Financial Highlights as of August 31, 2019
With normal seasonality and trending accounted for, pledged giving as of August 31, 2019, is $459,576. Pledges are (12,369) lower than the amount anticipated of $471,945 for this point in the year. Total revenue from all sources is (13,686) lower than budgeted year-to-date. The lack of non-pledge income from sales, fundraising, and rentals while in our current temporary location amplifies the need for on-time and increasing pledging. Cash available for operations at the close of the month was $4,172. We have little available money for operations. The Board of Trustees has authorized the use of our nonrestricted Captial Reserve fund per the bylaws to maintain continuity of operations should it become necessary.
Operational expenses are lower than anticipated. Expenses are $609,50, which is (50,227) lower than the amount budgeted of $659,777 for this point in the year. While expenses are lower, they are outpacing income by a significant margin. We need significantly stronger revenue from now until year-end to avoid any deficit.
Project Phoenix direct expenses and revenues have been separated into a separate fund mechanically in the accounting software to closely monitor all use and transfer of those funds. $83,164 in transfers from Project Phoenix for operations support have occurred year-to-date. Direct expenses over revenues (investment earnings) year to date for Project Phoenix are 28,362. The top costs year-to-date are for Architecture and Design, the Feasibility Study, and the sign for the property at 2650 North Druid Hills Rd.