2020 Financial Review

A Financial Review of 2020 from your Treasurer, David Jasper

2020 has been especially difficult in so many ways, which are addressed by others in these pages. My task here is to inform you how our church finances have played out so far this year.

Here’s 2020 in a nutshell:

• We started 2020 with an increase in our pledges of $35,000 (Thank you!), and a budgeted reduction of our expenses by $30,000. This was the first step of a two-year Vestry goal to eliminate “additional transfers” from our Don & Maureen Green Fund to cover deficits. This is the red piece of pie in the following chart of Year-to-Date Income.

• Then came the coronavirus. In March, we ceased all in-person group gatherings. These great changes caused concerns for our congregation’s physical, mental, and spiritual health, as well as the health of our finances. We expected a decline in our pledges and the market value of our reserves.

• With our buildings closed due to the pandemic, our facilities usage income from all sources decreased by over $10,000, a 28.5% reduction from budget. This is the purple piece of pie in the chart.

• On the flip side, with no in-person services, we have saved on electricity, printing, and ministry supplies—a savings in our total operating expenses of 10%.

• The greatest portion of our expenses is payroll. We were one of 35 parishes in our Diocese that successfully received a Federal Payroll Protection Program (PPP) loan. Thus, we were able to pay 100% of everyone’s budgeted salaries through the month of August. Having fulfilled the requirements of the loan, we have applied to have it excused as a grant.

• As shown on the chart below, of our 158 pledgers, 50 are underpaid by a total of over $30,000. As we come to the end of our third quarter, we are sincerely grateful to those of you who might be able to catch up. If you know you’ll be unable to do so, please let us know.
  Email: [email protected] for David,
  or [email protected] for John Nykamp
  or [email protected] for Alison Cole

• Assuming that most of the pledges get paid, and the Federal PPP loan is excused as a grant, then we will likely end the year without the “additional transfers” from our Don & Maureen Green Fund. That would fill the red piece of pie shown in the top chart.

• As we look ahead to 2021, please note that we will not have the benefit of the PPP funding we got in 2020. Next year will
  be the second year of the Vestry’s two-year goal of eliminating the “additional transfers” to cover our deficits. Our pledges for 2021 will be vital for continuing our ministries. Joanie and I plan to increase our pledge proportionally by another 1% of our income.

We are grateful for all your support, and your presence in our parish community. Should you have any questions or concerns, please reach out to us via the email links above, your friendly Vestry member or our Rector. We all are available to you.