We want to keep you up to date on the Churches financial situation. At the October meeting, the Board reviewed the Treasurer’s report for last fiscal year and estimates for the current year.
The previous fiscal year ended June 30, 2020, so the budget was affected by the onset of the coronavirus crisis. We received $261,096 (93%) of the expected $280,000 in pledges. The other important sources of income were – received, expected, variation:
Non pledge contributions; $13,686, $5,700, 240%
Sunday collections; $5,717, $7,000, 82%
Holiday Bazaar; $19,016, $15,000, 127%
Silent auction; $196, $6,000, 3%
Building use fees; $7,031, $9,500, 74%
Earnings from investments; $27,485, $27,800, 99%
The most striking item in the list is the welcome increase in non-pledge contributions. It seems that some people recognized our financial challenges and stepped up to help.
Total income for the year was $329,386 or 93% of the expected $354,550. Total expenses for the year were $326,986 or 92% of the expected $355,816. The year closed with a surplus of $2,400.
The budget that the congregation accepted for the 2020-21 fiscal year is a continuation of the 2019-20 budget, which will be modified by circumstances and Board discretion. The treasurer and finance committee worked hard to estimate what the actual budget will be, but there are a lot of uncertainties.
The Board voted to allocate $4,000 to the Green Sanctuary Committee to continue work to make the building more energy efficient. With the consent of the Building and Grounds chair, we took $2,000 from the Building and Grounds budget and added $2,000 to the deficit.
It is estimated that the pledge income will be $260,000 instead of $280,000. $60,024 or 24% was paid by the end of August. Non-pledge income is estimated to be $6,000; $2,350 or 39% was paid thru August. Income from fund raisers and building use is estimated as zero. Earnings from investments is estimated $17,120, but that is very uncertain.
Expenses will be about the same, since they are mostly salaries. We estimate a deficit of $76,302. Income from the Payroll Protection Program loan forgiveness is expected to be $41,100. That will leave a deficit of about $35,202. The Board agrees that we can take that from our reserves.