Thank you for your support of First Pres ministries during the first half of 2024! This update provides a high-level snapshot of our finances halfway through the year including income and expenses, investments and additional information on what Finance has been focusing on.

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2024 Income and Expense Summary

We are in a very good position halfway through 2024. Both income and expenses are extremely close to budget as of 6/30/2024. Income is ahead of budget by about $2,400 and expenses are about $8,000 over budget. Total income through June was $608,909 vs total expenses of $576,498 for a small net surplus of $32,411.

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Investments

As a reminder, we outsourced management of our Legacy Endowment and Mission Endowment funds to Texas Presbyterian Foundation (TPF) near the end of 2023. The two funds collectively are up about $187,500 since December 2023. The Legacy Endowment fund increased due to absorbing the assets of the Whiteley Trust previously held at BNYM of $61,500 as well as investment returns. So, our combined endowment assets as of 6/30/2024 are $1,937,509. Our capital reserve fund managed by your Investment Committee is up to $743,158 as of the end of June. That is up $224,285 due to a transfer of excess liquidity from our general operating account and dividend income earned since the end of 2023. Other funds managed by The Presbyterian Foundation and Wells Fargo stand at $193,054. And finally, our shared equity mortgages total $247,000. All-in, investments total $3,120,722 as of 6/30/2024.

 

Focus Areas

A small team has been analyzing opportunities to simplify the balance sheet account structure. That work is nearly complete, and recommendations will be made in the next few months. The same team is also investigating alternative accounting systems to consider weighing both costs and benefits. The transition to MBS (Missional Business Services) has gone very well over the past 6 months. MBS assumed most of the financial reporting functions previously performed by our part-time business manager. Looking ahead, a small team has been formed to focus on Stewardship planning. While in the early stages, you can expect to hear more as we approach the fall.

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