UFW Update: Financials

If you missed last Sunday’s town hall, you might want to read this. If you were at last Sunday’s town hall, you might still enjoy reading about the various accomplishments we made in more detail. In summary, as you have already heard me share, we are doing well.

For the past three months, we were able to record a positive net revenue for UFW, which is an incredible accomplishment considering we budgeted for a deficit of close to $7,000 each month for the year of 2020. We are saving anywhere between $7,000 to $10,000 per month over budget depending on various factors, including adjusting services we discontinued or replaced. At the same time, we are cautiously optimistic about our future, celebrating our savings while also understanding that we still have a few hurdles to take until we are out of the woods or the iceberg field as I like to call it.

It is not without saying that much of what we accomplished is thanks to you, our dear congregation, who continues to support us financially and otherwise. So, thank you for believing in us and continuing to support our mission. I also want to mention the incredible work that our board of trustees has done to make this happen. The board’s responsibility is to oversse church operations for which I am responsible. The board advises and strategizes when it comes to the future of UFW. As such, our board of trustees is and has been an important part of this success, recognizing the need for change and supporting me to implement those changes accordingly. So, please, when you get the chance, thank your elected board of trustees for their tireless work in support of our incredible community.

Here are some of the accomplishments we are able to share with you that illustrate our financial wellbeing now and in the future:

  • We have applied and have been approved for the Paycheck Protection Program loan, covering payroll, utilities, and mortgage for two months, worth over $50,000.

  • We reduced our line of credit interest rate from 6.7% to 5%, saving us about $500/month.

  • We reduced our mortgage rate from 5.85% to 4.25%, also saving us about $500/month.

  • We switched insurers for our property and liability, saving us more than $10,000/year.

  • We reduced our utilities cost by hundreds of dollars each month due to a more stringent approach to energy control.

  • We are saving hundreds of dollars on phone lines, internet, web services, printing, and other smaller expenses that add up over time.

  • We consciously reevaluated services provided versus the needs of our community. Any naturally occurring transitions (e.g., resignations, stepping back, etc.) allowed us to recognize new opportunities of doing things differently, ultimately saving us thousands of dollars every month.

While we celebrate these accomplishments, I urge everyone to be mindful of the temporary nature of our current situation related to Covid-19. We are also coming up to the usually dreaded summer slump (financially speaking). My vision is that a large majority of our contributors change their regular one-time contributions to recurring giving so that we can move through any slumps without any concern. My previous community had a 85% recurrent giving rate, which helped us prevail through Hurricane Harvey and any other slump otherwise a concern.

I understand that the shift from giving on Sundays we are present to establishing a regular giving system as a sign of our support regardless of our attendance takes time. However, Covid-19 may just give us the motivation to do so. My vision is to reach 90% of recurrent giving of every member and beyond. Regardless of the amount, the regular contribution is what helps us keep our doors open in the long run. And, it is a true testament to our commitment to UFW. So, if you are able and willing, go to unityfortworth.org/donate and set up recurrent giving. It’s easy and takes less than one minute to do so. If you require assistance, contact our Tech Support team. They are more than happy to help you.

Feel free to leave a comment with your questions and concerns for further discussion. We appreciate your commitment, and we recognize the tireless contributions keeping us aligned with the Abundance that is already available to us.

Thank you,

Jean-Marie

Rev. Jean-Marie Schweizer
Senior Minister Unity Fort Worth

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UFW Update: Reopening Process