March 2015 Mars Hill Treasurer's Report

with February 2015 figures:         

This report covers the month of February 2015.  The American Midwest Bank checking account is our primary operating account. Accounting is done by the American Midwest Bank Tax and Payroll Department. This account includes funds transferred from the Building Fund at Edward Jones to facilitate paying capital project bills. Our Building Fund major funds and the Endowment Fund are managed by Edward Jones.

Receipts through February 28, 2015

We have received 40% of the pledged amount and 20% of the total budgeted receipts by the end of the two month period. February receipts were $5,400.30. Operating receipts through February 2015 total $44,412.

Disbursements through February 28, 2015

Total operating disbursements for the two month period were $47,444 which is 21% of the budgeted amount. February disbursements were $28,048.71.  The difference of receipts under disbursements for the month was $22,648.Year to date we have spent $3,032 more than we have received.

Building Funds

The balance in the Edward Jones Building Fund at the end of February was $44,158 - $30,000 in CD's and $14,158 in the Money Market Fund. The total balance of all Building funds including $6,826 in the American Midwest Bank account is $50,984.  During the month we received contributions of $245 in the regular building fund which includes memorials. There were no disbursements from the Building fund in February.

There is a balance from a recently matured CD in the Edw Jones Money Market which will provide funds for the driveway sealing slated for Spring 2015, and for more signage around the property. The $10,000 CD which matured in March 2015 was rolled over by Edward Jones into a new 3 year CD, maturing in 2018, as the Vestry approved  in February.

Endowment Fund

The value of the Endowment Fund at the end of February was $2,098,531. The increase in value for the month of February 28, 2015 was $63,754. Net increase was $56,840. The value of the Endowment Fund is up to the level where it was last summer. We have not taken any allocations from the Endowment Fund yet this year, but plan to soon for cash flow.

Apache Stock - The 5.921 shares on deposit with the company were valued at $390 on February 28, 2015. We received a dividend of $1.47 in February which was reinvested.

On February 28, 2015 the balance in the AMB checking was $14,843.34. The Flower Fund balance was $38.85; Discretionary Fund was $437.26; Columbarium Fund was $1,464.30.  The Garden Fund has a -0- balance.  Building fund portion in the checking account was $6,825.81 and Operations balance was $6,077.12.