- December Actual Giving: $218,999.61
- Difference: $+8,999.61 (%+4.28)
2020 BUDGET REPORT / MINISTRY FUND
- 2020 Budget: $1,925,000.00
- 2020 Actual Giving: $1,971,588.28
- Difference: +46,588.28 (%+2.42)
2020 ACTUAL EXPENSES / MINISTRY FUND
- 2020 Expenses: $1,941,436.22
- Difference from 2020 Actual Giving: -$30,152.06 (%-1.52)
COMMENTS // As you can see, we have a lot to be thankful for. December broke a four-month streak of not making our projected giving budget, so we are rejoicing for the strong year-end giving that took place.
2021 BUDGET // A lot of work has gone into projecting what we could financially expect in 2021. The financial forecast is cloudy at best with a lot of unpredictable factors. After much prayer with the Elder Board, we have decided to take a cautious approach to this coming year and have approved an annual budget of 1.93 million (about 40k less than 2020’s actual income but 10k less in than 2020 actual expenses). There are clear financial limitations with this budget, but we could not in good conscience take a more aggressive posture until the long-term financial effects of 2020 are more fully understood.
2021 Ministry Budget Overview:
- Staffing (Salaries, Health Benefits, & Payroll Taxes): $1,217,816 ($101,485 avg/month)
- Staff & Department Expenses (Trainings, Events, Mileage, Supplies, Curriculum & Meetings): $83,108 ($6,925 avg/month)
- Admin Expenses (Office Supplies): $44,860 ($3,738 avg/month)
- Operation Expenses (Building, Utilities, Vehicles, IT, AVL): $272,116 ($22,676 avg/month)
- Mortgage (Interest & Principal): $24,000/month
- Cash Reserve: $41,000 ($3,500/month): We continue to strive toward our goal of having 3 months of operating cash in reserve.
Please note that Missions and Benevolence are separate funds and not included in the above budget.
Let’s keep leading people to pursue a Jesus-first life!