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Financial Update November 30, 2009

As we near the end of the calendar and taxation year of 2009 we would like to report our current financial situation to you. December also marks the end of the first half of our new fiscal year. It is an important time in the financial life of our Church. Mark Aitchison’s November 11 letter provided insight to our current status. What follows is an update for your review and consideration. As always, please let me or any member of Executive Council know your questions, thoughts and ideas; we appreciate hearing from you.

You will recall that we ended June 30, 2009 with a more significantly reduced shortfall than expected – $16,096 compared to an anticipated gap of $48,216. Many thanks to those of you who were able to help us at the end of our half-year transition period. You will recollect that July 1 to June 30 is our new fiscal cycle; we made this change in reporting to help us better manage and plan the church’s ministries, programs and finances on an annual basis.

The first six months of our current fiscal year are looking cautiously positive. We have more than met our Mission and Service (M&S) loan repayment commitment by raising $15,589 – $12,556 from the Rummage Sale alone (super thank you!) – compared to a commitment of $11,805 for this fiscal year. This leaves $12,369 to be paid back in 2010/2011 and 2011/2012, as planned.

As noted above, at the end of November we have a deficit of $20,502. However, December has always been a month where Islington United Church receives the most givings of any month and so we are cautiously optimistic that we will be in a positive financial position by the end of this calendar and taxation year. Please help us meet that goal and know that any surplus received in December is part of the current fiscal year and will help us meet our June 30, 2010 year-end needs. Please prayerfully consider your December givings; you will receive a tax credit and Islington will be stronger financially.

We will be reporting to you again in January and will share with you our financial position including any in-year and cumulative deficits and our overall projection for this fiscal year ending June 30, 2010. The more we can do now to meet our six-month goal the better our financial health will be.

Islington United Church is alive with strongly led ministries, programs and activities – all in support of why we are here – to invite and support the spiritual growth of our community of faith. God has called us to make a difference, to share his word, to do his work. It is with the financial support of you and me, the congregation and faith family of this Church, that our ministries and programs continue to live and grow. Please give prayerful thought to your role and commitment and be a cheerful giver!

Behold the wonder!

Reported by Debbie Stephens
Chair, Loaves & Fishes Committee

Page Revised: December 3, 2009