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Financial Report

The most recent Financial update and statement

Financial Summary

April 14, 2022

Dear Cornerstone Family,


Thank you for your financial support to Cornerstone. 


We’re now 11 months into our fiscal year (May 1, 2021, to April 30, 2022). Enclosed is a copy of our Income Statement for our General Funds showing our Income and Expenses compared to our budget for the past 11 months (May 1, 2021, to March 31, 2022). 


Our YTD budget for the 11 months (48 weeks) for Regular Offerings was $464,640 (average of $9,680/wk.).   Our offerings were down for January and February but were up in March so our actual YTD total at the end of the month was $450,285 (average of $9,381/wk.)  The total is $14,355 less (3.1%) than our YTD budget but 1.5% more than at this point last year. The weekly average is $299 less than our YTD budget.


Our Total YTD Income (including Rental Income) is $477,238 which is $7,907 less than the projected $485,145. Our higher Rental Income for both locations has helped offset the lower Regular Offerings.


We began the year with a balance of $56,349 and our total expenses for the past 11 months have been $494,874 - which is $36,300 less than our budget of $531,174. Most of our budget categories are running at or under budget. Our Mortgage Payments of $72,610 are $14,620 less than the budget of $87,230 mainly due to $13,300 transfers last summer from Kingswood Kids that weren’t anticipated. 


We had projected a balance of $10,320 at the end of March, so the actual balance of $38,713

is a positive variance of $28,393 – a combination of both the lower Total Income and much lower Total Expenses.  

If our offerings in April meet our projections, we should finish our fiscal year in a very strong position.


We’ve now received donations of $116,548 over the past 3 years for our World Hope Village Sponsorship in Sierra Leone. In January we sent a cheque for $14,760 to World Hope to cover the first year of the 30 Child Sponsorships by Cornerstone and we have $16,845 on hand.


Thank you for your continued faithfulness in giving to the ministries of Cornerstone Wesleyan Church.  We know that the past couple of years have been very challenging for many individuals and families. 


If you have any questions about the financial report, please let Mike know.


To view the detailed statement, use the button below.




Mike Kneebone

Treasurer, Cornerstone Wesleyan Church