2023-2024
Year End Report 

As we reflect on the past fiscal year at Faith Bible, gratitude fills our hearts for all that God has done. His faithfulness has been evident in every step we've taken, every challenge we've faced, and every victory we've celebrated. We're immensely thankful for the unwavering support and faithful giving of our church community, which has enabled us to continue to build generations of Jesus followers who take grace to our world.

Looking ahead, we're filled with anticipation for what God will do next. We trust in His plans and provision, knowing that He will continue to guide us as we seek to serve Him faithfully. As we embark on this new season, let us continue to develop disciples who are passionate about making other disciples, let us depend on Him to use what we have for the benefit of others and let us connect the relevance of the Gospel to the felt needs of our city.  Together, let's continue to walk in faith, unity, and love, confident that the best is yet to come.

John Romain
Elder Chairman

I’ve been a member of Faith Bible Church since 1991, and as part of the Finance Committee for many years I’ve had a front-row seat to the growth of the church and numerous, related changes. The church is in its 5th decade and the journey of Faith Bible has included many challenges over the years. There are several things I’ve observed, however, that have remained constant:

• Faith – a degree of uncertainty is always present when planning and adopting a budget.  After careful consideration and deliberation, a faith-based approach has consistently been taken that God will provide the necessary resources, and He has done so abundantly. 
• Stewardship – conscientious management by the Staff has resulted in expenditures being under budget year after year.
• Generous giving – God has faithfully provided for the needs of Faith Bible through the generosity of its members.

The fiscal year recently ended in March has been no exception. Giving was $12,000 shy of our target of $6 million, and operating expenses were $439,000 under budget.
 
In 2022, $1.2 million was borrowed on a revolving line of credit (LOC) to complete the renovation of Phase I following freeze damage sustained in the Winter of 2021. Surplus general funds were used last fiscal year to reduce the LOC to a zero balance, leaving the bank loan to build the Worship Center as the remaining debt owed by Faith Bible.

Construction on the Worship Center began in 2014, costing $12.1 million. A building campaign raised $5.6 million, and $6.575 million was borrowed to complete the project. The loan began to amortize in 2016 and as of June 2024, the loan balance is approximately $885,000 as depicted in the following graph, and at the end of the current fiscal year the balance is projected to be $630,000.

Debt retirement is a goal we would like to achieve as soon as possible, and as you can see above, we are getting closer. Once the debt is eliminated funds can be redirected to provide additional resources to Missions, the strategic plans of our various ministries, and to bolster our contingency fund.
 
For fiscal year 2024-25 a budget of $6 million has once again been adopted, and our fiduciary responsibility is already being tested. The new budget includes an expected increase in property insurance premiums for the policy that renews each June. The new rates, however, are 54% higher than the budgeted premiums. This is an example of unforeseen events that have budgetary impact and is another reason we desire to be debt-free. Not having to make loan payments preserves surplus general funds for the unexpected surprises that often occur.

We are grateful for the generosity of so many over the years that have contributed to the construction of the entire campus, which in the aggregate cost over $26 million, and who continually provide the resources to fund the operation of the church

Michael Kowalski
Treasurer

Last August we kicked off the fall semester by refocusing the church on the mission that we believe Jesus has called us to. This is a statement that you hear a lot around Faith Bible Church and it drives the vision of everything we do.

We build generations of Jesus followers who take grace to our world.  

I love this statement because it summarizes what Jesus calls us to do. Since August we have seen God work through so many different avenues here at our church. We have seen people saved, we have lots of new people serving, lots of new people engaged in community, a tremendous growth in new members, growth in our worship services, and so much more. Our church has rallied together around the mission that God has called us to and we’re seeing the fruits of what happens when the people of God come together. Thank you for all that you have done and the part you have played the past year.  
 
I believe this next season is going to be even greater and believe we will experience growth like we have never seen before. To accomplish this, we need everyone joining together and using their unique gifts and abilities. What will your next step be in helping us accomplish the mission? Whether that be teaching in kids ministry, taking a mission trip, leading a small group, or giving financially, we are asking everyone to jump into this mission in a way they never have before.
 
It’s going to be a great year, and I’m excited to see what God does through Faith Bible Church in the coming year.