As part of our commitment to financial transparency, we are providing quarterly updates about the state of our budget, progress towards our financial goals, emerging challenges and new opportunities.
Our previous updates from the 2017/2018 fiscal year, including an overview of the 2017/18 budget and an update on the 1st quarter, are provided below. Here, as we gear up for our upcoming Match Challenge in March, we provide the latest financials, through January 31, 2018.
- Staff continue to be exceptionally resourceful and careful with spending. Year-to-date our $135,278 in expenditures are $2,818 under budget.
- Our income year-to-date is $136,071, which is behind budget by $3,229. Notably, nearly half of that deficit is due to budgeted income from a source outside of our community that hasn’t yet come through. Giving from within the JW community is just 1.2% below budget and our savings on the expense side nearly offsets the deficit in income. Importantly YTD we are $793 in the black.
- As mentioned in our 1st quarter update, monthly autogiving has fallen below budget as individuals and families have had to make adjustments because of changes in their circumstances. For the past three months, monthly autogiving has averaged just under $16,600/month vs. the $17,380/month we had budgeted. On the positive side, we saw a few new/returning autogivers in January.
- We are happy to report that we closed out January 2018 with more than $87,000 in our savings. The vast majority of our savings has been set aside or gifted for designated purposes, for instance funding for our pastor intern, scholarships for youth to participate in trips and retreats, and an emergency reserve fund. In the past two months we have received two significant special gifts to support the hiring of a youth minister, to invest in innovative programming, and to bring the balance of our reserve fund closer to our long-term goal. Gifts received for these designated purposes are not included in the year-to-date unrestricted income reported above. Our savings also includes several thousand dollars we have set aside to support a sabbatical for our director of children’s ministry this coming summer.
Over the next two months, the Board and SWell team will be focusing on communicating about, implementing, and following up on our Match Challenge which will run from Sunday March 4th, through Friday March 23rd, with a report back to community scheduled for Sunday March 25th. One of the strategic reasons for scheduling our Match Challenge for the mid-point in our fiscal year is that it allows us to assess our budget and adjust our challenge goals to meet our needs.
We have two concrete goals for this year’s Match Challenge:
1) $25,000 in one-time gifts to unlock the $25,000 match provided by a small number of JW families; and
2) a $2,000 increase in monthly autogiving.
Our hope is that all community members will participate in helping us reach one or both of the Challenge goal—no matter the size of your gift, your participation is important.