Dorchester United Church

Finance Report

Below is a brief finance summary report as of December 31, 2022, versus the 2022 budget.

If anyone has any questions regarding the report below, please contact the chair of the Finance Committee, Brenda Olejnik (519-268-3385). The questions will then be shared with the rest of the Finance Committee, and as a group they will respond accordingly.

Dorchester United Church
Year To Date Profit & Loss Actual vs Budget
Dorchester United Church
Year To Date Profit & Loss Actual vs Budget

2022 Year End    Budget    Over/Under Budget  
Income 


Offerings*  65,579.99   77,075.00   -11,495.01  
Events  6,353.30   1,500.00   4,853.30  
Other   5,233.69   1,300.00   3,933.69  
Investment Income   2,090.08   1,695.00   395.08  
Total Income   79,257.06   81,570.00   -2,312.94  
Expenses   103,970.41   102,211.17   1,759.24  
Net Income (Loss)   -24,713.35   -20,641.17  
YTD Investment Transfers to meet/cover loss  

34,300.00  



* Includes online donations



Summary

  • 2022 Year End Net Loss of $24,713.35
  • Income is below budget by $2,312.94
  • Offerings are below budget by $11,495.01
  • Other income is above budget due to COVID government assistance

Investments

  • Investment transfers currently at a monthly withdrawal of $2,000
  • Investment transfers YTD to meet/cover loss - $34,300
  • Investments closing balance as of December 31, 2022 - $144,756.55

Mission & Services

  • Annual 2022 Target - $13,000
  • 2022 Year End - $13,691.44
Refugee Fund Program Update October 31, 2022

  • Deferred Refugee Fund Assets - composed of $16,511 Prepaid Rent and $17,974.89 bank balance, total of $34,485.89 Offset by Deferred Refugee Fund Liabilities of $34,485.89
  • Monthly support payment of $1,459.78
  • Payment at end of program, November 2023, will be full account balance.
  • Monthly support cheque and monthly rent payment to be recognized in 2023 All balances to be zeroed by end of 2023 with no impact on the DUC Profit & Loss