Page 10 - 2016 Annual Report with Financials - Booklet

Treasurer
Mike Weber, Treasurer

Income and Expenses
Two income and expense spreadsheets are following. The larger spreadsheet (page 11) shows the
budgeted and actual income and expense items for 2016. Our deficit was $51,431 compared to the budgeted
deficit of $64,803. These numbers are on a cash-basis.

Our budgeting process, however, reflects accrual accounting. In the smaller condensed income and
expenses spreadsheet (page 12), I make various adjustments to reflect accrual accounting. After making
those adjustments, our deficit was $36,421

Examples of these adjustments include the timing of rental income and pension and health insurance
payments. In 2016, the January payment of $2,181 for the steeple rent was received and deposited in 2015,
thus I added that amount to our income total. In addition, $3,950 of 2016 pledge income was received just
after January 1. On the expense side, an adjustment was made for pension and health insurance payments.
Although Alejandra left his position in July 2015, we didn’t receive the refund of $8,628 for his pre-paid
benefits until 2016. In addition, the church made five quarterly payments to the Pension Board in 2016 (due
to the timing of when we received the bill and when the check was written) - thus we incurred an extra
expense of $17,663. The net of these expense changes was a reduction in expenses of $8,879 which you can
see if you compare the “Total Expenses” line of the two reports.

Balance Sheet
Our balance sheet remains healthy. As of December 31, 2016, our total reserves were $646,255, compared
to $797,328 at the end of 2015. (Our reserves are the amount of assets we have less our liabilities and for
which no specific purposes has been specified. For this reason I have combined the “21st century fund” and
the “other reserves” amounts in this report.) Assets for the McDowell Fund were $86,615 on December 31,
2016 and $81,755 on December 31, 2015.

Acknowledgements
As is true every year, many people play a role in making the treasurer function work at Westmoreland.
Many thanks are owed to Ed Moyer, Leon Goodson, Pete Davis and Jeff Brindle and all of the Sunday
tellers.

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