CROSSROADS CHURCH FINANCIAL PICTURE AND REPORTING
It is the aim of Crossroads to be good stewards of the financial resources provided by the congregation and grant income from other sources. This includes being transparent about the financial picture for Crossroads. This page hopes to provide that transparency.On November 20, 2022 the Annual Ministry Celebration was conducted for members. During that meeting the following were presented to members.
Crossroads has experienced change in light of the coronavirus pandemic like many churches and businesses. This includes a decrease in attendance and giving. The leadership of Crossroads, including executive staff and the church council have made significant decisions regarding expenses, including staffing, to offset this change in income.
First, it is necessary to look at the Financial Position of Crossroads. The church has seen fluctuation in cash on hand throughout the pandemic. This position was bolstered by Paycheck Protection Program loans early in the pandemic. These loans have been forgiven and are now reflected as income in the form of grants.
The Fiscal Year (FY) for Crossroads is September 1 to August 31. This is a change from previous years where the FY was October 1 to September 30. This change was made so that the FY would align with ministry planning that begins with students returning to schools and congregant vacations ending as Crossroads increases ministry work in September.
The link below is the Statement of Financial Position for Crossroads at the end of Fiscal Year 2019, 2020, 2021, and 2022. It is important in understanding the Financial Position to know that the church has debt in the form of a $5.3 million mortgage and a $200,000 short-term loan that was taken out as part of the Daring Faith capital campaign from 2018. The church has no other debt. There were liabilities created with acceptance of PPP loans, but those are no longer liabilities as they have been forgiven. The church over the last couple of years has eliminated credit card debt, and moved to having only one credit card account. The credit card is paid off each month and no interest accrues. Additionally, the church is up to date on all accounts payable. The Statement of Financial Position reflects the state of payables and credit card balances at the end of a given period, but these balances are always paid on time in the next month.
The Statement of Activities linked below shows the income and expenses for Crossroads. The document provides those activities for Fiscal Years 2019, 2020, 2021, and 2022. In response to decreases in income, Crossroads has reduced the amount of church staff payroll by 25.6% since the start of the pandemic. In an effort to increase revenue, Crossroads has embarked on new ventures with the Early Adventures Daycare and Preschool and Elementary Camp programs. For Fiscal Year 2022, there was an investment of $150k into opening the Early Adventures Daycare and Preschool. It is also important to note that grant income has been bolstered by PPP loan forgiveness and depreciation expense is recorded at the end of each Fiscal Year.
Each month Financial Statements are provided to the church council that shows income and expenses compared to budget. These statements also provide a statement for Early Adventures Daycare and Preschool operations separate from other church operations. The first page of the document linked below provides a summary of those activities for the prior month and Fiscal Year to date.
The budget that was approved by the Church Council and presented to members for affirmation on November 20, 2022 is linked below.
If you have any questions concerning church finance, please reach out to our Finance and Operations Director, Jimmy Scruggs. His email is [email protected], and his mobile number is 817.201.9297.
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