Church Financial Update - November 2008
Beginning today, The River will regularly publish a financial update and we plan to publish these updates approximately once per month.
Today's update gives a background on The River's financial "roadmap" as well as a giving record for the first few weeks of the year.
The River's Financial "Roadmap"
The River is in the third year of a four-year "roadmap" to financial breakeven. This roadmap was put into place by the church's Advisory Council to help the church transition smoothly to a steady-state fiscal rhythm. The roadmap calls for decreasing budget deficits resulting in a balanced budget at the end of Ministry Year 2010 (August 2010).
|
Year |
Target |
Actual |
Difference |
|
MY07 (9/06 - 8/07) |
($475K) |
($380K) |
$95K |
|
MY08 (9/07 - 8/08) |
($240K) |
($270K) |
($30K) |
|
MY09 (9/08 - 8/09) |
($100K) |
TBD |
TBD |
|
MY10 (9/09 - 8/10) |
$0 |
TBD |
TBD |
The River is considering various ways to reduce ministry expenses in order to reach our roadmap targets for MY09 and MY10. In addition, reaching these targets will require giving above previous years levels.
For MY09, our year-end giving target is $1.35M.
MY09 YTD Giving Through 10/26/2008
|
Target |
Actual |
Difference |
|
$212K |
$176K |
($36K) |
If you have any questions about The River's finances, contact our Operations Director Dave Kwok at .