Finance Report

Report of the Treasurer, Mark Forsberg

 

For Fiscal Year Ended May 31, 2009

 

 

I am pleased to report that Central Lutheran Church (CLC) is doing well financially in light of the significant economic recession of 2008-2009.  We have prayerfully considered our financial plan for 2009-2010 as presented in the proposed Budget.

 

CLC has three separate accounting Funds:  Operations; Designated; and Plant and Capital Campaign.  Reports of the income and expense and assets and liabilities for the Operations Fund and the Plant and Capital Campaign Fund are included in this Annual Report as well as the assets and obligations related to the Designated Funds.   

 

Weekly giving remained fairly stable with previous years.  Income from parking ramp fees is lower because of several cancelled shows at the Convention Center in the fourth quarter of 2008.  The distributions of income from the Central Lutheran Church Foundation (Foundation) were less than planned due to the decline in the related investments.  However, since expenses were managed well, we came close to achieving our net income/expense budgeted goal.

 

It was wonderful to see several facilities projects accomplished.  The roof replacement project was completed at a cost of $471,831 and financed through a loan from the ELCA Mission Investment Fund.  The South Commons project to renovate the restrooms and the hospitality area and the new nursery space was completed.  Forward in Faith funds in the amount of $244,335 were spent on those three capital projects.  The improvements to the Restoration Center in the amount of $65,526 were accomplished using Designated funds related to the Community Ministry program.  

 

Similar to last fiscal year, the proposed Budget for 2009-2010 includes the use of one-half of undesignated bequests up to $100,000.   In addition, there will be a transfer of designated funds of approximately $95,000 related to unapplied undesignated bequests from 2008-09 and certain unused congregational designated bequests from previous years.

 

The investment in the Rain Leader project to redirect rain water from the sanitary sewer to the storm sewer will cost approximately $80,000 and will be financed through Capital Replacement Designated funds. 

 

This is the final year of the Forward in Faith Capital Campaign and we look for a strong finish to raise the funds and attain $2.1 million goal.


                              return to table of contents

 

333 South Twelfth Street
Minneapolis, MN 55404
Infoline: 612-767-9101
Main line: 612-870-4416