Treasurer’s Report Nov. 2017
Presented November 14, 2017. YTD October 31, 2017.
- Excluding Capital Campaign finances, the Church generated an operating net loss of ($7,242.97) on revenues of $268,228.76 during the 10 months ending 10/31/17. Please note, the YTD net loss includes a non-cash depreciation expense of $9,477.50. Excluding depreciation, the Church generated a net profit of $2,234.53.
- As of 10/31/17, the Church had an operating cash balance of $88,038.20 (both the PNC and HNB checking accounts) compared to currently liabilities of $70,697.11 which includes accounts payable of $9,754.86 and accrued interest payable of $1,051.61.
- Current operating cash on hand is sufficient to cover the Church’s operating expenses for ~101 days, without any additions.
- The Huntington Bank loan had a balance of $711,555.15. The last draw on the loan was made in November, and it will begin amortizing over 20 years beginning mid-December.
- Based on the Church’s YTD performance, cash flow (profit before depreciation and interest) was sufficient to cover interest expense 1.15x.
- Roy has been doing a fantastic job handling accounts payable, which has allowed me to get caught up on bank reconciliations and adjusting entries. I even had a little time for analysis this month. That being said, you can expect this report to show up one week prior to the meeting beginning next month.
Regina Yankie, Treasurer