Decline slowed after increased financial support from congregations.
Thanks to our faithful supporters, the decline in our finances for the first half of 2023 was not as bad as we had expected. Renewal Fellowship lost $17,288 from January to June compared to a budgeted loss of $26,552.
Part of the reason for this is the increase in donations from supporting congregations. We received an additional $4,300 over 2022. (This does not include gifts received during the summer.) And while individual and family donations are lower overall, we did receive some significant increases from a few donors. God bless our donors. The support is humbling.
Unfortunately, the financial decline continues. Our cash reserves – which keeps us afloat – continues to decline. During the first half of 2023, the bank balance went from $46,200 to $34,600. Clearly, the current rate of spending is unsustainable.
Some other notable facts:
- From January to June, our membership declined 18 per cent, which is not quite as fast as expected. On the positive side, our remaining members are on average giving a bit more.
- January-June we lost $17,300. We had expected to lose $26,600. Last year in this period we lost $14,700.
- The Annual meeting and Renewal Day did not attract as many people as planned and as a result, costs were much less than we planned. Our plan was to break even but we made over $700.
- The executive director’s road trip to General Assembly in Halifax cost $300 less than budgeted.
- Renewal’s cash reserve exists largely due to two sizable bequests: $50,000 in 2016 and the same amount from another estate in 2020.
Renewal Fellowship’s board of directors meets in person November 4-5 at St. Paul’s Presbyterian Church in Simcoe Ontario. Our future will be the main item on the agenda. Please pray for the board. Their names are listed on Page 8. We ask that you grant them the ability to clearly discern God’s Holy and Perfect Will for our mission to the PCC.
How do we adapt to a different financial climate and yet remain as a voice of encouragement for those who adhere to authentic Biblical thinking, who practice powerful and Spirit-led prayer and effective Gospel witness?