First Baptist Church wrapped up the 2022-2023 fiscal year on June 30 and began a new year on July 1. The end of the fiscal year prompted conversations among FBC’s treasurer, finance and stewardship team, and staff about church finances and giving patterns. Besides evaluating the end of the fiscal year, two additional circumstances encouraged these conversations.
First, at FBC’s Annual Meeting in May, FBC lay and staff leadership pledged even more transparency when it comes to the church’s financial picture. Second, during the last year, FBC experienced nearly an 11% decrease ($38,000) in giving, attributed largely to the loss of some long-time givers through death and moved memberships. The decrease has continued into this current fiscal year.
The chart below shows giving patterns from the last seven fiscal years:
As you may have noticed these past several weeks, a new section called “Giving Matters” has been added to the weekly Update and worship guide showing budget requirements, contributions, and the difference between those two numbers. The intention behind publication of these figures is to demonstrate increased transparency and clarity about FBC’s financial needs and giving realities.
The numbers we will publish each week are based on a giving budget of $329,000 for the current fiscal year which runs from July 2023 - June 2024. When broken down, the church needs $6,326 in weekly tithes and offerings to fulfill the approved annual spending plan, which is a separate need from pledges and gifts to the capital campaign. So far, the amount we have collected is about $10,000 under our budgeted amount.
First Baptist Church is blessed with excellent financial leadership and receives steady income from the ground lease with The Drake (apartment building next door on FBC’s property). Because of these assets, we were able to adjust this year’s budget to compensate for the shortfall in giving and even managed to create an Operating Reserve for unforeseen capital needs in the future. However, if current trends continue it will become necessary to begin the process of revising this year’s budget to accommodate the decreased pattern in giving.
Generosity happens not only in financial areas but also through time, talent, attention, aid, and encouragement, etc. No matter how we give or how much we give of these, giving is giving. Today FBC especially needs our financial faithfulness. Your gifts always make a difference inside and outside the church walls.
You can give to First Baptist in a number of ways:
Placing money in the offering plate in worship on Sunday
Making an online gift through http://Tithe.ly (see Give — The First Baptist Church Washington DC for instructions)
Texting the word GIVE to (833) 909-2679
Donating stocks
Giving from your IRA
If you’d like to talk more about how to give, learn more about the church budget, or ask other questions, please reach out to Pastor Eric (eric@firstbaptistdc.org).