Semi-Annual Financial Report:
July 1 through December 31, 2007

By Mark Tuggle & Bob Shee

For the first six months of this fiscal year, Undesignated Giving to the General Fund totaled $879,475, which fell short of our $940,921 Budgeted Giving by $61,446. As a result of this budget shortfall, the staff reduced expenditures and several positions were eliminated. The Elders and Pastoral Leadership Team are continuing to ensure fiscal responsibility while continuing to build mission-oriented ministry as resources allow.

PIE CHART A shows Total Giving (Designated and Undesignated) and Revenues for July 1 through December 31, 2007.

PIE CHART B shows how the money was spent. Please note that Operations does not include depreciation (a non-cash expense). Although we do not write checks for depreciation, the campus depreciated by $95,238 between July 1 and December 31, 2007. Moving forward, we need to start funding depreciation to allow for replacement of capital items to properly maintain the campus.

Also, please note that 10% of our expenditures is for debt service, which includes both the principal and the interest portions of our loan. The mortgage balance as of December 31, 2007 was $1,683,706. The interest rate for 2008 dropped to 6.05%. Even though we are not meeting budget, we continue to make extra payments to principal each month in an effort to retire the debt more quickly and free up funds for additional ministry.

As was previously reported, the Elder Board approved a budget for the General Fund for the current fiscal year which began July, 1 2007 of $1,802,000 or $34,000 per week. Our current giving to the General Fund for the fiscal year thus far is $879,475, resulting in an average of $32,573 per week.

If you have any questions concerning this report or church finances please contact Mark Tuggle or Bob Shee.

Elder Meeting Open Session Notes: January 2008

Submitted by Mark Stephens

The January 22, 2008 Elder Meeting Open Session began at 7:00 p.m. with devotions led by George Brown. We welcomed visitors, then Mark Tuggle began the Executive Session with a Vice Chair Nomination.

A quorum being present, and George Brown agreeing to accept the position, a motion was made to select George Brown as the Vice Chair of the Pulpit Rock Church Elder Governing Board. The motion passed unanimously. George Brown has now assumed the position of Vice Chair of the Pulpit Rock Church Elder Governing Board.

Mark Tuggle extended a special welcome to our new Lead Teaching Pastor, Thomas Thompson. We moved on to discuss the Colorado Wranglers:

• Good progress is being made in the reconciliation process between the Colorado Wranglers and the owners of the Flying W Ranch.
• The Wranglers expressed their thanks to the board for encouraging the reconciliation efforts and for the ministry partnership.

Next item for discussion was the matter of worship services. We planned to continue conversation with the church at the Family Meal and Meeting on January 27. It was last March when we consolidated services, so it was good to hear our congregation's perspective of how things were going. Each table had an Elder or Pastor present to record comments/responses.

George Brown gave an update on giving and finances. The next six months are critical and will be challenging. The staff has done well in keeping spending very close to the net income.

Wes Sawyer, Charter Organization Liaison Representative for Boy Scout Troop #71, shared their appreciation for the great relationship they have had with PRC as a ministry partner and expressed gratitude for the use of the facility. We discussed ways to raise the profile of the Boy Scout ministry within the church. Their ministry offers opportunities for dads and moms to enjoy outdoor activities with their sons.

Pulpit Rock Church has a high percentage of Eagle Scouts in Troop #71 with total membership at 35 boys. The troop meets on Monday evenings in room 115.

Larry Amundson closed the Open Session in prayer at 8:10 p.m.

If you have an agenda item you'd like the board to consider, email it at least a week in advance to elders@pulpitrock.com.