The Ministry Finance Team presents this Financial Performance Report (“FPR”) for

March 2021 to the Saint John’s Lutheran Church Congregation and

St. John’s Lutheran Church Council.

 

We have resumed in-car worship and are exploring the possibility of adding a limited in-Church worship option later this year. We continue with video worship as well. These outreach efforts have the beneficial effect of expanding the reach of St. John’s to new audiences to fulfill our Mission.

 

As projected, both revenues and expenses are lower than budgeted. Expenses may change in the future as we explore options to return to the building and as the Associate Pastor Call Committee moves forward with their due diligence. Revenues may also change as we move forward. For the time being, we maintain a conservative stewardship perspective to conserve our financial resources for future activities.

 

St. John’s continues to benefit from members who pre-paid their 2021 contributions, enhancing the cash position of the Church. These pre-paid offerings are to be distributed on a regular schedule each month to ensure funds will be available for upcoming 2021 monthly operating expenses.

 

General Fund Report

 

For March 2021:

 

  • Offering revenue was $41,317 which is 11.1% below budget for the month

  • General Fund revenues were $45,828, which is 17.4% below budget for the month

  • General Fund expenses were $37,672, which is 28.7% below budget for the month

  • General Fund net performance was a positive $8,156 for March

 

Year to date (“YTD”) 2021:

 

  • General Fund revenue is $128,681 which is 12.1% below budget for the year

  • General Fund expenses are $116,539, which is 25.5% below budget for the year

  • General Fund actual net performance compared to Budget is a positive $22,197 from January through March

 

Comments & Observations:

 

For 2021, General Fund revenue performance was below budget, with prepaid 2021 contributions and PPP grant funds providing a cushion to offset any General Fund fluctuating operating expenses. Expenses also tracked below budget due to constrained spending and lower expenses due to less use of the building and changes to staffing.

 

For the month of March, revenue was lower than the budgeted amount. Expenses were also lower than budgeted. To ensure strong stewardship of funds, all Ministry Teams and St. John’s staff are continuing to engage in cost management throughout 2021.

 

Benevolence Fund Report

 

The Benevolence Fund is allocated a portion (8%) of total revenues. Benevolence Fund expenditures are limited to the amount allocated to the Benevolence Fund.

 

Year to date (“YTD”) 2021:

 

  • Benevolence Fund allocations and revenue received is $12,946 for January through March 2021, which is $757 (6.2%) over budget for the year

  • Benevolence Fund distributions for January through March have been $1,720 which is $4,430 (72%) under budget for the year

 

The March shortfall represents a timing of payment related to St. John’s quarterly support of the St. Paul Synod. Including that support puts actual distributions close to budgeted distributions for the year to date. For much of any year, Benevolence funds distributed are typically much lower than a pro-rata allocation of Benevolence distributions. Typically, Benevolence funds are distributed later in the year after specific needs are identified for organizations that are not specific organizations which are supported annually. This trend is expected to continue in 2021. Over the full year, Benevolence fund distributions were approximately equal to Benevolence funds allocated and received from specific gifts.

 

Building Fund Report

For March 2021:

 

  • Building Fund revenues were $17,176

  • Building Fund expenses were $10,094

  • Building Fund Net was a positive $7,082

 

Year to date (“YTD”) 2021:

 

  • Building Fund Revenue is $36,553

  • Building Fund expense is $30,282

  • Building Fund net is a positive $6,271

 

Comments and Observations:

 

Building Fund performance was slightly negative in January and February, but rebounded significantly in March, with March contributions and interest income exceeding the monthly mortgage payment and expenses by $7,082. 

 

The fund balance in the Mortgage Account continues to provide a 6-month reserve for mortgage payments. St. John’s has a $102K Certificate of Deposit funded with retained land sale proceeds that may be used to support mortgage principal and interest payments if necessary.

 

Ministry Finance Team Members and How to Get Finance Questions Answered

 

The members of the Ministry Finance Team are always available and willing to answer any financial related questions or provide information about the financial operations of St. John’s. Contact the Church office to be put in touch with a Ministry Finance Team member or if you see Barry Fick, Mark Gelle, Mike Sobota, Lisa Drogemuller, Andy Schultz, or Brad Paulson, don’t hesitate to talk with them for additional information. We thank you for your ongoing financial support and encourage you to remain faithful in your giving as the year continues on and we all experience new challenges.

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