Fiscal Year results and Account Consolidation
A key priority for us as we plan for our new pastor is to ensure that our financial house is in order. One way we can accomplish this is through our regular intentional giving of our time, talents and financial resources to support the mission and ministry of Prince of Peace. Now that our fiscal year has closed, I’m happy to announce that we ended our year $2300 under budget, which gives us a small cushion going into this current fiscal year. THANK YOU!
The second way is more mundane – over the past few months I’ve been reviewing our current Operating Budget and Dedicated Accounts to identify areas that we could clean up and clarify. I worked with staff, sphere leaders and the property management team to create a proposal that was approved by council. Most of the changes are to our dedicated accounts, which are similar to ‘savings accounts’ for specific purposes. The only impact to the approved operating budget was renaming one account and archiving some accounts we no longer use.
A summary of the changes include:
- Archiving accounts that have had a $0 balance for more than a year.
- Renaming a few accounts so that their purpose is more obvious.
- Consolidating accounts with a similar purpose. Examples:
- There were 4 dedicated accounts related to Building upgrades. Per recommendation from the Property Management Team, these have been consolidated into a single account called ‘Building Repair/Replace’. Funds that had been set aside for new choir robes have been transferred into the dedicated account for music ministry since the choir no longer wears robes (this frees up funds that can be used for things such as extra musicians, special music events and instrument repair/replace). Four dedicated accounts having to do with children, confirmation and family ministry have been combined into a single account.
- New dedicated accounts have been set up for community events and kitchen needs.
As the changes are made in our accounting system, we are able to trace back to the original account if needed.
If you have any detailed questions about the budget or the account changes, please feel free to reach out to me at bookkeeper@poproseville.org, or treasurer Arjun Sethi.