SUM Finance Second Quarter 2024 Update

As we head into the second half of the year, I want to give you an update on our operational budget. We want to ensure that every member of the congregation understands how the church operates. 

As you can see from the information below, we have a nearly $18,000 shortfall for the first six months. Some of this is because it is summer and giving goes down naturally as people are away. However, I’m projecting a shortfall for the year of closer to $50,000.

 Giving vs. Expenses as of June 30, 2024
January - June

Contributions $212,617.00
Expenses $230,481.00
Net Loss ($17,864.00)

As I mentioned in my last article, we don’t have an expense problem, we have an income problem. Many of our operating expenses are non-discretionary including our Methodist Conference apportionments, clergy and staff salaries, insurance, and utilities. Only 9% of our operating budget is discretionary! And all of our expenses increase every year, much like your household expenses. We continue to work hard to be frugal wherever we can. However, any additional gifts you are able to make to SUM’s general offering/operating budget would be greatly appreciated.

Here are some of the things our finance team has accomplished and is planning to do:

 ·       A line-by-line determination of what expenses are discretionary vs non-discretionary

·       A section-by-section review of what’s in the budget to see where we can make adjustments

·       Talking to Trustees to see if there might be some things they can help cover this year

·       Talking to LLI to see if there might be more relief provided by them

·       More communications from the finance team to keep everyone up to date

·       Educating everyone who is responsible for some of the expenses to make sure they know how much they have to work with

·       Working on a special campaign – watch for more on this

In addition to our yearly operating budget which covers the items above, we have a separate account for our endowments that is managed by our Trustees. The Trustees cover expenses not in our annual operating budget and pay for major things like the sewer pipe repairs. However, we can’t rely on the endowment for our operating budget – think of it like a 401k – only dip into it in case of an emergency.

I am blessed with a really awesome finance team and strong church leaders, and we are working hard to weather this storm. Please help if you are able.

Jennifer Acheson and the Finance Team