From The FPF Board of Directors: Year End Financial Update — Jeff Solscheid

As we enter the final month of 2024, this is a good time to take a pause to assess where we are as an organization as well as where we are going in 2025.  Over the next month, the Board and Executive Leadership Team will be praying, discussing and formulating a budget for 2025; in the meantime, we thought it would be good to share a brief financial overview of our operations year-to-date November 2024.

As with any non-profit organization, total revenues must equal total operational costs to be sustainable and viable.  With a few anticipated exceptions, FPF has been successful in delivering on this objective.  FPF’s revenue streams vary but are heavily dependent on Registration/Membership Fees and Contributions from Individuals and Institutions.  Approximately 83% of total revenues come from these 2 revenue streams.  Developing other revenue streams, such as rental income opportunities, coffee shop growth and special events are all being considered.

On the operating cost side, our first full year of operations in the new building has been one of key learnings and understanding of what our cost structure will be going forward.  While most expense increases were anticipated, one in particular was not - property taxes.  The unfavorable classification and therefore taxation on the new building added approximately $140K to operating costs or 50% higher than anticipated.  In addition, Building & Grounds expenses were higher than anticipated by approximately $60K, but most of which are not considered recurring expenses going forward.  

Bottom line, FPF is performing well financially but there are variables that cause stress during the course of the year.  Those variables include the unanticipated property tax burden, the high reliance of an unreliable revenue source (Contributions), and an operating cost structure that is nearly 70% fixed.  As a faith-based organization, our hope/faith is in Him and His provision.  He has not failed us up to this point and we know that He won’t fail us as we move forward extending His kingdom through FPF. 

If you are on the receiving end of this newsletter, I must assume you are connected to the FPF vision/mission.  Thank you for your partnership in this endeavor and know that none of what has been accomplished could have been done so without you!  

The vision that God has given us at Firmly Planted is a God-sized vision, and as such, it requires God-sized provision. We serve a big God, and we know He will continue to provide for the ministry, even as we face some unexpected challenges. A huge part of this provision is you! Thank you for your partnership in this endeavor. We know that none of what has been accomplished could have been done so without you!  

Finally, as the 2024 year end approaches, I would humbly ask for your prayerful consideration to include FPF in your charitable giving decisions.  I cannot think of a better way of positively impacting our community/country than through quality, God-centered education of young minds. 

FPF is a non-profit organization as defined by the IRS under tax-exempt under section 501(c)(3) of the Internal Revenue Code and all contributions qualify for favorable tax considerations when itemizing deductions on your personal tax return.  Please consult with your personal tax professional regarding how any contributions would impact your personal tax situation.

This time next year, we expect to be sharing more stories of God’s hand at work here at Firmly Planted Family. We hear testimonies all the time from parents who are finding success and freedom as they homeschool their children and participate in the community here. God has been so good to us, hasn’t He? Thank you for your part in all that God is doing—to God be the glory!

Blessings,
Jeff Solscheid
FPF Board Member

If you are over 70, have a retirement IRA, and want the best tax savings strategy for giving, contact Skye Dahl at Ameriprise. He can also help you donate appreciated stock to Firmly Planted Family and avoid Capital Gains taxes.

Skye Dahl
Precept Wealth Solutions
Phone | 360-713-5509
Email | skye.t.dahl@ampf.com
A private wealth advisory practice of Ameriprise Financial Services, LLC
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