• ​2018 was an investment year for us as we launched our youth ministry

• Income will be less than expenses for the first time in LiveOak's history (further details below)

• Please consider whether you can help us close the gap before the end of our year (August 31).

 

As we approach the end of our fiscal year for LiveOak Church (August 31, 2018), we must reflect on the past year and think to the future as we budget for fiscal year 2019.  LiveOak has always operated very lean and 2018 was a year of investment for us as we created our youth ministry.  As such, we knew going into 2018 that it would be a stretch to not end the year in a negative position.  While we budgeted to break even, we believed that if we could cover at least 50-70% of the expense increase in 2018, we should be able to dip into savings a bit in 2018 and cover the rest in 2019 since expenses in 2019 are not expected to increase over 2018.  The chart below shows you a 6 year history of our finances and calls out significant items in each year.  As you can see, income for 2018 has not covered our planned expenses and we also funded a significant unplanned increase in our benevolence spending in 2018.  

 

While building 2, the playground and other capital improvements have been paid for with cash, we do maintain a mortgage related to the construction of building 1. One of the factors that the mortgage company obviously looks at each year is our net income or net loss.  2018 will be the first year that LiveOak has had a net loss.  Therefore, before we actually reach the end of the year, we are asking each member/regular attendee to consider whether this is the time when you can make an extra one-time contribution before the end of August to help us close the gap and/or increase your regular giving as we head into 2019 to ensure that we break even in 2019.  While we want to make up any part of the shortfall that we can in 2018, it is even more important that we ensure we reach break even for 2019.  Soon we will be rolling out our pledge request forms for 2019 and we ask that each of you complete that form to help us plan.  As always, we greatly appreciate all of the gifts that you bestow upon LiveOak... time, talents and treasures.  If you have any questions, send an email to treasurer@liveoak-church.org.