I am excited to begin this new and challenging year together serving as Chair of the Wesley Finance Committee. There are some mighty big shoes to fill in following Vicki Ward. She has done an outstanding job throughout the past few years, and we all love and appreciate her for that. I have enjoyed serving on the Finance Committee for the past two years and working with Pastor Chris, Vicki and the entire committee.
I was previously the Office Manager for First United Methodist Commerce 1992-2002 where I served as Financial Secretary giving me some history on church finances. And, now I look forward to serving in my new capacity as Chair of Finance at Wesley.
Onward Building Fund Update
The Finance Committee celebrated great news about our Texas Methodist Foundation Loan Balance at our meeting on January 26th. In January 2020, our balance was $1,257,675. By December 31, 2020 it was $964,784.02. We crossed the million dollars mark in 2020. What a great accomplishment! And, the interest on the loan decreased from $5,605/month in January 2020 to $3,208/month in December! We received more good news: our Financial Secretary Mary Wilson, reported after paying the January 2021 payment, the loan is at$910,000, further reducing our interest payments to $2,400/month. What this means is that much more of your Onward Building Fund Campaign contributions will be going to the principal as you fulfill your pledge.
2020 was a bumpy year and all things considered, we ended the year above expectations as budget adjustments were made. Looking forward to what 2021 holds!
Blessings,
Sharon Smith
Chair, Wesley UMC Finance
