Financial Update 8/21/23

Council Announcement

Friends in Christ…

For many months you have heard me speak in my Council reports about Investment Fund Balances. These are the funds that were established following the sale of the property across the street and the sale of the bell tower. At the end of 2020 the balance of these funds was $1,058,392.

You may be aware that for the past few years our monthly expenses have outpaced our income. As a result, we have been making withdrawals from these funds to meet monthly expenses.

There are a whole lot of reasons why this has happened and most are very good reasons. The most significant reasons are:

· The damage to the building as a result of the Ice Storm

· The decline in attendance as the result of the pandemic

· The impact of not having a called pastor for over 2 years

In February of this year, an analysis of our Investment Accounts was completed. Based on income and expenses at the time, as well as the amounts that were being withdrawn from the Investment funds at the time, it was projected that those funds would be depleted in early 2025.

Knowing that we are beginning our 2024 Budget planning, a quick snap shot of 2023 Investments Year-To-Date (YTD) took place. It was discovered that the of rate of Investment Fund withdrawal has increased from what was projected in February. In a meeting with the Finance Committee this past week, we confirmed that if we continue to withdraw at this increased pace, we will deplete these funds in early 2024.

The Year End balances of the Investment Funds since 2020 are as follows:

2020 $1,058,392

2021 $807,380

2022 $415,097

2023 $2,112 (Projected)

Some other factors to note:

· The Stock Market has not helped replenish these funds as it had in the past.

· The Children’s Learning Center, which for many years supported much of the ministries of All Saints, is struggling to support itself financially, in large part due to the decision by Arlington ISD to provide preschool care for 4-year-olds.

· 2023 Offerings Year to Date are $47,614, $72,000 less than expected.

· Average attendance Year to Date is 46 persons a week.

The Finance Team has identified an immediate need to educate the congregation on these financial concerns. They have asked Council to prioritize communication to the congregation. To that end, Council has scheduled a Town Hall meeting on Sunday, September 10th, following worship, to update everyone on the details of the situation.

In Christ,
Art Mory

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