Finance Committee Report Cornerstone 2016-2017 Finance Committee Report

Overview FY 2016 Budget FY 2017 Budget 2016 – 2018 significant events History Year-to-date Performance FY 2017 Budget Our financial environment Process The Budget 2016 – 2018 significant events

FY 2016 Budget History Income: $105,000.00 Expenses: $104,321.79 In 2015, the CPMT assembled an estimated budget for FY16 This was a ‘best estimate’ with no history at CCC That estimated budget was Income: $105,000.00 Expenses: $104,321.79

FY 2016 Budget Year-to-date Performance As of the end of April (latest data), the actual figures were: Budgeted thru June Actual Thru April Income $105,000.00 $117,362.28 Expenses $104,321.79 $ 79,456.49 * “Cash on hand” - - - - - - $ 52,163.41 * * Before July 1st we expect additional expenses of at least $35,000 for Building & Grounds capital expenses.

FY 2016 Budget *Note from prior slide: Before July 1st we expect additional expenses of at least $35,000 for B&G capital expenses. Sanctuary AC Front wall / window and Stair rail repairs Without considering other May and June income or expenses this would yield Expenses of at least: $ 114,456.49 “Cash On Hand”: $ 17,163.41

FY 2016 Summary (so far) We have been Challenged with expenses higher than expected The stewardship of our building has required significant ongoing effort and expense But we have been Blessed with an income also in excess of expectations Not extraordinary, but sufficient to our needs.

FY 2017 Budget Our financial environment: We are not yet an independent church But we are growing toward financial independence We are currently a Mission of Immanuel A “Holy-Owned Subsidiary” (sorry, couldn’t resist) We will continue to be officially, financially, part of Immanuel until July 1st 2017 Our financial records are managed by Immanuel until then

FY 2017 Budget Between July 1st 2016 and July 1st 2017 we will maintain a copy of our financial books. FY 2017 is thus a ‘practice’ year for our budget and books while they continue to be managed by our parent Church We will also be operating out of a separate set of bank accounts Also managed by Immanuel Preparing for the 1 July 2017 handoff as we become an independent church.

FY 2017 Budget Our budget process: This spring the Trustees solicited FY 2017 budget requests Those requests were combined and carefully considered. A income estimate for FY2017 was determined Unsurprisingly our goals exceeded our income (estimate) With the assistance of the ministry teams and CPMT, requests were prioritized against expected income

FY 2017 Budget The FY2017 Budget We have produced a budget that estimates: Income $148,558.00 Expenses $156,868.00 We also hope to end both FY16 and FY17 with a small amount of cash-on-hand to build up a reserve fund

2016 – 2017 significant events July 1, 2016 – Cornerstone begins it’s last fiscal year as a part of Immanuel We start a separate set of accounts and parallel books November 1, 2016 – Cornerstone increases it’s percentage of our Pastor’s salary to 2/3. March 2017, we start the 2018 budget process July 1, 2017 Cornerstone Congregational Church becomes financially independent

Summary Our Original Budget served us well We were able to use our experience to build a new budget for 2017 We have reasonable expectation that our new budget will serve us well There are copies of our FY2017 budget available if you wish to review it

Thank you Questions?