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Financial Update – August 13, 2020

by Tim Page on August 13, 2020

We continue to be so grateful to all of you who continue to partner with Central financially. By God’s grace and through your generosity, our financial condition continues to be relatively healthy in this season of pandemic uncertainty. On behalf of your Session and staff, thank you for making ministry possible at Central.

Ministry Giving. Through the end of July, giving year-to-date to the ministry budget is ~ $1,832,000 (actual). Our giving budget through the same period is ~ $1,996,000 (budgeted). We are lagging our giving budget for giving by ~ $164,000 at this point in the year.

 Ministry Expenses. On the expense side, we continue to operate in a “spending freeze.” We enacted this freeze when the pandemic began, which is allowing us to keep our ministry expenses as low as possible. July expense totals are still being processed, but we estimate that actual ministry expenses through July will be roughly $2,241,000 (actual) against a ministry expense budget of $2,544,000 (budgeted). We have underspent our ministry expense budget by ~ $303,000. It is important to note that our spending freeze does not affect our annual missionary support. We are overjoyed to continue to support all of our local and global missionaries at full budgeted levels this year.

Looking at the net combination of giving and expenses, our actual giving through July ($1,832,000) is lagging our estimated actual expenses through the same period ($2,241,000) by roughly $409,000. This is not uncommon for this point in the ministry year, and we are actually $140,000 better than the budgeted estimate for this point in the year. The fourth quarter, especially December, is when giving typically exceeds expenses and catches the budget back up for the year. 

For those of you who are able, please continue to partner with us financially – perhaps even in a special way in the coming weeks. Your generosity is keeping our church stable and ministry-ready during this most unusual season. We are so grateful for your partnership in this way.

Tags: giving, tithe, finance, update

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