October 12, 2021
Dear Cornerstone Family,
Thank you for your financial support to Cornerstone.
We’re now 5 months into our fiscal year (May 1, 2021 to April 30, 2022) so we wanted to provide a financial update as we head into the fall. Enclosed is a copy of our Income Statement for our General Funds showing our Income and Expenses compared to our budget for the past 5 months (May 1, 2021 to September 30, 2021). We’re in a strong position as we head into the fall.
Our YTD budget for the 5 months (22 weeks) for Regular Offerings was $212,960 - average of $9,680/wk. Our actual YTD income was $207,787 – average of $9,445/wk. The total is $5,173 less our YTD budget and the weekly average is $235 less than our YTD budget (only 2.4% less than budget but 15.6% more than last year at this point.
Our Total YTD Income (including Rental Income) is $221,380 which is $1,170 more than the projected $220,210. The Rental Income for Gatehouse includes $3,388 for the NS Election and projections for Windgate didn’t anticipate Peachtree Children’s Centre being open for the summer.
We began the year with a balance of $56,349 and our total expenses for the past 5 months have been $209,488 - which is $22,610 less than our budget of $232,098. Most of our budget categories are running at or under budget. Our Mortgage Payments of $27,300 are $11,990 less than budget of $39,290 mainly due to $11,000 transfers from Kingswood Kids that weren’t anticipated.
We had projected a balance of $44,461 at the end of September, so the actual balance of $68,241 is a positive variance of $23,780. The slightly lower Regular Offerings YTD are offset by the higher Rental Income and the much lower expenses.
If you would like to know your giving for the past 5 months of May 1/21 to Sep 30/21 or for the calendar year (Jan 1/21 to Sep 30/21), please let me know, and I can send you a Giving Statement.
We’ve received donations of more than $95,650 so far for our World Hope Village Sponsorship in Sierra Leone and we’re excited about the next step of Child Sponsorships.
We’re looking forward to what God is doing at Cornerstone this fall. Thank you for being part of the ministry of Cornerstone Wesleyan Church. If you have any questions about the financial report, please let me know.
If you would like to know your giving for the past 5 months of May1/21 to Sep 30/21 or for the calendar year (Jan 1/21 to Sep 30/21) you can contact Mike and he can provide you with a Giving Statement.
To view the detailed statement use the button below.
Treasurer Cornerstone Wesleyan Church