1. Finance Committee Report
Cornerstone
Finance Committee Report

2. 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

3. 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

4. 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, *
“Cash on hand”
$ 52, *
* Before July 1st we expect additional expenses of at least $35,000 for Building & Grounds capital expenses.

5. 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

6. 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.

7. 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

8. 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.

9. 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

10. 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

11. 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

12. 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

13. Thank you
Questions?