Money Matters 8/1/2025
Money Matters – Strong Fiscal Year End (6/30/25) Results!
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Thanks to the generosity of our members and friends, 2U closed the budget year strong resulting in a healthy and welcome operating surplus of $50,922. This was our highest revenue total in the last 6 years (excluding capital donations)!
For the year, revenues exceeded budget by notable amounts in these categories:
Pledges: +$36,743 with $8,277 paid early for FY 25-26
Collection Plate: +$12,517 good attendance helps!
Fall Festival +$13,797 (aided by $7,500 match for paddle raise)
Space Sharing +$11,430 despite construction
On the expense side, we saved $ vs. budget on the Sound/Digital Producer (late hire), cleaning service thanks to the fantastic work by Bill Crowe, accounting service (thanks to Diane Sander) and on mortgage interest (calculation error).
A bequest from Nanna Cross of $26,928 was received and used to create a Music Fund per her wishes along with an increase in general reserves. This is not included in the revenue shown above.
How did the Board Allocate the Surplus?
At its July 21 meeting and with input from the Finance Committee, the Board voted to allocate the $50,922 as follows:
Use it for the FY25-26 budgeted deficit of $18,961
Set aside $6,961 for a sabbatical reserve as we will spend all of the current $15,000 reserve in the coming 3 months
Add $25,000 to reserves for major building maintenance
What is 2U’s debt balance?
Our mortgage on June 30 was $71,038 and we reduced the principal by $18,404 during the year. This is the lowest balance in many years. We do expect to increase the mortgage amount to finish the capital campaign projects.
Capital Campaign Update
As of July 29, we have spent $789,054 on construction and work on the building and we have approximately $155,000 remaining in work to be done. Capital cash is now $102,182 so we have a gap to be filled with new borrowing, outstanding pledges, and funds from the Horcher bequest.
