ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Financial Best PracticesOctober 5th, 2013

Clergy – Laity Conference

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Overview

• Challenges - Need for Change• Team Commitment• Best Practices• Recommendations – Next Steps

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Parish Goals• Excellent Attendance and

Participation in Sacraments• Enthusiastic Participation in Activities

and Ministries of the Parish• Enthusiastic volunteering of time and

talents• Number and spiritual growth of the

parish

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Parish Committees

• Stewardship• House and Grounds• Finance• Food Festival• Technology

Website

• Ecclesiastical• Book Store• Youth Support• Greek School• Contracts / Legal /

Church by Laws

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Financial Systems

• Transparency• Outsource Financials • Basic Accounting Principles• YoY/ QoQ /MoM/ Reporting• Financial Organization and Roles• Financial System – QuickBooks Non

Profit• Audit Procedures

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Finance Committee• Examine systems for

efficiencies/Modifications• Solicit expert opinion regarding money

market funds • Examine cost cutting strategies • Establish Financial Guidelines/Protocols• Give Guidance for Church Ministry

Accounts• Establish Checks and Balances• Perform Audit Procedures• Provide updates to General Assembly

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

2012 Stewardship

7%11%

16%

35%

25%

6%

400 Total Families

Under $100 (28)$100 to $149 (44)$150 to $249 (64)$250 to 499 (140)$500 to $999 (100)$1000 + (24)

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

2011 Stewardship Goals

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Snow Removal Fund

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Sample Food Festival

Revenue

Costs

Profit

$25,000 $75,000 $125,000 $175,000 Revenue Costs Profit

2013 175000 80000 95000

2012 172823 93010 79813

2011 177253 93833 83420

Food Festival 3 Years

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Profit &Loss2012

Revenue $550,859

Expenses $592,661

Net Income ($41,792)______

Stewardship $110,625

2010Revenue $488,589

Expenses $477,135

Net Income $11,454______

Stewardship $126,180

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Fundraisers2010Revenue $41,616

Expenses $16,265_____

Profit $25,351

* Excludes Food Festival

2012Revenue $48,912

Expenses $21,301______

Profit $27,611

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

House and Grounds Improvement

* Full Time Janitor** To Date*** Ending 10/31/11

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

House and Grounds

ANNUNCIATION GREEK ORTHODOX CHURCH BROCKTON MA

Projected Savings Energy Plan

• $25,000 value of fixtures, lightings, Motion Sensors (interior and exterior)

• $6,500 cost to the church – Payable in 24 months interest fee.

• Annual Savings of $3,500. • 2 Years the program will pay for

itself!