An Update On Our Church Finances
For months, we anticipated that eventually our church giving would adjust to our drop in worship attendance. During COVID, many that had moved out of Boston continued to worship with us online and continued their financial giving. Now that former Cornerstone attendees are able to attend in-person worship, we have seen a drop in giving to Cornerstone.
Brandon Chuang (Leadership Team chair) and Pastor Bill met with a small task force to analyze the situation.
We project that if current trends continue into the next fiscal year without a change to our budget, our budget will exceed our giving by approximately $190,000. While this is a rather significant change in our church finances, it is not a reason for panic.
Throughout the last 7 years we have developed a healthy spreadsheet with some surplus giving
Our church continues to be healthy and growing
We have been spending considerably below our budget this ministry year, essentially matching giving changes.
What We Are Doing
We have created an ongoing Financial Health Task Force. This team will monitor giving real-time, seek creative new revenue streams (i.e. matching giving possibilities), attend to donor care to encourage generosity in our church, and make recommendations to the Leadership Team.
We are preparing a modestly reduced ministry budget for our next budget year. Please note, this still calls for faith while also anticipating spending down some of our reserve funds.
While we project some level of deficit spending for the next 2-3 years as we revitalize our church, we are not afraid. Our faith is not in our finances. Our faith is in our God - and we are confident in His sovereignty over Cornerstone.
What You Can Do About It
Please pray for our church's financial situation asking God to provide for all our needs from his riches.
Please prayerfully consider increasing your giving to Cornerstone so we can not just sustain, but actually, advance our mission to engage and love and equip and bless next generations to live lives of faith in God, mission with Christ, and beauty in the Holy Spirit.
We will keep you informed going forward together from here.
Brandon Chuang (Chair of our Leadership Team)