Crossbridge Financial Update, by Glenn Smith
Posted August 27, 2009 by Glenn | News
Many have asked how Crossbridge is doing financially in light of our current recession. We wanted to give you a quick mid-year update.
Our Pastoral Advisory Team and Staff anticipated some unforeseeable expenses with us moving into our new building this year. We also anticipated that many of our families would be affected negatively by the current economic situation. Because of that we trimmed back our budget from 2008 and set a very conservative budget for 2009. Our staff has done a good job of managing the financial resources within those limits. As a result, here’s where we stand as of June 30, 2009 (for the calendar year 2009):
Budget Year-to-Date: $275,675
Actual Income Year-to-Date: $315,851
Actual Expenditures: $288,195
As you can see our Operating Budget is in good shape. Another point of good news is that our renovation project at 1049 Eldridge Rd. came in right on budget thanks to the diligent oversight and management of Justin Phy, our Project Manager.
However, where we are feeling the impact of the current economy is in our Building Fund Commitments. Our Building Fund giving is behind our pledges as you can see here:
Pledges To Date: $795,300
Given To Date: $657,283
Our remaining debt to Amegy Bank for our Building Improvements is $743,728. We have two more years to pay this off but we were hoping to pay it off with our building fund gifts by October 2010, which is the official end of our current Building Fund Campaign. If everyone is able to fulfill their Building Fund commitment this will be no problem. So we will be evaluating this as time goes on.
We want to say thank you to all the Crossbridge Partners and Supporters for your ongoing financial commitment to this ministry. It is truly a blessing to be a part of a faith community that is committed to the gospel, committed to mission, and committed to one another financially.
