Finances & OPERATIONS 2022 FINANCIAL RECAP

A. FINANCE

1. Gratitude for strong financial support in 2022. Thanks to year-end giving, VPC ended the year in a strong cash position.

2. Thanks to the Foundation for its continued support of the (a) overall VPC operations, (b) music (Valley Singers), (c) scholarships for both academic and student trips.

B. PROPERTY COMMITTEE – major projects in 2022:

1. Fire alarm panel installed in Education building. Equipment is now consistent across campus (Firetrol equipment).

2. Thanks to the 2022 Foundation Dinner's Fund the Need, new carpet was installed in the Education and Administration buildings. Offices in Admin. building were painted, and many of the staff changed office locations.

3. Contract signed with Porter to address water intrusion issues in Admin basement. Work to begin in 2023.

4. South parking lot lighting project – dedicated group working with Town of PV for plan approval. The focus of the 2023 Foundation Dinner's Fund the Need will be to raise funds toward this project.

C. COMPUTER INFRASTRUCTURE

Spring 2022, we switched IT managed service providers to adequately support our new infrastructure. High-speed fiber was brought to our campus, and all computer hardware (router, switches) was replaced with new Meraki equipment.

2023 Budget

1. Based upon strong giving in December, along with pledges for 2023, faith giving budget is $2.2 million.

2. Undesignated bequest of $137,000 received in December is being held as a faith giving contingency if needed for 2023 to balance the budget.

3. As in 2022, there are several Foundation funds that provide earnings for various ministries –general operating; mission trips; musicians; student mission trips and camp.

4. With the expected change in denomination from PC(USA) to ECO during 2023, we will monitor and act accordingly in areas such as insurance coverage, employee benefits, etc.