This annual report for St. Teklehaimanot Ottawa covers the financial year 2023/2024.
Membership:
There are 674 total members.
385 members (57%) are paying members.
289 members (43%) are non-paying.
146 members are online paying members.
Payment Methods (2023 vs. 2024):
Pre-authorized payments (PAPS) increased from 39% in 2023 to 51% in 2024.
In-person payments decreased from 61% in 2023 to 49% in 2024.
Revenue by Category (2023 vs. 2024):
Total revenue increased from $236,988 in 2023 to $261,330 in 2024, a 10% difference.
Membership contributions increased by 27%, from $63,095 in 2023 to $80,007 in 2024.
Tithes & Offerings increased by 13%, from $66,884 in 2023 to $75,362 in 2024.
Sales of Services saw a significant increase of 53%, from $35,890 in 2023 to $54,970 in 2024.
Donations increased by 21%, from $29,180 in 2023 to $35,366 in 2024.
Rental Income increased by 123%, from $4,478 in 2023 to $9,965 in 2024.
Government Funding decreased by 100%, from $27,732 in 2023 to $0 in 2024.
Other Income decreased by 42%, from $9,729 in 2023 to $5,660 in 2024.
Expenses (2023 vs. 2024):
Church Operations: Total church operations expenses increased by 3%, from $112,019 in 2023 to $115,743 in 2024.
Salaries and Benefits, Administration decreased by 7%.
Insurance increased by 28%.
Travel and Entertainment increased by 21%.
Supplies increased by 38%.
Internet expenses decreased by 41%.
Bank service fees decreased by 25%.
Equipment expenses decreased by 57%.
Building Operations: Total building operations expenses decreased by 15%, from $33,249 in 2023 to $28,934 in 2024.
Cleaning, Maintenance & Repair decreased by 5%.
Utilities decreased by 25%.
Overall Total Expenses: Total expenditures (Church Operations and Building Operations combined) slightly decreased from $145,268 in 2023 to $144,677 in 2024.
2020-2024 Trends:
Revenue has shown a consistent increase from $129,548 in 2020 to $261,330 in 2024.
Expenditures fluctuated, with a high of $147,275 in 2023 and a low of $82,596 in 2020, ending at $144,862 in 2024.
The excess of revenue over expenditure has increased significantly, from $4,512 in 2020 to $70,490 in 2024, despite a deficit in 2021 and 2022.
Amortization expense has also increased from $42,439 in 2020 to $45,968 in 2024.