by John Pearce, Finance Committee Chair

My evaluation of Belmont’s financial results for 2009 reveals these truths:

Belmont did great in a difficult economy.
God continues to bless us greatly.
Belmonters continued to respond generously and faithfully.
We have much to celebrate and be grateful for.

Operating budget highlights:
Pledges and loose offering gifts were $1,278,874 which was $130 more than 2008.
Weekday School had a $7,183 surplus with $668,654 of revenue.
Staff Budget was underspent by $36,190.
Program Ministry was underspent by $24,999.
Properties and Administration was underspent by $6,456.

Conference Apportionments:
Belmont paid $258,069 or 96.7% of our fair share, $8,891 short of 100%
Christmas Miracle Offering: raised $21,902 for Brighter Days Program.

Rental Property:
Vanderbilt Imaging building generated excess cash flow to pay down its 6.9% debt by $65,111 to a balance of $305,032.    

Trust Fund:
Gifts were $0,  earnings were 17.1% or $324,667, debt service of $183,260 and ending balance was  $2,038,659.  As of March 31, 2009, the Trust Fund had lost $822,812 or 32% of its value.  From April 1, 2009 through December 31, 2009,  57% of that loss ($465,263) was earned back.  

2005 Legacy Campaign:
Total pledges of $2,958,185, collected to date is $2,781,532.
Overpaid $96,773, gross uncollected $273,426.
2009 Legacy Campaign:
Total pledges $795,539
Collected to date $201,308
Uncollected $587,501

Debt Reduction in 2009:
1909 Acklen 6.9% paid down from $370,143 to $305,032    
Renovation loan 4.63% paid down from $3,973,916 to $$3,500,000

Capital Spending:
Stopped spending at $6,432,948 on a budget of $6,500,000
We need to figure out how to repair the organ, paint the exterior, build third-floor restrooms, and renovate the old gym for Room in the Inn.
Five year Plan (12/31/08 through 12/31/13) adopted by board 1/25/09:
Reduce debt from $4.4 million to $2.8 million.
Maintain $2 million balance in Trust Fund.
After one year, we are on track to exceed these goals.

Thanks to every Belmonter for your generous gifts and your efforts to save costs.