Dear Bay Shore,
Below is a report from our Finance Committee to share our current results of the Special Summer Appeal, and an update from the Finance Committee on the financial status and fiscal affairs of the Congregation as of July 31, 2022, the mid-point of our fiscal year. Please read and let us know if you have any questions. At the end of the report, we share email addresses for our Treasurer, Pastor and Council President.
We began the 2022 year with a congregation-approved budget that projected a deficit for the year of approximately $54,000. In proposing and approving that budget, it was understood that such an outcome at year-end would not be viable, and that a mid-year supplemental giving appeal would be necessary. That appeal has just concluded and we are pleased to report that it was successful in eliciting approximately $25,000 in increased pledges, in total, from a substantial number of congregation members – – less than the $40,000 we had hoped for, but nonetheless a significant and positive response to the appeal. This will significantly reduce the year-end projected deficit. We thank all of you who responded so positively.
Regular member giving from the congregation year-to-date is running about 10% behind budget (without taking into account the mid-year appeal that just concluded), but we are cautiously optimistic that this will catch up to budget as we move out of Summer into the Fall and the holiday season that follows.
On the expense side of the ledger, we have reviewed spending year-to-date and attempted to project total anticipated spending through the end of year on the various line items that make up the budget. While these projections are necessarily somewhat speculative, particularly in those areas where spending is difficult to predict (such as building and equipment repairs and maintenance), we believe there are some areas in which we will likely spend somewhat less than we had originally budgeted. It is important to note, though, that those areas tend to involve programs or initiatives that were initially budgeted for a full year but have launched (or will launch) later than expected (such as hiring a youth director) and thus will be incurred this year (but only this year) for only a portion of the year. If those projections hold true, those one-time savings this year in these areas will further reduce the projected year-end deficit, although the total amount of those savings is difficult to predict.
On balance, then, the current projection compares favorably to the budget we adopted at the beginning of the year. Although it remains likely that we will still end the year in a deficit position, that deficit may be substantially smaller than the original $54,000 figure. We are projecting a $5,000 deficit if we have no unforeseen issues. However, that will depend critically on two factors: our ability to control expenses such as building, equipment and grounds repairs and maintenance; and the fulfillment of all members’ pledges by year-end. We thank you in advance for your commitment to the latter.
Finance Committee Members: John Emanuel, Bob Graveen, Marcee Markussen, Pastor Sarah Stobie, and Pam Woodard
Our Treasurer, John Emanuel: [email protected]
Our Council President, Pam Woodard: [email protected]
Pastor Sarah Stobie: [email protected]