2024 Statement of Activities
JANUARY THROUGH OCTOBER 2024
Income
General Tithe 178,703.85
Building Fund 64,200.00
Norman Carter Trust Fund 32,000.00
Mission Offering 7,287.95
Love Offering 4,458.70
Total Income 286,650.50
Expense
Worship
Equipment 503.93
CCLI 418.00
Training/Misc 55.10
Guest Worship Leader 300.00
Sub-Total 1,277.03
Outreach & Care
Post-service Lunches 4,800.67
Pre-service Snacks 580.14
Supplies/Misc 766.60
Sub-Total 6,147.41
Fellowship
Adult FNF 879.61
Anchor 521.20
Anniversary 854.45
GCLA Anniversary 235.00
Easter/Good Friday 933.74
Mother’s Day 903.00
Father’s Day 641.08
Church Retreat 18,214.50
Retreat Fees –13,428.25
Various Special Events 62.34
Sub-Total 8,962.22
Children’s Ministry
Sunday School Curriculum 275.62
Supplies 24.51
Easter Supplies 23.73
Holidays and Welcome Gifts 53.98
Miscellaneous Expense 81.32
Sub-Total 459.16
Finance
EFC GA Tithe 13,369.00
Printing/Stamps 67.75
Online Giving Fees 762.75
Sub-Total 14,199.50
Operations
Rent 21,300.00
Office Supplies 199.04
Internet/Website 431.87
Communion 112.00
Council Meeting lunches 397.20
Misc 325.06
Sub-Total 22,765.17
Missions
Global Recordings 7,750.00
Northwest Ascending 6,600.00
International Action 5,450.00
Rafiki Foundation 4,300.00
Live Global 6,600.00
Indopartners Agency 4,300.00
MRI 2,000.00
Missions Week 1,775.56
Sub-Total 38,775.56
Pastoral Office
Sub-Total 127,158.48
Insurance
General Liability Insurance 876.00
Sub Total 876.00
Total Expense 220,620.53
Net Ordinary Income 66,029.97
Other Income/Expense
Interest Income 24,218.31
Net Income 90,248.28
Original PDF: link (27 kb)
2024 Balance Sheet
As of OCTOBER 31, 2024
Assets
Current Assets
BoM CD 100,000.00
BoM Montreal Checking 1,961.00
PB Bank CD 262,949.69
PB Checking 122,164.80
PB Money Market 20,836.91
RBB CD 238,906.30
RBB Checking 1,172.87
Total Current Assets 747,991.57
Fixed Assets
Furniture & Equipment 18,400.77
Total Fixed Assets 18,400.77
Total Assets 766,392.34
Liabilities & Equity
Current Liabilities
Accounts Payable 0
Total Current Liabilities 0
Equity
Unrestricted Net Assets 384,019.94
Building fund 169,342.93
Mission Fund 122,781.19
Net Income 90,248.28
Total Equity 766,392.34
Total Liabilities & Equity 766,392.34
BoM: Bank of Montreal, PB: Preferred Bank, RBB: Royal Business Bank
Original PDF: link (22 kb)
2025 Budget
Worship
Equipment 5,000
CCLI Subscription 400
Training Misc 1,000
Sub Total 6,400
Equip
Conferences / Workshops 500
New Leadership Training 2,000
Books 600
Discipleship 1,500
Sub Total 4,600
Outreach & Care
Workshops 500
Local Outreach 500
Light lunches 8,000
Morning welcome snacks 1,500
Beverage (Water) 100
Supplies and Misc 1,500
Welcome Packages 100
Sub Total 12,200
Fellowship
Anchor Student Ministry 1,200
LIFT 500
Locker Room 500
Small Group Misc 500
GCLA 8th Anniversary 350
Christmas Luncheon 1,200
Art Night Outreach 550
Easter/Good Friday 900
Pumpkin Carving 500
Thanksgiving 500
Mother's Day 1,000
Father's Day 1,000
Various Special Events 500
Sports Sundays 200
Sub Total 9,400
Children’s Ministry
Sunday School Curriculum 600
Supplies 700
Easter Supplies 100
Misc Expenses 500
Appreciation Gifts 200
Workshop/Training 1,500
Sub Total 3,600
Finance
Check Printing/stamps 300
Misc 100
EFCGA Tithing 22,000
Sub Total 22,400
Operations
Rent 30,000
Printing and Reproduction 350
Website/Internet 750
Communion 200
Council Meeting Lunches 1,200
Miscellaneous 500
Equipment and Tools 200
Building & FFE 5,000
CA AB506 Requirement 2,000
Publicity - Direct Mailing 3,000
Leadership Retreat 1,000
Sub Total 44,200
Missions
Short-term Missions 5,000
Global Recordings Network 2,400
North Ascending Campaign 2,400
International Action 2,400
Rafiki Foundation 2,400
Live Global 2,400
Indopartners Agency 2,400
Mission International 2,400
Missions Week 3,000
Mission-Other 500
Sub Total 25,300
Pastoral Office
Salaries/Compensation 180,000
Honorarium Speaker 1,000
Interns & Part-time Staff 24,000
Pastoral Ministry Care Fund 500
Student Ministry Care Fund 1,000
Solicitors Love Fund 500
Sub Total 207,000
Insurance
General Liability Insurance 1,200
Sub Total 1,200
Totals
Total Expense 340,860
– Missions Dept * – 49,800
– Building Dept * – 16,600
– Love * – 0
*separate restricted funds
GRAND TOTAL 274,460
2025 Budget
Yearly Summary
| Department | 2023 | 2024 | 2025 |
|---|---|---|---|
| Worship | 6,300 | 7,600 | 6,400 |
| Equip | 4,600 | 4,600 | 4,600 |
| Outreach & Care | 13,000 | 14,200 | 12,200 |
| Fellowship | 14,127 | 14,750 | 9,400 |
| Children's | 1,700 | 2,400 | 3,600 |
| Finance | 12,650 | 16,120 | 22,420 |
| Operations | 60,200 | 61,150 | 44,200 |
| Missions | 21,100 | 25,300 | 25,300 |
| Pastoral | 185,000 | 203,000 | 207,000 |
| Insurance | 730 | 800 | 1,200 |
| TOTAL | 319,407 | 349,920 | 340,860 |
| – Missions fund* | -21,100 | -24,500 | -49,800 |
| – Building fund* | -25,000 | -20,000 | -16,600 |
| – Love fund* | -500 | 0 | 0 |
| GRAND TOTAL | 272,807 | 305,420 | 274,460 |
Report of Internal Auditor
To the Finance Committee
Generations Church of Los Angeles
Arcadia, California
November 5, 2024
I have reviewed the financial statements and other financial records (income statements, Balance Sheet, Trial Balance, bank statements, reimbursement receipts, deposit slips) of Generations Church of Los Angeles. My responsibility is to express an opinion on the audit.
For the 2024 audit I have selected 3 months of samples of cash receipts, cash disbursements, and payroll withholdings. They were consistent with bank statements and financial statements, and were properly documented and authorized. Proper segregation of duties are implemented by finance committee members such separating different staffs for bank deposits, cash disbursements, bank reconciliation, and dual authorized signatures in reimbursements. All audited materials were accurate and no irregularities were found.
Internal controls are strongly enforced and in compliance with policies and procedures set by the Finance Committee.
Tim Lau
2024 Internal Auditor
Signed PDF: link (32 kb)