Asbury’s 2018 Finance Update

The Finance Committee would like to offer this summary of the past year’s spending, hoping that it will give people an overview of how Asbury has used the money it received in 2018.

First of all, once again it is worth noting how faithful our members have been in their financial support of Asbury. In 2018, we received a total of $636,672 from people who pledged and other regular givers. This was up considerably from the 2017 figure of $576,961. Part of the reason for the jump was that there was an extra Sunday in 2018, but that only accounts a third of the jump. The reason for rest of the jump is not clear; perhaps some members were giving 2 years worth of donations to take advantage of the new tax law. Whatever the reason, such strong support has enabled us to meet all of the past year’s salary, program, and maintenance expenses. We also were able to set aside some funds to pay in part for for special one-time projects (nursery playground equipment, re-upholstery of the sanctuary pews, and new microphones). Thank you!

The above pledge income is by far the largest source of funds that make up what we call Asbury’s General Fund. This is the fund that pays for the day-to-day operation of the church. Combined with other sources (loose plate offering, corporate matching funds, Open Heart Kitchen), the total amount received was $681,951 in 2018. This money was spent in the following general areas:

Salaries $391,585 57.4 %
Utilities/maintenance $123,754 18.2 %
Methodist church support/apportionments $75,026 11.0 %
Administration/office $36,266 5.3 %
Asbury Programs support $35,073 5.1 %
Budgeted mission support $12,000 1.8 %
Unspent surplus $8,248 1.2 %

As we will describe below, the total amount of mission support in 2018 was much greater than the $12,000 listed above.

In addition to funds received for the yearly expenses of the church, we also receive gifts set aside for specific purposes. We refer to these as ‘Restricted Funds’. Among those, we received $32,025 in 2018 for the new office space project, and $13,501 for the Endowment Fund. After paying some architect fees, the balance for the office project was $81,065 as of the end of the year. The Endowment Fund was described in more detail a recent Asbury Articles, and its end of year value was $144,430. We hope the Endowment Fund will continue to grow until the day comes when its assets are needed.

The largest portion of the restricted funds donated in 2018 went to various mission projects. Some of these projects include:

Partners for Change $22,796
Youth mission fund $6,397
UMCOR $5,977
Tri-Valley Haven $2,700
Shower/Laundry ministry $10,116
Conference/disaster (wildfires) $10,159
Conference/Puerto Rico $4,181
Backpack project $4,224
Pastor’s special fund $6,275
Easter (Fertile Groundworks) $5,619
Thanksgiving (UMCOR) $5,911
Christmas (Tri-Valley & Partners) $8,583
Open Heart Kitchen $3,000

In total, we received the following in specifically designated donations:

Mission and benevolences $177,566
Asbury programs $15,269

With the $12,000 from the General Fund, the total mission support in 2018 was $189,566, which is the equivalent of 28% of our operating budget.

We hope this review is helpful. If anyone has questions or would like more detailed information, please feel free to contact Dave Braun (Finance chair), Dick Crawford (Treasurer) or Roger Everett (Book-Keeper). A copy of the more detailed monthly finance report is always available on request.

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