Free Will Baptist Church of Townsend

Financial Overview

September YTD 2010

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Cash Trend Year Over Year A) CATEGORY SUMMARY

Type Sept 10 Dec 09 ChangeGeneral $81,445 $54,657 $26,788

Cash Reserve $61,002 $61,002 $0

Designated $23,451 $33,751 ($10,300)

Building Fund $249,846 $337,194 ($87,348)

TOTAL CASH & EQUITIES $415,744 $486,604 ($70,860)

B) BOARD DESIGNATED DETAIL

# Designated Fund Sept 10 Dec 09 Change

1 NEW CHURCH $15,020 $15,020 $0

2 FINANCIAL COUNSELING $500 $500 $0

3 FLAGS $619 $793 ($174)

4 BENEVOLENCE $2,437 $8,414 ($5,977)

5 MISSIONS TRIP $20 $759 ($739)

6 OPERATION CHRISTMAS CHILD $2,455 $565 $1,889

7 SAMARITANS PURSE (Animals) $40 $640 ($600)

8 MUSIC $960 $960 $0

9 EDUCATION $0 $1,700 ($1,700)

10 NATIONAL CONFERENCE $0 $3,000 ($3,000)

11 ROOF $1,400 $1,400 $0

TOTAL CASH & EQUITIES $23,451 $33,751 ($10,300)

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Summary Income Statement

CurrentMonth

MTDVariance

Year toDate

YTDVariance

Left toSpend

2010Plan

REVENUESTithes & Offerings 48,577 11,670 397,037 21,841 511,137Other Designated Giving 21,329 21,329 127,480 127,480 0Total Revenues 69,906 32,999 524,517 149,321 511,137

EXPENSESTotal Compensation 23,420 (97) 225,925 1,126 70,850 296,775

Missions 5,902 1,528 56,953 14,329 3,139 60,092

Staff Ministry 10,463 8,780 50,194 32,845 (17,101) 33,093Lay Ministry 1,914 1,460 16,469 11,014 4,156 20,625Total Ministries Programs 12,377 10,240 66,664 43,859 (12,945) 53,718

Facilit ies 5,203 1,987 60,591 31,661 15,293 75,885Administrative 1,529 840 19,361 13,159 (3,306) 16,055Accounting & Audit Services 1,631 0 14,678 0 8,892 23,570Total Other 8,363 2,827 94,630 44,819 20,879 115,510

Total Cash Expenses 50,061 14,498 444,172 104,134 81,923 526,095

Cash Net Income 19,844 18,501 80,345 45,187 (81,923) (14,958)

Gain/Loss of Bus 0 0 (4,799) (4,799) 4,799 0Depreciation 5,187 482 46,152 3,810 10,304 56,456Accounting Adjustments 5,187 482 41,354 (988) 15,103 56,456

Total Net Income 14,657 18,019 38,991 46,175 (97,026) (71,414)

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2010 Budget Balancing Efforts

Expense Line Items 2010 Plan Funding Requests

Staff Education 1,425 231Hosting Expense 750 590Special Speaker 750 314Sunday/Wednesday Night Service 500 629Church Fellowships 909 1,000Deacon's Outreach 949 197Fire Alarm 1,200 525Missions Trip 0 1,269Gas 8,597 500Lavatory Cleaning Supplies 1,600 500Trash Removal 1,416 171Copy Right 485 138Overages 18,581 6,064

Children's Ministry 11,440 (511)Youth Group 8,759 (375)Camp 2,200 (2,200)National Convention 4,725 (1,597)Music 5,239 (524)Tape & CD Ministry 1,410 (141)Vacation Bible School 4,546 (1,246)Offsets 38,319 (6,593)

Net Position (529)

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Over The Budget Requests

Expense Line Items2010 Plan

Funding Requests Comments

Bus Maintenance 1,800 3,128 Unforeseen mechanical issues and signage for bus

Upward 0 3,600 Over 100 kids evolved with the majority non attendees

Subtotal OTB Requests 6,728

2011 Financial Overview

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What drives our Revenue?• Two major items drive our revenue

– Sunday Attendance– Giving per Attendee

• We measure how we are doing based on these two indicators

• We also take into consideration economic forecasts for the State of Delaware that will affect these indicators and trends

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TFWB 5 Year Attendance Trends

2007 2008 2009 2010 2011Average 510 522 484 462 458

% change 5.0% 2.4% (7.2%) (4.5%) (1.0%)

450

470

490

510

530

2007 2008 2009 2010 2011

Average Attendance

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Offerings Forecast2007 2008 2009 2010 2011 2012

Giving Growth % 1.9% 2.1% (10.8%) (9.7%) (2.8%) (0.6%)Attendance Growth % 5.0% 2.4% (7.2%) (4.5%) (1.0%) 1.0%Giving per Adult % (3.5%) (4.0%) (7.4%) (5.4%) (1.8%) (1.6%)

$621,179

$634,501

$565,763

$511,000

$496,776 $493,956

$450,000

$470,000

$490,000

$510,000

$530,000

$550,000

$570,000

$590,000

$610,000

$630,000

$650,000

2007 2008 2009 2010 2011 2012

TFWB Offerings

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Local Economic Trend Impacts

0.1%(0.5%)

(4.6%)

(1.2%)

1.5%

3.6%

(3.5%) (4.0%)

(7.4%)

(5.4%)

(2.7%)

(0.6%)

2007 2008 2009 2010 2011 2012

DE Employment vs Giving TrendEmployment Chg% Giving Chg %

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What is the long term outlook

Area 2010 2011 2012

Revenues 511,000 496,776 493,9561 Revenue change ($14,224) ($2,819)

2 Missions Change 51,113 (1,464) (283)

3 Benefits Insurance Increases 59,473 10,570 12,608

4 Salary & Housing 231,152 0 5,779

5 Facilities, Admin, Accounting 115,510 3,000 1,000

6 Programs 50,924 (5,330) 0

Total Change 508,172 6,776 19,103

Amount Funded from Savings 21,000 42,923

Changes to 2010

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What are the options for 2011

1. Lay off a Pastor

2. Lay off an administrative staff member and/or cut programs

3. Cut all program funding in half

4. Fund the shortfall out of savings with some program reductions

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What is the Board of Directors recommendations

4) Fund the shortfall out of savings with some program reductions

Giving us the church the best opportunity to grow out of its current situation

Realizing that God has blessed us with the store house of money to be used in such a time as this

Allows for us to see God’s hand at work and perform a miracle

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What are the options for 2012 if the current trends continue

1. Lay off a Pastor

2. Taking savings to zero

2011 Proposed Budget

17

Staff & Related Expense

Budget Proposed2010 2011 10 vs 11 %

TOTAL SALARY & HOUSING $231,152 $231,152 $0 0.0%

TOTAL BENEFITS $59,473 $70,043 $10,570 17.8%

STAFF SUPPORTNational Convention $1,725 $1,725 $0 0.0%TOTAL STAFF SUPPORT $1,725 $1,725 $0 0.0%

1. Healthcare cost continue to climb by 18%

2. Salaries are held flat

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Staff MinistriesBudget Proposed

2010 2011 10 vs 11 %

STAFF MINISTRIESCamp $2,200 $1,200 ($1,000) (45.5%)Children's Ministry (includes Upward) $10,800 $11,166 $366 3.4%Counseling Education $1,300 $1,224 ($76) (5.9%)Hosting Expense $750 $706 ($44) (5.9%)Marriage & Family Therapy $3,394 $3,195 ($199) (5.9%)Special Speaker $750 $706 ($44) (5.9%)Sunday / Wednesday Night Service $500 $471 ($29) (5.9%)Sunday School $4,000 $3,765 ($235) (5.9%)Teen Ministry $8,000 $7,530 ($470) (5.9%)TOTAL STAFF MINISTRIES $31,694 $29,962 ($1,732) (5.5%)

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Home & Foreign MissionsBudget Proposed

2010 2011 10 vs 11 %

MISSIONSForeign Missionaries (10 year commitment)Anthony Edgemon (2015) $2,000 $2,000 $0 0.0%Jeff Turnbough (2011) $2,000 $0 ($2,000) (100.0%)Matthew & Brooke Turnbough (2020) $2,000 $2,000 $0 0.0%Indigenous Missionaries $2,400 $2,400 $0 0.0%Operation Christmas Child $2,000 $3,500 $1,500 75.0%Wycliffe Bible Translators $494 $1,000 $506 102.4%New Missions Haiti $2,000 $2,000 $0 0.0%Subtotal Foreign $12,894 $12,900 $6 0.0%

Home Missionaries (3 year commitment)Alan Hall - York (2012) $2,000 $2,000 $0 0.0%Bill Reynolds (2013) $2,000 $1,000 ($1,000) (50.0%)Brian Williams (2012) $2,000 $2,000 $0 0.0%Dana Booth (2013) $2,000 $1,000 ($1,000) (50.0%)Jay Merritt (2011) $2,000 $0 ($2,000) (100.0%)Nate Merritt (2013) $0 $2,000 $2,000 100.0%John Holland -EE Missionary (2013) $900 $1,000 $100 11.1%New Church Seed Money $1,200 $1,200 $0 0.0%Rachael Atwood -Campus Crusade (2012) $2,000 $2,000 $0 0.0%Tommy Jones - Pittsburg (2012) $2,000 $1,000 ($1,000) (50.0%)Subtotal Home $16,100 $13,200 ($2,900) (18.0%)

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Organizational Missions Budget Proposed

2010 2011 10 vs 11 %

Organizational Missions (review yearly)Benevolence $6,794 $7,000 $206 3.0%Amazing Grace Ministries $1,083 $1,000 ($83) (7.7%)Door of Hope $1,083 $1,000 ($83) (7.7%)NFWB Foreign Missions $3,244 $4,400 $1,156 35.6%NFWB Home Missions $3,244 $4,400 $1,156 35.6%Inter Varsity $232 $0 ($232) (100.0%)Liberty Baptist Fellowship $1,008 $1,200 $192 19.0%Mid Atlantic Conference $1,443 $1,200 ($243) (16.8%)Townsend Fire Company $215 $200 ($15) (7.0%)Youth for Christ $3,773 $3,200 ($573) (15.2%)Subtotal Organizational $22,119 $23,600 $1,481 6.7%

TOTAL MISSIONS $51,113 $49,700 ($1,413) (2.8%)

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Lay MinistriesBudget Proposed

2010 2011 10 vs 11 %

LAY MINISTRY PROGRAMSChurch Fellowships $909 $1,606 $697 76.6%College & Career Ministries $318 $299 ($19) (5.9%)Deacon's Outreach $949 $893 ($56) (5.9%)Decorating Committee $682 $645 ($37) (5.4%)Faith Evangelism / EE Training $500 $471 ($29) (5.9%)Ladies Ministries $3,140 $2,956 ($184) (5.9%)Men's Ministries $649 $1,242 $593 91.4%Music $5,239 $1,800 ($3,439) (65.6%)Tape & CD Ministry $1,410 $1,327 ($83) (5.9%)Vacation Bible School $4,546 $3,046 ($1,500) (33.0%)Visitor Ministry (reception & welcome package) $823 $775 ($48) (5.9%)TOTAL LAY MINISTRY PROGRAMS $19,165 $15,060 ($4,105) (21.4%)

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Facilities ExpenseBudget Proposed

2010 2011 10 vs 11 %

FACILITIESBuilding Maintenance $9,700 $9,700 $0 0.0%Church Insurance $9,514 $9,514 $0 0.0%Custodian $15,538 $15,538 $0 0.0%Electric $15,500 $15,500 $0 0.0%Fire Alarm $1,200 $1,200 $0 0.0%Gas $8,597 $8,597 $0 0.0%Grounds $5,500 $5,500 $0 0.0%Kitchen Supplies $1,200 $1,200 $0 0.0%Lavatory Cleaning Supplies $1,600 $1,600 $0 0.0%Parking Lot Lease $3,000 $3,000 $0 0.0%Phone / Internet $3,120 $3,020 ($100) (3.2%)Trash Removal $1,416 $2,216 $800 56.5%TOTAL FACILITIES $75,885 $76,585 $700 0.9%

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Admin & Other Expenses

ADMINISTRATIVEAdvertisement $1,500 $1,500 $0 0.0%Bulletins $500 $500 $0 0.0%Bus Maintenance $800 $3,724 $2,924 365.5%Copier Lease/Supplies/Main $8,270 $8,270 $0 0.0%Copy Right $485 $485 $0 0.0%Newsletters $200 $200 $0 0.0%Office Supplies/Improvements $4,300 $2,300 ($2,000) (46.5%)TOTAL ADMINISTRATIVE $16,055 $16,979 $924 5.8%

Accounting & Audit Services $23,570 $26,570 $3,000 12.7%Financial Services $23,570 $26,570 $3,000 12.7%

Budget Proposed2010 2011 10 vs 11 %

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Bottom Line TotalsBudget Proposed

2010 2011 10 vs 11 %

Cash Sub-Total $509,832 $517,775 $7,944 1.6%

Depreciation $56,456 $56,456 $0 0.0%Gain/Loss on Disposal of Asset $0 $0 $0 0.0%Accounting Adjustments $56,456 $56,456 $0 0.0%

TOTAL EXPENSES $566,288 $574,231 $7,944 1.4%

Tithes & Offerings $511,000 $496,776Cash Net Income $1,168 ($21,000)