Financial Fundamentals March 2025

This report briefly addresses finances at FUMC Fox Hill. The latest information is in the weekly bulletin available at church or through our web site.
As most of you know, the past few months have been a whirlwind in the finance domain. We handled our January operational expenditures satisfactorily while delaying our first month Apportionments and set aside payments till the dust clears a bit.
Adding to the craziness of the whole situation is clearly our unexpected Boiler failure in the midst of addressing the major Roof Replacement Project. And our First Fox Hill family has been really coming through to help us.

We started raising funds for the roof replacement in mid-October and as of mid-February have received nearly $41,000. Then, in mid-January, our boiler failed and needed immediate replacement. And our folks really stood up to meet the challenge. Within about 48 hours we had enough to order the boiler and within 2 weeks funds were on hand to pay the full bill. As promised, any funds collected for the boiler in excess of the boiler cost will be used for the roof project.

All told, we have raised about $80,000 for the combined two projects in just 4 months. We have applied for a grant from the Mission Rivers District and are in the process of securing a loan to finance the additional cost of the Roof Replacement. Thanks for your GREAT response to date and for your continuing support.

Can you believe it is nearly tax time? Whether you anticipate a refund or expect to have to pay more, tax time can be an opportunity to think about your church. You should always talk with your financial and/or tax professional as well as Bill Bryan our Finance Chair, before taking any significant actions, but here are some things to consider.

If you are receiving a refund, there can be many ways to use it. One may well be to provide the church support you planned or some extra to help with our extensive maintenance projects. If you are anticipating having to pay more taxes than you already have, this may also be a time to think about your future church support. This is especially true if you are in the category of folks who are 70½ and drawing on your IRA, but not using it all to cover living expenses. You can consider making a Qualified Charitable Donation (QCD). A QCD does not count as a tax deduction, but does reduce your taxable income which may be even better. You can also secure financial benefits by making donations of stock which has appreciated in value since you acquired it, avoiding taxes in the process whether or not you itemize deductions.

Remember, you can donate in person, by mail, and, on-line through www.firstumcfoxhill.org. If you are reading this online, click here for easy access. Or use your camera to scan this QR code regularly seen in our publications and live stream. Regular donations can make your gifts easier on everyone’s cash flow.

Your support, especially through the General Fund, makes everything we do possible. Thank you! Thank you!

Please direct concerns/questions about FUMC FH finances to our financial staff via the office or Bill Bryan, Finance Chair, at (757) 851-0748 or by e-mail to billb-1111@cox.net.

Total One Fund Through January 2025
Income For Planned Expenses1		$ 36,554
Total One Fund Expenses (excludes pass through2)	Planned	$ 50,893
	Actual	$ 21,187
Pass Through Income2		$ 12,173
Pass Through Expense2		$ 11,191
“Pay-It-Forward” Contributions		$ 3,374
LUMENs Fund Raiser Income		$ 3,374
LUMENs Fund Raiser Expense		$ 0
1 Includes regular and memorial contributions, building use income, interest, etc. 2 Represents contributions for non-budget items, e.g., flowers, special mission programs, etc.