Sun Lakes United Methodist Church
Summary Financial Report as of 12/31/2008
Financial Assets, Liabilities and Net Worth of Church
Assets:	12/31/2007	12/31/2008	Change
Cash & Investments:
Dedicated Funds:
Endowment Funds	$     132,539	$     118,852	$      (13,687)
Multi-Purpose Educ. Building Fund	$     203,473	$     153,420	$      (50,053)
Gift to the Church through a Trust	$       50,000	$                  -	$      (50,000)
Major Maintenance Reserve Fund	$       49,326	$       50,806	$         1,480
Missions Funds	$       36,601	$       32,725	$        (3,876)
Other Dedicated Funds	$       31,187	$       22,304	$        (8,883)
Total Dedicated Funds	$     503,126	$     378,107	$   (125,019)
Operating Funds	$     121,040	$     103,523	$      (17,517)
Total Cash & Investments	$     624,166	$     481,630	$   (142,536)
Fixed Assets in Use after Depreciation	$  3,767,463	$  3,703,233	$      (64,230)
Multi-Purpose Building in Progress	$                  -	$     869,367	$     869,367
Total Assets	$  4,391,629	$  5,054,230	$     662,601
Liabilities and Net Worth:
JP Morgan Chase Bank Loan	$                  -	$     515,076	$     515,076
Net Worth of Our Church	$  4,391,629	$  4,539,154	$     147,525
Total Liabilities and Net Worth	$  4,391,629	$  5,054,230	$     662,601
(1) Note:  The Gift to the Church through a Trust received in December was transferred
$25,000 to the Endowment Funds and $25,000 to the Miuti-Purpose Educational
Building Fund in January.
(2) Operating Funds at the end of 2007 were $121,040, or $17,517 greater than 2008.
(3) Income from Tithes and Offerings were short of budget by $2,334 or 3 tenths of 1%.
Other operating income was short of budget by $3,666.
Income and Expenditures Twelve Months Ending December, 2008
	Actual	Budget	Over/(Short)
Income to Operate Our Church	$     778,020	$     784,020	$        (6,000)
Expenditures:
Operating Expenses	$     721,679	$     725,598	$        (3,919)
Mortgage Monthly Intr. & Princ. Payments	$                  -	$                  -	$                  -
Mortgage Prepayment from Oper. Funds	$                  -	$                  -	$                  -
Transfers to Multi-Purpose  Bldg. Fund	$       72,000	$       72,000	$                  -
Fixed Asset Additions	$         1,858	$         6,000	$        (4,142)
Total Expenditures	$     795,537	$     803,598	$        (8,061)
Net of Income Less Expenditures	$      (17,517)	$      (19,578)	$         2,061
Bob Campbell - Finance Committee 1/19/2009