Great Exchange Covenant Church Annual Meeting August 26, :15pm – 1:15pm

Mission & Vision Pastor Doug Stevens & Pastor Ali Hasan

Mission: Our mission is to be an authentic, loving and vibrant church community that partners with God in transforming people of all cultural backgrounds and personal circumstances into committed followers of Jesus Christ, who serve locally and globally.

Vision: We are providing a home for multiethnic people in Silicon Valley and in the South Bay We are growing the people in our fellowship through spiritual mentoring in all life stages We are transforming our community for Christ through ministry to children and their families

Ministry Highlights Jeff Liao

What to look forward to in the coming year Pastor Doug Stevens

Financial Update & FY2013 Budget Terrence Wu 7

Overview information: Average church attendance: 160 Adults and 55 Kids (down 17% from last year) Average number of giving units down to 64 from 70 last year (down 9% from last year) Percentage of giving units at 40% (increase of 6% from historic information) Income was approximately $22K higher than prior year

Attendance Trend (FY2012 vs. FY2011)

Tithing Trend (FY2012 vs. FY2011)

Statement of Financial Position (as of 7/31/12) Assets: Operating Cash$ 211,683 Restricted Cash$ 72,749 Unstoppable Cash$1,703,294 Total Assets:$1,987,726 Liabilities: Current Liabilities$ 614 Credit Cards$ 189 Pension Liabilities$ 1,590 Net Assets$1,985,333 Total Liabilities/Net Assets$1,987,726

General Operations (FY2012) projected Actual YTDBudget YTDVariance Income: - General Tithe$701,000$620,000$81,000 Expenses: -Facilities$171,000$188,774$(17,774) -Salaries/Benefits$357,500$381,125$(23,625) -Other Operations$ 26,575$ 37,243$(10,668) -Ministries$ 25,244$ 50,023$(24,779) -ECC Giving$ 70,100$ 62,000$ 8,100 Total$650,419$719,165$(68,746) Net Income (Loss):$51K$(99K)$150K

Tithing - Projected vs. Actual (FY2012)

Restricted Funds Account as of July 2012 Leftover from ST Missions: Kenya$18,730 Thailand$ 2,091 China$ 4,772 Cambodia$ 1,420 Nathan/Priscilla LT Cambodia Funds$41,953 Benevolence Fund$ 3,783 Total Restricted Funds$72,749

Unstoppable Funds (as of July 2012) INCOME: - Unstoppable Funds (Principal)$3,978,361 - Interest$ 192,862 Total Income$4,171,223 EXPENSES: - Campaign Expenses$ 144,478 - Local Expenses$1,601,680 - Regional Expenses$ 364,825 - Global Expenses$ 356,946 Total Expenses$2,467,929 TOTAL UNSTOPPABLE FUNDS$1,703,294

16 Budget Strategy (FY2013) Budget income proposal-  Based on average of $12.5k tithe per week.  Average tithe is approximately $11,170 per week over past 5 months. Budget expense proposal-  Current church staff: 2 full time, 4 part time. FY2013 includes budget for Transitional Pastor/Sr Pastor and PT Worship Director.  Focus this year is on our mission/vision and outreach.

Budget Proposal (FY2013) INCOME: - General Tithe$737,500 EXPENSES: - Facilities/Operations$214,406 - Salaries/Benefits$413,039 - Ministries$ 39,598 - ECC Giving$ 73,750 Total Expenses$740,793 NET LOSS$ (3,293) *See handout for more details

18 Budget Breakdown (FY2013)

19 Ministry Highlights (FY2013) Churchwide Events: Community Picnics, Harvest Festival, Operation Xmas Child, Christmas, Easter, Marriage Seminar KidZone/Student Ministries: Curriculum, Training, Kids Club, VBS, Re:set Jr. High midweek gatherings SaLT Ministries: SaLT Gatherings, CC Weekly Outreach Gatherings, Frontline Welcoming, Women’s Ministry, Small Group Budgets Compassion, Mercy/Justice: City Team Outreach, Journey 2 Mosaic Scholarships, Missionary support, Missions Team Debriefs, Invitation to Racial Righteousness

20 Next Steps  Vote on budget proposal at next Annual Meeting on September 9, 2012  Additional questions? Contact Leadership Team

Q&A 21

22 The best is yet to come! Thank you and God bless!