New Horizon 2017 Year to Date Financial Report (January 1 – June 30)
July 17, 2017
Dear New Horizon Supporters,
Thank you for your dedication and financial support for the ministry of New Horizon Church. Because of your generosity, New Horizon is able to continue our mandate of Connecting Others With Jesus Through Worship, Groups and Serving.
Below is the year-to-date financial update for 2017. This report includes our current financial position with the general budget, mortgage debt, City on the Hill capital campaign, cash assets along with our 10 year general budget history including 2017 - YTD.
Our City on a Hill five-year mortgage reduction campaign that began in June, 2016 has $1.296 million pledged towards our goal of raising $1.5 million by 2021. To date we have received $317,489. The great news is that in May, New Horizon hit a major milestone. Through your faithfulnessthe mortgage was reduced to under $2 million. Thank you, Lord.
2016 proved to be a challenging year for New Horizon’s General Budget. With the 2017 General Budget adjustments, NH currently has a year-to-date surplus of $15,996. Praise God.
If you have any further questions, the Finance Team and I are available and happy to help.
Your continued giving is very important for our church’s ministries to proclaim the Good News. Thank you for your giving and support.
Blessings and Peace,
Mike Potts
Executive Pastor
______
General Budget (January 1 – June 30, 2017)
Revenue
Regular Offering$363,226
Other Revenue $ 3,887
Total Revenue $367,113
Expenses
Staff$204,026
Operations$ 73,300
Apportionments $ 57,520*
Programs/Ministries$ 9,171
Missions$ 8,100
Total Expense$352,117
Surplus $15,996
*New Horizon UMC is connected to the worldwide UMC denomination. Apportionments is money received from local UMC churches and distributed for global UMC ministry. Through your financial support, New Horizon participates in Kingdom ministry and mission both locally and around the world.
City on the Hill Five Year Mortgage Reduction Campaign
Goal $1,500,000
Pledged $1,296,645
Received through June 30, 2017$ 317,482
New Horizon Mortgage Balance (Mortgage at 3.5% Interest)
January 1, 2016$2,244,398
June 30, 2017 $1,985,851
New Horizon 2017Giving – General Budget and Mortgage Combined
General Budget$ 367,113
City on a Hill Debt Reduction 2017 Giving $ 99,083
Total New Horizon 2017 - YTD Giving $ 476,196
Current Cash Assets
Cash – General Fund
Checking$ 88,953
Money Market Rainy Day Fund $ 85,853
Total General Fund$ 174,806
Cash – Capital Fund
City on a Hill – Mortgage Reduction and Parking Lot Campaign $ 92,754*
Capital Improvement – Building & Campus Fund$ 88,108
Total Capital Fund $ 180,881
* Mortgage reserve = $27,754 - Parking lot repair = $65,000
Total Current Cash Assets $ 355,687
10 Year General Budget History
YearRevenueExpenseSurplus/Deficit
2007$767,991$762,969$ 5,022
2008$741,820$761,118 ($ 19,298)
2009$707,001$707,001$ 0.00
2010$738,292$725,686$ 12,606
2011$836,346$808,137$ 28,209
2012$851,207$822,716$ 28,491
2013$834,191$824,873$ 9,318
2014$853,532$835,553$ 17,979
2015$851,831$887,144 ($ 35,313)
2016 $860,580$882,931 ($ 22,351)
2017 - YTD$367,113$352,117$ 15,996