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  September 2018  
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Treasurer's Report

 

FROM THE TREASURER

2017-2018 Year End Result
and
Results for July 01, 2018 to July 31, 2018

We ended the Fiscal Year 2017-2018 with a positive Net Operating Income (“NOI”) of $1,845! This is the second year in a row we ended in positive territory; for Fiscal Year 2016-2017, we had a positive NOI of $3,819.

The results for the first month of the Fiscal Year 2018-2019 show us with a positive NOI of $39,281. At this same time last year, our NOI was $34,239. As we have experienced in the past, the first quarter of the fiscal year tends to have higher NOIs because some congregants pay their entire year’s pledge in the first few months.

As Reverend Carolyn shared in her August 19 sermon, All Souls received a non-restricted be-quest from Derry Bortner-Ryder of $113,347. After many discussions which included input from the Board of Trustees and the Finance Committee, it was determined that we would allocate the cash as follows:

 $50,000 to start an endowment*

 $50,000 deposit into the capital campaign account

 $13,347 toward the 2018-2019 budget**

 

*All Souls previously held an endowment with the UUA, however, most of the cash was re-deemed in 2006 to purchase and renovate 19 Jay Street. Our balance was below the minimum to maintain an account with the UUA, so the remaining proceeds were sent to All Souls. That cash is now in our savings account with Dime Bank.

**At the May 2018 Annual Meeting, the congregation approved the budget for 2018-2019 which had a deficit of $6,687. The $13,347 will be added to this year’s budget as a special do-nation to not only cover the original deficit, but to provide a $6,660 cushion for unexpected expenses. The goal is to end the 2018-2019 fiscal year with a positive NOI, which will give us three years in a row with positive endings.

If you ever have questions about anything mentioned in these reports, please contact me in person or send an email to tlescoe@hotmail.com.

 

Payment Options:​

Did you know that you can pay your financial commitment with stocks and bonds? A fair number of congregants pay in that manner. We have a financial arrangement with Charles Schwab to sell any donated stocks and bonds and we provide to you information on the price of the securities sold for your tax records. This can be a smart way of funding, especially for stocks that have appreciated. You can contact the person that prepares your taxes for more information on whether this would be advantageous for you. Also, if you have any further questions, please contact me.

 

Tom Lescoe, Treasurer, tlescoe@hotmail.com