Annual Report 2023-2024-DIGITAL - Flipbook - Page 13
FINANCE DEPARTMENT
JIM DENMAN & JEFF RODMAN
The year 2023 brought both new members of the Finance team
on board. Jeff began at the end of February and Jim started the
first of April.
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.
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.
2023 Finance Updates (Highlights):
• Budget process of reviewing Ministry Action Plans and
their corresponding budgets was successful in developing
the 2024 Operating Budget. Thanks to all our Board and
Committee leaders!
• New General Ledger Accounts were added to help Building
and Grounds and Children, Teens, and Families better tract
their expenditures verses budget.
• Jeff and Jim assisted in the successful Stewardship campaign
keeping the committee abreast of statistical progress along
the way.
• Successfully filed for and received the Historical Tax Credit
related to the Tower Project.
• Moved the Plymouth Church 403(b) Retirement Plan from
Envoy to OneAmerica resulting in lower administrative costs
charged to our employees.
• Collaborated with the Trustees to implement a 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.
• Implemented a Quarterly Cash Flow Analysis for the Plymouth
Foundation to ensure that there is liquidity in the Foundation’s
investments at the time the Church needs funds.
• Overall, 2023 was a successful operating year for the church,
as the operating results came in better than the budget.
2023 Budget Income and Expenses
Income
Line Description
2023 Final
Budget
Pledges
1,847,812
Non-Pledge Gifts
102,325
Foundation Stewardship
Matching Grant
175,000
Comments /
Key Assumptions
Other Income
149,750
Assumes increases in building
use, plate offerings, bequests
($20K), and discretionary
funds usage of $15K
Foundation Grant
Income Received
25,000
Includes $25K for other
TBD grants
Total Income
2,299,887
Expenses
Line Description
2023 Final
Budget
Comments /
Key Assumptions
Total Personnel
Expense
1,880,666
Includes 4% raise pool,
updated benefits costs,
special function staff
Christian Education
28,600
Per submitted Board
budget request
Membership
4,075
Per submitted Board
budget request
Music and Fine Arts
36,550
Per submitted Board
budget request
Benevolence
125,000
Note: dedicated offerings
of $75K included in board
budget and Other Income
Christian Social Action
29,488
Per submitted Board
budget request
Other Boards /
Committees
9,850
Placeholder — flat to
2022 budget
Building / Operations
524,873
Per B&G budget and
Admin/Ops submitted
budget w/$25K of
identified savings
All Other
7,500
Total Expenses
2,646,602
Surplus / (Deficit)
(346,715)
Plymouth Foundation
Sustainability Grant
Funds are approved up to
$350,000 if needed
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