Dorchester United Church

Finance Report

Below is a brief finance summary report as of August 31, 2024, versus the 2024 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

Aug 31, 2024    YTD Budget    Over/Under Budget  
Income 


Offerings*  52,153.25   46,000.00   6,153.25  
Events  23,982.70   11,000.00   12,982.70  
Other   867.57   1,724.34   -856.77  
Investment Income   370.64   200.00   170.64  
Total Income   77,374.16   58,924.34   18,449.82  
Expenses   91,795.71   90,257.67   1,538.04  
Net Income (Loss)   -14,421.55   -31,333.33  
Net Loss Covered By:  
Cash – General Account  
Investment Transfers  

2,421.55  
12,000.00  



* Includes online donations



Summary

  • August 31, 2024, YTD Net Loss of $14,421.55, under budget
  • YTD Net Loss covered by - Cash from General Account $2,421.55 + Investment Transfers $12,000.00
  • Income above budget by $18,449.82
  • Offerings above budget by $6,163.25 (Includes gift from Estate of Jack Lorimer)
  • Events above budget by $12,982.70
  • Expenses over budget by $1,538.04

Investments

  • Investment transfers currently at a monthly withdrawal of $1,500
  • Investment transfers YTD to meet/cover loss - $12,000
  • Investments closing balance as of May 31, 2024 - $128,841.08 (Restricted Funds $55,387.39)

Mission & Services

  • Annual 2023 Target - $13,000
  • May 31, 2024 - $8,765.00 versus YTD target of $8,667.00