First Presbyterian Church Newark

Finance / Budget

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Committees:

VIT - Vision Implementation Team

Members: Dot Bernhard, Bob Black (Assistant Treasurer), Sanford Blair, Tom Brockenbrough, Betty Hoagey, Frank Hoagey, Gerry Kluis and Carol Lind (Treasurer)

During 2005, the Finance Committee has been active in monitoring the finances of 1st Church.

Some of the specific activities of the Committee included:

· The budget for 2005 was revised during the year in order to provide for the position of Director of Music and Arts. The original budget for 2005 forecast a surplus of $559 the revised budget for 2005 forecast a deficit of $13,425.

· The budget for 2006 was presented to and approved by Session. The budget for 2006 forecasts a deficit of $16,534. The budget reflects an increase in VIF of 5%, and increase in expenses of 9%. The Personnel budget is up 7% due to, funding a full year for the positions Director of Music and Arts and part time Secretary, 3% COLA (per Presbytery) and increased medical insurance. The Supporting Ministry budget is up 11% due to higher utility expenses.

· An outside Accounting Review for 2004 was not completed during 2005. During the past two years our Assistant Treasurer has been performing spot audits of our financial data. Currently the committee feels this situation provides for good oversight of our financial records.

The committee thanks our Church staff and many volunteers who help produce financial reports, prepare deposits, maintain members’ contribution accounts, etc.; a special thanks goes to Carol Lind, Bob Black and Mike Beron. We would also like to thank Bob Pearson for his many years of service. More than 30 members volunteered to support the financial work of 1st Church and we could not prepare, maintain, report, and control our financial activities without them. Thanks to ALL who helped!!!!

During 2006, the Financial Committee will continue to diligently monitor the finances of 1st Church so that we can all continue "to be a caring congregation committed to our Lord Jesus Christ, serving our Church family and reaching out to the community".