Financial Report

Financial Highlights

1. For 2023, and 2024 we had a net loss from normal operations.
2. In 2024 we sold our Bishop's Parsonage in Bayside resulting in a net gain with extra ordinary activities. Prior to the sale we needed to maintain the property to prepare it for sale.
3. The tenant of our Blake Avenue property ended their lease during 2024 resulting in loss of rental income from that property.
   • 2023 rental income was $278,496
   • The building was vandalized requiring repairs
   • Property is now subject to NYC property taxes
4. Congregational giving does not cover the Atlantic District's operating expenditures.
5. During the last three years our active fund-raising activities have been limited, as policies and procedures have been enacted through the work of the Atlantic District's new administration to safeguard the funds of the Atlantic District and to advance best practices for the financial stewardship of the Atlantic District's financial resources.
6. We are thankful that the support provided by the Congregations during 2024 exceeded the amounts given since 2020.
7. We are thankful for the support from Congregations that have begun supporting the Atlantic District financially.
8. We are particularly thankful for Congregations that have increased their financial support.
9. We are especially thankful for the on-going individual gifts from donors who have supported the Atlantic District.
10. All these things have happened while we have been coming back from the pandemic and many Congregations have decreased in the number of members in the Atlantic District, our Synod, and throughout our country.
11. The Atlantic District is working to face these financial challenges.
    • We review our expenditures to ensure they support our overall mission.
    • We are examining our current funding model in order to reform it so that we may sustain support for our mission.
    • Reducing non-essential spending; sta members who have left have not been replaced.
    • Witness in the Public Square event has been adjusted to be more cost effective while supporting the mission of the Atlantic District.
    • Through careful use of our financial resources, we have insured our mission has not been impeded as we have brought resources to missions, congregations, and church workers.