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2020 Financial Report

06.29.20 | by Michael Weir

    Thank you, thank you! You are a generous congregation!

    June 2020
    From offerings of $118,000, we allocated $19,000 for benevolence.  We had other income of $1,000 and our operating expenses were $122,000, resulting in a deficit of $22,000.  A special gift of $69,000 was unexpected and changed our deficit to a $47,000 surplus.  This surplus will cover our extra expenses through July and into August. Thank you for your continued support.

    MAY 2020
    Through May, our offering totals $846,000 which is the highest January-to-May total ever.  We started the year with $176,000 in prepaid pledges and received $126,000 in January and $125,000 in February. In spite of Covid (perhaps because of it), dozens of members paid their pledges and annual contributions in full, resulting in offerings of $135,000 in March and $182,000 in April.  Giving was reduced in May to only $102,000. I do not know what the rest of the year will bring, but your giving has positioned us well.

    We continue to allocate 16 percent of offerings to benevolence and will distribute around $40,000 to ministry partners in June. This is in addition to the $5,400 we give each month to In the City for Good and the $12,000 to our NTNL Synod.

    Operating expenses have been reduced, some intentional and some related to Covid.  Through May, we have spent $658,000 on operations compared to the $730,000 we had planned. We have a year-to-date surplus of almost $110,000.  We will likely incur monthly deficits of $40,000 to $50,000 in June and July, so the $110,000 surplus should get us through the next two months. 

    King of Glory continues to be active despite Covid closures.  Inside the church, we held virtual Lenten services and celebrated Palm Sunday, Easter and Pentecost.  After Lent, we continued to provide mid-week devotions.  We even held the Flanket Ceremony (made you cry, didn’t it?) and received new members.  Outside the church, we have highlighted ministry partners in emails, held a food drive, and have started the KOG Backpack Challenge 2020.  In the first phase, we are receiving donations to purchase school supplies for the students at Dobie Pre-Kindergarten.  This school, in the Richardson ISD, serves preschoolers with financial challenges and/or developmental disabilities.  It has little parent involvement and teachers historically provide school supplies from their own salaries. Go to 2020 Backpack Challenge for more information or to donate.