Great Exchange Covenant Church Annual Meeting August 26, 2012 12:15pm – 1:15pm.

Great Exchange Covenant ChurchAnnual Meeting

August 26, 201212:15pm – 1:15pm

Mission & Vision

Pastor Doug Stevens & Pastor Ali Hasan

Mission:Our mission is to be an authentic, loving and vibrant church community that partners with God in transforming people of all cultural backgrounds and personal circumstances into committed followers of Jesus Christ, who serve locally and globally.

Vision:We are providing a home for multiethnic people in Silicon Valley and in the South Bay

We are growing the people in our fellowship through spiritual mentoring in all life stages

We are transforming our community for Christ through ministry to children and their families

Ministry Highlights

Jeff Liao

What to look forward to in the coming year

Pastor Doug Stevens

Financial Update &FY2013 Budget

Terrence Wu

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Overview information:

• Average church attendance: 160 Adults and 55 Kids (down 17% from last year)

• Average number of giving units down to 64 from 70 last year (down 9% from last year)

• Percentage of giving units at 40% (increase of 6% from historic information)

• Income was approximately $22K higher than prior year

Attendance Trend (FY2012 vs. FY2011)

Attendance Trend

0

50

100

150

200

250

300

350

Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

2010-2011

2011-2012

Tithing Trend (FY2012 vs. FY2011)

Tithing Trend

$0.00

$20,000.00

$40,000.00

$60,000.00

$80,000.00

$100,000.00

$120,000.00

$140,000.00

$160,000.00

$180,000.00

Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

2010-2011

2011-2012

Statement of Financial Position (as of 7/31/12)

Assets:Operating Cash $ 211,683Restricted Cash $ 72,749Unstoppable Cash $1,703,294Total Assets: $1,987,726Liabilities:Current Liabilities $ 614Credit Cards $ 189Pension Liabilities $ 1,590Net Assets $1,985,333Total Liabilities/Net Assets $1,987,726

General Operations (FY2012) projected

Actual YTD Budget YTD VarianceIncome:- General Tithe $701,000 $620,000 $81,000Expenses:-Facilities $171,000 $188,774 $(17,774)-Salaries/Benefits $357,500 $381,125 $(23,625)-Other Operations $ 26,575 $ 37,243 $(10,668)-Ministries $ 25,244 $ 50,023 $(24,779)-ECC Giving $ 70,100 $ 62,000 $ 8,100Total $650,419 $719,165 $(68,746)Net Income (Loss): $51K $(99K) $150K

Tithing - Projected vs. Actual (FY2012)

Projected vs Actual Tithing

$-

$20,000.00

$40,000.00

$60,000.00

$80,000.00

$100,000.00

$120,000.00

$140,000.00

$160,000.00

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

Mar-12

Apr-12

May-12

Jun-12

Jul-12

Months

Am

ou

nt Budget

Actual

Restricted Funds Accountas of July 2012

Leftover from ST Missions:

Kenya $18,730

Thailand $ 2,091

China $ 4,772

Cambodia $ 1,420

Nathan/Priscilla LT Cambodia Funds $41,953

Benevolence Fund $ 3,783

Total Restricted Funds $72,749

Unstoppable Funds (as of July 2012)

INCOME:- Unstoppable Funds (Principal) $3,978,361- Interest $ 192,862Total Income $4,171,223EXPENSES:- Campaign Expenses $ 144,478- Local Expenses $1,601,680- Regional Expenses $ 364,825- Global Expenses $ 356,946Total Expenses $2,467,929TOTAL UNSTOPPABLE FUNDS $1,703,294

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Budget Strategy (FY2013)

Budget income proposal-Based on average of $12.5k tithe per week. Average tithe is approximately $11,170 per

week over past 5 months.

• Budget expense proposal-Current church staff: 2 full time, 4 part time.

FY2013 includes budget for Transitional Pastor/Sr Pastor and PT Worship Director.

Focus this year is on our mission/vision and outreach.

Budget Proposal (FY2013)INCOME:

- General Tithe $737,500

EXPENSES:

- Facilities/Operations $214,406

- Salaries/Benefits $413,039

- Ministries $ 39,598

- ECC Giving $ 73,750

Total Expenses $740,793

NET LOSS $ (3,293)

*See handout for more details

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Budget Breakdown (FY2013)

Salaries/Benefits56%

Facilities/Ops29%

Covenant Giving10%

Ministries5%

Facilities/OperationsSalaries/BenefitsMinistriesCovenant Giving

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Ministry Highlights (FY2013)

Churchwide Events: Community Picnics, Harvest Festival, Operation Xmas Child, Christmas, Easter, Marriage Seminar

KidZone/Student Ministries: Curriculum, Training, Kids Club, VBS, Re:set Jr. High midweek gatherings

SaLT Ministries: SaLT Gatherings, CC Weekly Outreach Gatherings, Frontline Welcoming, Women’s Ministry, Small Group Budgets

Compassion, Mercy/Justice: City Team Outreach, Journey 2 Mosaic Scholarships, Missionary support, Missions Team Debriefs, Invitation to Racial Righteousness

Comp/Mercy/ Justice

8%

Christian Formation

5%

SaLT Ministries13%

Worship7%

CAM/Production6%

KidZone/Student Ministries

27%

Churchwide Events

34%

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Next Steps

Vote on budget proposal at next Annual Meeting on September 9, 2012

Additional questions? Contact Leadership Team

grxleadershipteam@grx.org

Q&A

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The best is yet to come!Thank you and God bless!