2023 Financial Update

Dear West Siders,

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I am very pleased to report that, for the second consecutive year, West Side Church completed it's 2023 financial operations "in the black" with an operating fund surplus of $72,327 available to start the new year.

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Our 2023 Budget anticipated operating income from all sources would be $333,650. Actual receipts for the year totaled $415,908. We had budgeted for operating expenses of $379,898 which turned out to be $343,581.

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To highlight some significant details for these results, I should first mention that we received $33,400 more in Worship Service Giving than planned for in the Budget. Paid pledges from 34 members totaled $165,756 and contributions from 18 members using the Stripe bank debit system totaled $45,081. There were 53 non-pledging-but-identified members who gave $57,555. 2nd-Mile gifts and a contribution from an account at the Ann Arbor Area Community Foundation totaled another $34,613. What generous support from our congregation!

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Beyond the Worship Service Gifts category, our operating income benefited from increased rental and building use receipts of $22,752 (budget was $15,000) and greater interest income of $5,041 (budget was $650).

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The 2023 Budget planned on allocating $40,000 from Football Parking to the General Operating Fund and that's what the Leadership Board approved at it's December meeting. The remaining $30,326 from last fall's parking was allocated to the Trustees' Sinking Fund ($12,130) and the six ministry groups that participated in parking over the course of the season.

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We were blessed to receive $43,000 from bequests to West Side which were undesignated as to purpose. The Board approved adding this money to the General Fund. Our year-end surplus was due in part to these wonderful gifts.

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On the expense side, we paid 100% of our Conference and District Apportionments ($40,289). Staff-related expenses were almost $46,000 under budget while other categories were all reasonably close to budget expectations. In total, our operating expenditures were $36,317 less than we anticipated for the year, thereby accounting for a part of the substantial year-end surplus.

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How fortunate that our congregation continues to support all of West Side's ministries in the way we do. We pray that, with God's grace and guidance, our journey will remain one of great excitement and anticipation, knowing that we are truly "On the way there".

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Yours in Christian love,

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Jim Meretta, Treasurer

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This is what the Lord says: ‘Stand at the crossroads and look; ask for the ancient paths, ask where the good way is, and walk in it, and you will find rest for your souls.
-Jeremiah 6:16a

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