Our budget has deteriorated a bit further since the last quarter. This has started to create risks for our cash flow, and prompted us to put a hold on any discretionary spending until and unless the situation eases. All numbers are as of the end of June.

Budget, Income and Spending
Our income was $275,550, 93% of our budget of $296,728. Pledge payments have continued to slip, and are now $24,000 behind budget. Expenses were $296,332, 107% of our budget of $277,996 and a small improvement from the last quarter. This is due to a variety of high costs, including professional development, insurance, HVAC maintenance, and utilities. Overall, this means we had a net loss of $20,782, about $38,000 more spending than we budgeted for.

Assets and Liabilities
Asset balances added up to $174,152. This does not include the money in our endowments and other investments. This is about $18,000 lower than last quarter. Total liabilities were $175,420, up $7,000 from last quarter. Overall, we had -$1,268 in net assets, which included $20,782 in current year losses and $19,514 in net income from previous years.