St. Timothy’s has a long history of sound financial management. Since our incorporation as a parish, we have met or exceeded our Fair Share Contribution to the Diocese. In addition, we have an extensive tradition of outreach to those who are less fortunate than we are, both in our community and globally. These contributions have sometimes been part of our annual budget, or have been made through fundraisers and special appeals for donations.
Over the years, we have had focused campaigns for capital purchases and occasionally taken on debt for major capital expenses. Some of the capital purchases include the pipe organ (>$100,000 in late 1980‘s), the shared equity portion of the rectory ($185,000 in early 1990s), the sanctuary remodel (~$300,000 in late 1990s), and the rectory equity purchase ($480,000 in 2006). We currently are paying down the rectory mortgage from the 2006 equity purchase. The unpaid balance is about $290,000.
We were blessed with the opportunity to greatly improve the curb appeal of the church by contracting with the doctors in the adjacent property. The doctors and their patients use our parking area on weekdays, and in exchange they pave and maintain the shared parking area and associated landscaping.
The operating revenue and expense report for 2011 is included on the next page. This shows budgeted revenue and expense as well as the actual revenues and expenses for 2011, and the budget for 2012. Our revenue comes primarily from pledges and plate income (65%). Historical giving to St. Timothy’s is shown in the graph below. The 2012 pledge income includes special pledges to support youth and family ministry.
We also get significant income from St. Timothy’s Preschool ( a play-based non-denominational program that has been serving children and families in the Mountain View, Los Altos, and Sunnyvale communities since 1961) and use of our facilities by outside groups including the Champion Youth Enrichment School (an after-school program providing Chinese language courses).
Our balance sheet for the end of 2011 shows the cash on hand and investments. Fixed assets are primarily the church property and buildings and the rectory. We do not update these fixed asset values to reflect the current market value of the assets.
| Balance Sheet December 2011 | |||
| Current Assets | |||
| Cash Accounts | $ 290,441 | ||
| Investments | $ 121,473 | ||
| Accounts Receivable | $ 1,978 | ||
| Fixed Assets | $ 1,681,846 | ||
| Total Assets | $ 2,095,738 | ||
| Liabilities | |||
| Preschool Prepaid Tuition | $ 21,235 | ||
| Prepaid Pledge | $ 17,500 | ||
| Rectory Loan | $ 288,616 | ||
| Total Liabilities | $ 327,351 | ||
| Fund Principal | |||
| Parish Equity | $ 970,785 | ||
| Rectory Equity | $ 422,445 | ||
| Prior Years’ General fund | $ 67,427 | ||
| 2011 General Fund | $ (12,720) | ||
| Total Fund Principal & GF | $ 1,447,937 | ||
| Restricted Funds | |||
| Temporary Restricted | $ 305,667 | ||
| Permanently Restricted | $ 14,783 | ||
| Total Restricted Funds | $ 320,450 | ||
| Total Liabilities, Fund Principal & Restricted Funds | $ 2,095,738 | ||
Overall, we are in good shape financially. Our only debt is the mortgage on the rectory, and we are meeting all of our financial obligations. For 2012, our annual budget is $664,401, an 11% increase over 2011. The pledge plus plate base is $425,000 from 73 pledging units. The average pledge is $5375.
| 2011 Actual Expenses and 2012 Budget | ||||||
| 2011 Budget | 2011 Actual | 2012 Budget | % Change | |||
| Revenue | ||||||
| Pledges | $ 361,000 | $ 361,535 | $ 392,400 | 9% | ||
| Plate & Holidays | $ 33,500 | $ 28,698 | $ 33,200 | 16% | ||
| Preschool | $ 183,000 | $ 160,024 | $ 137,264 | -14% | ||
| Building Use | $ 50,000 | $ 49,026 | $ 52,099 | 6% | ||
| Other | $ 10,500 | $ (1,556) | $ 49,437 | |||
| Total Revenues | $ 638,000 | $ 597,727 | $ 664,400 | 11% | ||
| Expenses | ||||||
| Salaries | ||||||
| Staff Salaries | $ 217,293 | $ 214,132 | $ 223,173 | 4% | ||
| Preschool Salaries | $ 91,719 | $ 94,091 | $ 91,719 | -3% | ||
| Staff Benefits | $ 64,266 | $ 66,542 | $ 75,949 | 14% | ||
| Preschool Benefits | $ 26,683 | $ 20,986 | $ 25,948 | 24% | ||
| Replacement Personnel | $ 1,000 | $ 1,887 | $ 2,100 | 11% | ||
| Rector Discretionary Fund | $ 2,400 | $ 1,740 | $ 2,400 | |||
| Rector Business Hospitality | - | $ 1,334 | $ 720 | |||
| Total Salaries | $ 403,360 | $ 400,713 | $ 422,009 | 5% | ||
| General Admin. | ||||||
| Office Services | $ 40,500 | $ 36,311 | $ 35,500 | -2% | ||
| Hospitality | $ 7,000 | $ 9,390 | $ 7,200 | -23% | ||
| Family Ministry | $ 200 | $ 1,852 | $ 1,750 | -5% | ||
| Insurance | $ 10,000 | $ 8,455 | $ 10,137 | 20% | ||
| Preschool | $ 6,500 | $ 4,406 | $ 5,000 | 13% | ||
| Music | $ 5,000 | $ 3,086 | $ 4,000 | 30% | ||
| Youth Program | $ 500 | $ 273 | $ 1,000 | 267% | ||
| Grounds | $ 1,000 | $ 0 | $ 500 | |||
| Worship | $ 2,000 | $ 2,531 | $ 1,000 | -60% | ||
| Facilities / Buildings | $ 55,000 | $ 53,403 | $ 51,500 | -4% | ||
| Pastoral Care | $ 0 | $ 146 | $ 142 | -2% | ||
| Continuing Education | $ 500 | $ 429 | $ 500 | 17% | ||
| Rectory | $ 14,850 | $ 20,539 | $ 21,054 | 3% | ||
| Capital Reserves | $ 18,050 | $ 0 | $ 0 | |||
| Publicity | $ 672 | $ 1,493 | $ 500 | -67% | ||
| Rector Search | $ 5,000 | $ 124 | $ 25,000 | 20061% | ||
| Total General Admin. | $ 166,772 | $ 142,434 | $ 164,783 | 16% | ||
| Outside Parish Support | ||||||
| Diocesan Pledge | $ 66,368 | $ 66,372 | $ 77,607 | 17% | ||
| Social Outreach | $ 1,500 | $ 928 | $ 0 | -100% | ||
| Total Outside Parish Support | $ 67,868 | $ 67,300 | $ 77,607 | 15% | ||
| Total Expenses | $ 638,000 | $ 610,448 | $ 664,400 | 9% | ||
The Parish Profile continues with Demographics