WELCOME The Ascension Sanctuary Annual Report
Report of the Director of Finance
This year was a strong one for Ascension financially. Our total income was an all-time high ($193,000), almost exactly matching our expenses. This was a great improvement over 2002’s deficit of almost $17,000. Offerings were the highest ever.
The table summarizes our experience of the last four years.
The 2004 budget is an increase of $11,000 over 2003. Insurance, pension and maintenance costs are increasing significantly, and modest raises are being given to our clerical staff. The table summarizes the program budget:
The full budget follows the report. In order to meet this budget our income must increase by 6% and average $3,920 per week.
“Missional support” includes our congregational charity outreach, most of which is our tithe (10% of offerings). We also support Texas Lutheran University and respond to special appeals throughout the year. Our benevolence added up to $22,000 this year!
Ascension’s asset accounts, other than the checking account, provide us with important safety reserves and a base for future needs. The two income mutual funds are invested partly (Wellesley) or entirely (AIM Global) in bonds. The Calvert fund is a money market mutual fund and is the account we have used for covering our deficits of the past. The Family Ministry Fund is intended solely to assist congregation members in financial difficulties.
The congregation is encouraged to remember to make these special accounts a part of our giving and estate planning.
Respectfully Submitted,
Carter Naylor