Church of the Nativity Financial Update Oct. 2017
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The church is behind budget for pledge income year-to-date but other income sources like rentals are growing. Expenses are under budget. As of November, revenue is down for both the month and year resulting in a negative net income for the year. The church aims to adopt a balanced budget for 2018 with prudent assumptions for income and continue investing in staff and infrastructure while supporting community outreach.
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Running Head: BUDGET ESTIMATION 1
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Budget Estimation
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1. What does your current spend in aggregate and by resource and by month?
The method used to estimate for the months other than the provided is Highest of actuals. Since we are in 4th month of a 12 months project, we know that we are in the first quarter of the project. Generally, the first quarter comprises of the initiation and the planning phase. However, according to research a lot of investments goes in execution, monitoring and controlling of the project as well which are generally done during the later stage of the project. Therefore, we estimated that the highest of actuals will be required for rest of the months.
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Running Head: BUDGET ESTIMATION 1
BUDGET ESTIMATION 2
Budget Estimation
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1. What does your current spend in aggregate and by resource and by month?
The method used to estimate for the months other than the provided is Highest of actuals. Since we are in 4th month of a 12 months project, we know that we are in the first quarter of the project. Generally, the first quarter comprises of the initiation and the planning phase. However, according to research a lot of investments goes in execution, monitoring and controlling of the project as well which are generally done during the later stage of the project. Therefore, we estimated that the highest of actuals will be required for rest of the months.
2. Do you have sufficient budget to complete the project?
CTG’s labor costs represent 70 percent of all costs of the overall EIM budget of $4.5 million, which sums up to be $3.15 million. According to the calculations above we can see that the cost of the project is estimated to be higher than the budget provided.
Cost estimated without contingency reserve = $3.23 million (approx.)
Budget provided = $3.15 million
Additional money required = $ 73,949
3. What contingency reserve should you ask for?
According to the information provided, project is in its fourth month of a 12-month duration. And generally according to standards the contingency reserve is taken to be 5% of the estimated cost of the project. However, since merely no data is provided for the project therefore, the contingency taken is to be 7% of the estimated cost, which is $225,676.4. However, since the budget cost is $4.5 million. Therefore, the contingency should also be calculated on the total budget which is 7% of $ 4.5 million - $315,000.
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· We assume that the estimates will hold true till the end of the project without any changes.
· We assumed that the contingency reserve for this project is 7 percent of total costs.
· We assumed that labor costs and expenses for month 4 is not completed.
· We assume that the highest of actuals is estimated to be the labor cost for remaining months of the project.
Reference:
· Larson, E. W. & Gray, C. F. (2018). Project management: The managerial process (7th ed). New York, NY: McGraw-Hill.
· Project Management Institute, (2017). A guide to the project management body of knowledge. (6th ed.) Newton Square, PA: Pro.
Running Head BUDGET ESTIMATION .docx
Running Head: BUDGET ESTIMATION 1
BUDGET ESTIMATION 2
Budget Estimation
Estimate Costs is the process of developing an approximation of the cost of resources needed to complete project work. Cost estimation accounts for each element required for the project and calculates a total amount that determines a project’s budget.
1. What does your current spend in aggregate and by resource and by month?
The method used to estimate for the months other than the provided is Highest of actuals. Since we are in 4th month of a 12 months project, we know that we are in the first quarter of the project. Generally, the first quarter comprises of the initiation and the planning phase. However, according to research a lot of investments goes in execution, monitoring and controlling of the project as well which are generally done during the later stage of the project. Therefore, we estimated that the highest of actuals will be required for rest of the months.
2. Do you have sufficient budget to complete the project?
CTG’s labor costs represent 70 percent of all costs of the overall EIM budget of $4.5 million, which sums up to be $3.15 million. According to the calculations above we can see that the cost of the project is estimated to be higher than the budget provided.
Cost estimated without contingency reserve = $3.23 million (approx.)
Budget provided = $3.15 million
Additional money required = $ 73,949
3. What contingency reserve should you ask for?
According to the information provided, project is in its fourth month of a 12-month duration. And generally according to standards the contingency reserve is taken to be 5% of the estimated cost of the project. However, since merely no data is provided for the project therefore, the contingency taken is to be 7% of the estimated cost, which is $225,676.4. However, since the budget cost is $4.5 million. Therefore, the contingency should also be calculated on the total budget which is 7% of $ 4.5 million - $315,000.
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· We assume that the estimates will hold true till the end of the project without any changes.
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· We assume that the highest of actuals is estimated to be the labor cost for remaining months of the project.
Reference:
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The Ministry Team discussed several facilities and grounds maintenance items at Nativity Episcopal Church, including:
1. Upcoming workdays in April to focus on campus cleanup and maintenance projects.
2. HVAC, plumbing, electrical, and roof issues, including replacing the sacristy water heater and investigating long-term HVAC replacement.
3. Grounds projects like cleaning gutters, removing a magnolia tree, trimming bushes, and improving drainage.
4. Scheduling maintenance like inspecting emergency lights, cleaning the memorial garden, and getting quotes for snow removal.
Ministry teams minutes June 2016
The Buildings and Grounds Ministry Team meeting discussed:
1) Completing outstanding action items from the previous meeting including repairs
2) Improving the area where two oak trees were removed with landscaping ideas
3) Repairing a torn pew cushion by contacting an upholsterer
4) Following up on items from the spring work day and other maintenance needs
5) Scheduling yearly fire alarm testing and creating operating instructions
The Pastoral Care Ministry Team meeting discussed:
1) Confidential check-ins on specific parishioners' well-being
The Communications Ministry Team meeting discussed:
1) Potentially replacing their email newsletter platform for better mobile compatibility
2) Impro
Ministry teams minutes May 2016
The Buildings and Grounds Ministry Team meeting minutes summarized the following:
- Several ongoing action items from the previous meeting were discussed and updated.
- How to improve the area where two oak trees were removed, including installing a welcome sign and planting azaleas.
- Repairing the cushion on a back pew, with a potential upholsterer identified.
- Follow up from the recent work day and additional tasks.
- Notes from a fire marshal visit and required annual fire alarm testing.
- Scheduling an arborist to assess tree work needed.
- New action items assigned including repairing the piano wiring and doors expanding in heat.
Ministry teams minutes April 2016
The Outreach Ministry Team discussed updates on several community projects including the Parish Development Initiative, Inter-Faith Food Shuttle support, and Episcopal Farm Workers. The Buildings and Grounds Team reviewed action items from a previous meeting and discussed landscaping plans. The Pastoral Care Team reviewed confidential information about parishioners. The Communications Team discussed email marketing software, signage for the Estill House, banner updates for the summer service schedule, and improvements to the parish newsletter.
Ministry teams minutes March 2016
The Buildings and Grounds Ministry Team meeting minutes discussed budget revisions that allow funds to be used for outreach needs. They also discussed commitments totaling $3,614 to the 2016 Habitat for Humanity home building project and updates on donations to the Leesville Pride Packs program. The team reviewed landscaping options for an area where trees were removed and planned an upcoming volunteer work day.
Ministry teams minutes Feb. 2016
The Buildings and Grounds Ministry Team discussed several options for improving the area where two oak trees were removed. They also addressed a neighbor's complaint about falling branches from trees on church property, discussed upcoming workdays, and maintenance of the Memorial Garden.
The Communications/Outreach Ministry Team explored effective communication strategies to increase awareness and involvement in outreach. They discussed a potential capital campaign and how to best communicate with parishioners.
The Communications Ministry Team addressed installing a corkboard, policies for a new video camera, signups for Habitat for Humanity workdays, and ensuring announcements are sent through all communication channels. They also discussed budgets, metrics for the newsletter, and updates from the Diocese.
Ministry teams minutes Jan. 2016
The Ministry Team: Buildings and Grounds discussed the following at their meeting:
1. Followed up on action items from the previous meeting.
2. Decided to have Connie Pepper handle lawn care in 2016 for $1,630.
3. Planned to swap furniture between the staff office and parlor to improve HVAC efficiency.
4. Brainstormed ideas for utilizing the area where two oak trees were removed, with one member presenting options at the next meeting.
5. Set April 9 as the tentative date for the spring work day with various maintenance and beautification projects planned.
6. Installed devices in the attic to deter squirrels but were still monitoring their effectiveness
Ministry teams minutes Dec. 2015
The Communications Ministry Team meeting minutes discussed several agenda items:
1. Karen Ridout was assigned to install a corkboard in the lobby to post event posters.
2. Ben Huckaby is researching purchasing a video camera to record services for the website. A decision will be made this week.
3. Ben will add a sign-up link for a Habitat for Humanity project by New Year's Day.
4. Posters and web content have been created for upcoming events through Christmas.
5. The team's budget was discussed and they expect to spend the remaining funds by year's end.
Ministry teams minutes Nov. 2015
The Communications Ministry Team discussed their 2015 budget and proposed 2016 budget. Their 2015 budget was $1200 and they have spent $240, leaving $900 to purchase a video camera. For 2016, they proposed $400 for banners, $50 for Facebook ads, and $650 for video accessories. They also discussed upcoming poster assignments.
The Buildings and Grounds Ministry Team discussed completing work from their to-do list, including delivering remaining firewood and planning their fall workday. They addressed a recent power outage at the church and received lawn care estimates.
The Outreach Ministry Team reviewed preparations for their upcoming Day of Giving event and discussed metrics for measuring poverty in their community.
The Pastoral Care Ministry Team
Ministry teams minutes Oct. 2015
The Communications Ministry Team discussed several upcoming events requiring publicity efforts through various channels. They will provide communications support for a multi-church Habitat for Humanity project in February by creating posters, web content and Facebook posts. The Buildings and Grounds Team reviewed tasks for an upcoming work day including landscaping, cleaning, and maintenance projects. They also discussed ongoing issues like fire ant treatment and security cameras. The Outreach Team reviewed budget guidelines focusing on hands-on parishioner participation in hunger and poverty efforts. They discussed a proposed 2016 budget that allocates most funds to a new Habitat House project involving multiple churches.
Ministry teams minutes Sept. 2015
The Ministry Team discussed several outreach initiatives:
1. They reviewed the success of the Stop Hunger Now program and backpack buddy food drive.
2. They discussed partnering with Habitat for Humanity to help build a home, and recruiting volunteers from the congregation.
3. They proposed redirecting community garden funds to an Eagle Scout project to build a bridge connecting the woods and retention pond area.
4. They confirmed the date for the annual Day of Giving event in December.
Ministry Teams Minutes August 2015
The Communications Ministry Team meeting minutes summarized the following:
1) Team members discussed posters for upcoming events and who was creating each poster.
2) The need for an improved sound system in the church was recognized as the congregation grows.
3) The team set up test email lists for internal communication using the church's web hosting service.
The Children's Formation Ministry Team meeting minutes can be summarized as:
1) Teacher assignments for Sunday School classes were set with one class still needing a teacher.
2) Room assignments for preschool classes were discussed due to complaints of rooms being too hot.
3) Plans for a picnic pavilion and updated playground were discussed further.
The Adult
Ministry teams minutes May 2015
The Buildings and Grounds Ministry Team discussed bids for removing two dead oak trees, with the lowest bid of $2,600 selected. They agreed the tree company should chip branches and cut logs for firewood to fundraise. Brooms and dustpans were placed in each building. The Pastoral Care Team reviewed parishioner care needs. The Communications Team discussed creating an electronic bulletin board for congregation announcements and setting up a listserv for this purpose. They also agreed to create a webpage listing outside groups using Nativity's spaces.
Ministry teams minutes MAY 2015
The Outreach Ministry Team discussed several initiatives. They decided to fund additional tutoring support and training for a local elementary school program. The team selected a date in August for their next Stop Hunger Now meal packing event, aiming to pack over 10,000 meals. They received an update on an ongoing program to support LGBTQ youth. Finally, they agreed to continue meeting over the summer to plan future outreach projects, including a possible spring event and preparations for the Stop Hunger Now event.
Ministry teams minutes April 2015
The Children's Formation Ministry Team discussed upcoming events including Vacation Bible School in July and the end-of-year Sunday School picnic in May. They also reviewed the Sunday School schedule and teachers for the next school year. The Buildings and Grounds Ministry Team discussed completing various maintenance projects from their spring work day and developing plans for the former silt pond area. The Outreach Ministry Team provided updates on local outreach programs and set a date for their Stop Hunger Now event. The Youth Ministry Team reviewed plans for Youth Sunday and their fundraising efforts, and discussed recruiting new youth leaders for the upcoming school year.
Ministry Teams Meetings Minutes March 2015
The Communications Ministry Team discussed plans to design banners and posters to promote a food collection for Leesville Elementary School. They also reviewed repairs and designs needed for various roadside banners to publicize church events. Additionally, they discussed adding content to the church website about caring for creation and updating information on outreach ministries.
The Buildings and Grounds Ministry Team reviewed action items from their previous meeting and discussed long-term landscaping plans presented by an environmental team. They finalized plans for an upcoming work day including various maintenance and beautification projects. They also proposed creating an emergency response team to assist with issues like winter weather.
The Pastoral Care Ministry Team reviewed a list of parishioners needing care and
Ministry Teams Meetings Minutes Feb. 2015
The Outreach Ministry Team discussed their reduced 2015 budget, collaborations with Leesville Road Elementary School's Pride Packs program and tutoring, plans for the Harvest for Hospitality campaign and the National Preach-In on Global Warming. They also reviewed upcoming events like the NC Bread meeting and Earth Day potluck, and discussed transitioning responsibilities for the Christmas Angel Tree gift collection. Key discussion points included finalizing how to adjust the budget, collecting food donations, training tutors, and sponsoring attendance at the NC Bread meeting.
Ministry teams minutes Jan. 2015
The Pastoral Care Ministry Team discussed funeral procedures, checking in on parishioners, and providing meals for those in need. They will look into the funeral process, call parishioners to assist with care, and meet with the rector to review those requiring support. The team also checked on available meal containers and discussed parishioners currently needing care.
Ministry teams meeting minutes Dec. 2014
The Ministry Team: Communications meeting discussed website changes, Facebook, Instagram, and poster designs. The website pledging has been successful. Navigation changes were made but more text is needed. Facebook engagement has increased and promoted posts were assigned. Creating an Instagram presence was discussed. Poster designs for upcoming events were shared and adjustments to banners were decided.
The Ministry Team: Outreach meeting discussed the successful Day of Giving event and recommendations. They also discussed supporting a local elementary school's backpack program and using remaining budget funds. Growing Outreach funding was proposed.
The Ministry Team: Worship meeting reviewed the successful art show and Spirituality in the Arts event. They discussed proposals to rotate art/plays and have the
Annual Meeting Dec. 14, 2014
The document summarizes the 2014 annual meeting of Nativity church. It discusses the church's accomplishments in 2014 which included expanding garden beds and parking lot as well as hiring new staff. It provides an update on the stewardship campaign progress and church's financial status, noting income is under budget but expenses are under budget as well. It also lists the ministry teams and current and nominated vestry members.
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Church of the Nativity Financial Update Oct. 2017
- 1. 2017 Financial Updates as of October, 2017
- 2. 2017 Finance Trends Income – Pledge income is lagging behind budget as of Nov YTD – Expectation is pledge income will catch up with year end activity but we are behind historic trends – Regular giving continues to decline as pledged giving grows – Other( Rental) income continues to grow – Important for households to catch up with pledges by year end if possible Expense – Spending is slightly below budget as of Nov YTD – Expense is under budget for Programs and Staffing – Continued need to be prudent on year end expenses There is risk we may end year with an operating deficit
- 3. Church of the Nativity November 2017 Financial Results B=Better (W)=Worse • Spending under for the month • Revenue down for the month. • Revenue down for the year. Net income negative. • Spending under for the year Income Current [Month] Actual Budget B/(W) · Pledges $30.9K $37.5K ($6.6K) · Reg. Give $ 7.2K $ 4.6K $ 2.6K · Other $ 3.9K $ 4.0K ($ 0.1K) · Total $42.0K $46.1K ($4.1K) · Net Income $1.3K Income [YTD] Actual Budget B/(W) · Pledges $362.7K $412.9K ($50.2K) · Reg. Give $ 50.3K $ 50.4K ($0.1K) · Other $ 49.1K $ 44.1K $5.0K · Total $462.1K $507.4K ($45.3K) · Net Income ($10.9K) Expenses for Current [Month] Actual Budget B/(W) · Programs $ 7.3K $ 9.5K $2.2K · Church Mgmt $22.1K $24.8K $2.7K · Operations $ 0.5K $ 2.0K $1.5K · Bldg/Grds $ 10.8K $ 9.8K ($1.0K) · Total $40.7K $46.1K $5.4K Expenses [YTD] Actual Budget B/(W) · Programs $ 91.0K $ 105.0K $14.0K · Church Mgmt $256.4K $273.0K $16.6K · Operations $ 16.7K $ 21.5K $4.8K · Bldg/Grds $ 108.9K $107.9K ($1.0K) · Total $473.0K $507.4K $34.4K F U N D S R E C E I V E D O P E R A T I N G E X P E N S E S 3
- 4. Church of the Nativity November – 2017 Financial Results $000’s Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Pledges $48.2 $27.8 $48.1 $33.6 $25.6 $22.4 $32.9 $25.7 $28.2 $36.0 $30.9 Reg Give $7.0 $3.5 $4.0 $5.9 $6.7 $3.5 $3.9 $4.9 $3.7 $2.9 $7.2 Other $4.2 $5.1 $6.4 $5.4 $4.4 $3.6 $4.1 $2.4 $4.9 $4.9 $3.9 Total $59.4 $36.4 $58.5 $44.9 $36.7 $29.5 $40.9 $33.0 $36.8 $43.8 $42.0 2016 Total $47.1 $41.4 $42.0 $50.5 $48.3 $30.7 $39.6 $32.6 $37.1 $36.9 $40.4 $57.5 Total Exp. $38.9 $49.1 $52.7 $42.6 $49.9 $48.2 $30.1 $48.2 $35.8 $37.1 $40.7 Net Income $20.5 ($12.7) $5.8 $2.3 ($13.1) ($18.7) $10.8 ($15.2) $1.0 $6.7 $1.3 Cum Income $20.5 $7.8 $13.6 $15.9 $2.8 ($15.9) ($5.1) ($20.3) ($19.3) ($12.5) ($11.2) Operating Funds $29.0 $18.0 $25.7 $27.9 $14.7 ($3.4) $7.5 ($9.8) ($9.3) ($2.5) ($0.3) 4
- 5. Church of the Nativity November 2017 Financial Results Assets: November 2017 YTD Liabilities: November 2017 YTD Actual Oct B/(W) • Checking $ 63.7K $15.3K • Money Market $ 80.5K $ 0.0K • Other Curr. $ 0.1K ($ 0.0K) • Operating Reserve $ 47.4K $ 0.0K • Total Curr. $191.7K $15.3K Actual Oct B/(W) • Current $ 2.6K $ 0.0K • Desig Funds $164.6K $ 14.1K • Mort $593.7K $ 1.6K • Restricted $ 24.K $ 2.5K •Total $804.3K $ 18.2K B=Better W=Worse 5
- 6. 2018 Budget Priorities • Adopt balanced budget – depending on year end results, take a more prudent assumption based on 2017 experience on both pledge and regular giver income. • Continue to invest in staffing - fully fund youth minister in 2018. • Focus on our infrastructure – work with Capital Campaign team and Vestry on investment in B&G(HVAC) to reduce energy cost and environmental impact. • Continue/increase support for our community outreach efforts.