Wednesday, August 24, 2011

Courtesy of George X The July Financials

The following is written by George X:

A couple things. When I compare the June to July two big things stand out to me. First, they tried to pull a fast one by comparing on page 4 June vs July and showing an increase in assets of $9410.71. What an observer may not notice unless called to it is that they did not pay their $30,000 First Bank Payement. If they had, they would have overdrawn their account (Operating balance is $3,769.55).
Secondly, When June is compared to July, one must understand the church revenue cycle. I am sure you understand this - June has 4 Sundays and July has 5 Sundays. This means that you should have roughly 25% more revenue in a month with 5 Sunday's. It would be like running your haricutting business monday - Thursday vs Monday through Friday. You have one additional days revenue.
In Berean's case, Junes Offerings plus Misions total was $96,528 vs July's Offerings plus Missions total was $110,253.52. It is slightly short of the 25% increase, at a 14% increase, which means their revenue, even though more, is actually falling month over month.

Compare this to January's (5 Sunday's) Offerings and Missions at $136,787 and you get a 25% revenue decline. February was a 4 Sunday month and they had $126,676 in Offerings and Missions.

August results should be interesting, as I see on 8/1 they made a $22,000 payment to First Bank (already late!) and another is scheduled on 8/27 for $30,000. It should be interesting to see who they don't pay to make these payments.

They still have to file August's financials before the meeting on October 6th.

The documents can be viewed at:

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