There are just certain yearly actions that we hate to do but yet they are necessary….annual physical exams, dental check-ups, taxes, spring cleaning. And when it is over, there is a feeling of accomplishment and often peace of mind.
Similar to us humans, FUMCFW has annual actions that must be done in the way of management and maintenance. One important activity that serves as a check on our financial well-being is a formal financial audit.
The 2022 Consolidated Financial Statement Audit was presented to the Commission on Finance (the official name of the Finance Committee) at the August meeting. Initial comments made by Bryan Baughman, a partner with PSK Accountants and Advisors, were positive and straight forward:
“PSK’s report includes an unqualified (clean) opinion on the financial statements. Journal entries related to GAAP conversion and were not the result of errors. We are also pleased to report that there are no weaknesses or deficiencies to report. The scope of the audit includes obtaining third party support for all material balance sheet accounts. We also perform tests of controls and analytical procedures related to the income statement. Finally, we perform special procedures aimed specifically at the local church to ensure compliance with IRS regulations and good stewardship practices.”
Hopefully, this is not a surprise to you, but it is still something to celebrate. First Church accounting is not a simple matter. There is much to keep track when you are overseeing a $5,000,000+ operating budget, receiving and recording $11,000,000+ in revenue with some being restricted, and accounting for all operational expenses.
Steve Fagan, FUMCFW Director of Finance, summarized the annual financial check-up by saying, “We are blessed that because of our members’ faithful giving and the Committee’s expert oversight, the church is financially strong. This good news makes it possible for First Church to focus on our true spiritual charge which is making disciples and transforming the world through Christ’s love.”
For those of you who enjoy pouring over accounting reports, you can find the 2022 audit on the church’s website at https://fumcfw.org/finance/.
On behalf of the Commission on Finance and the Business Office, we thank you for your generosity in the way of your time and financial support.
Together through Christ,
Nancy Fisher
Director of Stewardship
