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 October 8, 2023 the Annual Ministry Celebration was conducted for members. During that meeting the following were presented to members.Annual Ministry Report for 2023
Annual Ministry Celebration Presentation
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 2021, 2022, and 2023. As of the reporting of financial information at the end of August 31 2023, it is important in understanding the Financial Position to know that the church had 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. Those debts were paid off with the sale of unused land to Loveland Housing Authority in June 2023. This sale is reflected in those financial statements that are published below. The church has only debt in terms of deferred retirement contributions for the Lead Pastor that are to be paid upon sale of water shares owned by the church. 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.
Statement of Financial Position
The Statement of Activities linked below shows the income and expenses for Crossroads. The document provides those activities for Fiscal Years 2021, 2022, and 2023. 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 show income and expenses compared to budget. The Statement of Financial Position lists liabilities and assets as of February 29, 2024. The Statement of Activities is presented for both February and the Fiscal Year-to-Date (September-February). These statements are separated into the categories presented at the Annual Business Meeting for budget purposes. It is important to note that while general donations have been lower than budgeted, the church staff and council have reduced expenses significantly to ensure that the net income budget is being met.
Crossroads Financial Statements February 2024
The budget that was approved by the Church Council and presented to members for affirmation on October 8, 2023 is linked below.
Crossroads Annual Budget 2023-2024
If you have any questions concerning church finances, please reach out to our Executive Pastor, Jimmy Scruggs. His email is [email protected], and his mobile number is 817.201.9297.
We thank you for your continued support of Crossroads. Your contributions make peacemaking possible throughout communities, both local and global. They provide for our dedicated staff and our beautiful Taft Avenue Campus.
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