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Treasurer’s Report for Dec. 2023

Mike Pavelich

Financial Condition as of December 31, 2023

Operating Bank Accounts end-of-month totals = $ 382,522

2023 was a financially impressive year. However, we went into it with concerns. We had a traditional $610,000 budget, but expected normal yearly revenues to be much below that. A maximum $100,000 deficit was projected. We were to cover the deficits with extra monies in the bank account and a $44,000 extra draw from General Endowment Earnings. Happily, we ended the year with only a $30,000 deficit which was easily covered with the extra endowment draw. This result was primarily caused by our retiring one full time staff position when Peggy moved on at mid-year. It was clear that we needed to reduce our staffing to get anywhere near balancing the budget. Duties were reshuffled and part time positions hired. There have been some frustrations as we all adjust to this new model, but we are getting there. As to community support, we did reach our $400,000 2023 Pledge goal and it was met with $398,000 in pledge filling; a 99.5% filling rate.

The 2024 budget is $547,700, down $60,000 from 2023. We again set a 2024 Pledge goal of $400,000 and it was met before the new year. We do still project a deficit, this time as $43,000. However, we do have about $130,000 in “extra” money left in the bank account to cover this deficit and any that carry into 2025. This is calculated from (bank total – $200,000 emergency floor – 2024 pledge donations already made). We will be working over the next two years to get us to a comfortable balanced budget by January, 2026.

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