Quarterly Finance Report
Dear FUMC Member or Constituent,
Your First Church Finance Committee is pleased to provide you with this brief update on church finances.
Summary of FUMC finances as of December 31, 2022
General Finance Notes
During the past quarter (September-December), the gap between pledges received and pledge budget (Figure 1 first column) remained significant. The church ended 2022 with a gap in pledged contributions of $193, 877. Although the magnitude of this deficit is unprecedented in FUMC history, the shortfall was significantly less than forecast thanks to very generous end of year extra mile donations. Thank you!
Conversely, the gap in non-pledged giving (Figure 1 second column) reversed in Q4-2022 to end the year nearly $17,000 over budget. Given the status of non-pledged giving at the end of Q3-2022, this was an unanticipated but highly welcome surprise!
Expenses for 2022 (Figure 2) remained well under budget by approximately $150,000 which helped erase a significant portion of the 2022 revenue gap. Although these savings were derived from multiple sources, most were achieved due to personnel transitions that yielded temporary savings in payroll and payroll related costs. Filling open positions and returning to pre-pandemic levels of ministry programing is a priority for the church this year, therefore it should not be assumed that the church will be able to “save” its way to a balanced budget in 2023.
2022 Year End Financial Summary
Despite the record shortfall in pledged giving, the combination of higher than budgeted unpledged giving combined with significant expense savings resulted in a year-end 2022 overall budget deficit of less than $50,000. This is truly remarkable given our status at various points through the year.
2022 was a difficult year for the church financially and for many in our community as well. We are especially grateful for EVERYONE who supported First Church in 2022 by sharing your time, your talents and your monetary gifts. Thank you for not only your consistent giving but also your willingness to respond in times of special need.
2023 FUMC Financial Planning
The FUMC Finance Committee has worked with the pastors and church administrator to draft a 2023 budget. This budget, influenced heavily by the events of 2022, is slated to be approved by Jan 30. As a Finance Committee, we will be monitoring our progress carefully and communicating with you quarterly (or more frequently if necessary) if significant deviations from plan are observed.
How You Can Help
If your giving is via a checking account or a credit card, ensure the recurring transactions are still “active.” In some instances, these are automatically set to expire at the end of a calendar year of after a certain number of transactions have been processed or pause upon the expiration of a credit card. If financial circumstances impact your ability to fulfil your pledge, please contact the church office.
If you’ve made a 2023 pledge and have not set up automatic monthly giving, please call the church office at 503.228.3195.. Automatic giving is safe and easy, simple to set up and it helps the church to balance out the natural inconsistency of unplanned giving.
Submit your pledge at fumcpdx.org/pledge. It’s never too late to support the work of this congregation! Pledged giving, even in small amounts given consistently, greatly enhances our ability to plan further into the future and make commitments to supporting the vital spiritual and physical needs of our community.
Questions?
If you have any questions about the church budget or need assistance with establishing your planned giving, please contact the FUMC church office at 503.228.3195 / office@fumcpdx.org.
Respectfully,
FUMC Finance Committee