Annual Report 2024-2025 - Flipbook - Page 11
FINANCE DEPARTMENT
JIM DENMAN & JEFF RODMAN
2024 Budget Income and Expenses
The year 2024 was the first full year with the Finance team on
board, Jeff began at the end of February 2023 and Jim started the
first of April 2023.
Income
Line Description
2024 Final
Budget
Pledges
2,006,100
Jeff manages the many duties associated with recording pledges,
making deposits, paying bills, processing payroll, posting all
general ledger entries each month, performing month-end close,
and preparing all monthly financial reports in a timely manner.
Non-Pledge Gifts
154,900
Foundation Stewardship
Matching Grant
150,000
Comments /
Key Assumptions
Other Income
133,750
Assumes increases in building
use, plate offerings, bequests
($20K), and discretionary
funds usage of $15K
Foundation Grant
Income Received
40,000
Includes $25K for other
TBD grants
Total Income
2,484,750
Expenses
Line Description
2024 Final
Budget
Comments /
Key Assumptions
• Budget process of reviewing Ministry Action Plans and their
corresponding budgets was successful in developing the 2024
Operating Budget. Thanks to all Committee leaders!
Total Personnel
Expense
1,920,608
Includes 2% raise pool,
updated benefits costs,
special function staff
• New General Ledger Accounts were added to help Committees
better track their expenditures verses budget.
Christian Education
36,980
Per submitted Board budget
request
Membership
4,425
Per submitted Board budget
request
Music and Arts
32,150
• Jeff and Jim assisted in the successful Stewardship campaign
keeping the committee abreast of statistical progress along
the way.
Per submitted Board budget
request
Benevolence
124,112
• Successfully filed for the Federal Employee Retention Tax
Credit, still waiting for the requested funds.
Note: dedicated offerings
of $75K included in board
budget and Other Income
Christian Social Action
27,100
Per submitted Board budget
request
Other Boards /
Committees
24,750
Added cost of Congregational
meals and guest speakers over
2023 Budget
IT and Admin
Operations
120,200
• Continue to collaborate with the Trustees in implementing
the new Cash Management Policy resulting in better investment
returns on idle cash and more secure coverage by the FDIC
on the Church’s bank account.
Building / Operations
441,625
Audio Visual and
Communications
39,500
• Overall, 2024 was a successful operating year for the church,
as the operating results came in better than the budget. While
the Plymouth Church Foundation had approved a Sustainability
Grant to cover the anticipated budget shortfall in 2024, the
Board of Trustees determined it was not necessary to draw
against the Sustainability Grant in 2024.
All Other
7,500
Total Expenses
2,778,950
Jim keeps Jared, the Trustees, Executive Committee, Church
Council, and all the other Committees current on the financial
happenings at Plymouth. Jim meets regularly with the members of
the Plymouth Foundation Board and Investment Committee. And
Jim tries to keep the various other ministry committees apprised of
their financial activity on a monthly basis. Jim is also involved in
Human Resources and employee benefit administration.
2024 Finance Updates (Highlights):
• Set up the Plymouth Church Foundation general ledger
on the church’s existing financial software for consistent
reporting of both business entities.
• The Plymouth Church Foundation and Plymouth Church
Dedicated Funds were moved from UBS to the Community
Foundation of Greater Des Moines in the summer of 2024, and
we are pleased with the results. The Community Foundation
has many resources which improve our cash flow and are a
good fit for our on-going needs.
Surplus / (Deficit)
(294,200)
Per B&G budget and Admin/
Ops submitted budget
w/$38K of identified savings
Plymouth Foundation
Sustainability Grant
Funds are approved up to
$300,000 if needed
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