Financial Update

The first half of 2020 was a crazy ride, as we all know. Beginning in March, we faced a completely unknown world that could have been scary. But we were reminded of biblical guidance such as Hebrews 11:1. Now we know we have been extraordinarily blessed. 
You have been amazingly generous throughout this COVID-19 disruption supporting our church and the vital ministries we offer. Through June, parishioner giving is $860,700, which is $28,600 behind plan but an extraordinary amount of support under the circumstances. Your support has enabled us to continue the pay and benefits for the salaried staff throughout. 

Designated support has also been very strong at $91,300, mostly to the Food Closet and HELPS ministries. That is over $59,000 more than designated donations year-to-date last year! Your support has assisted a larger number of people in need in our community, primarily as a consequence of their losing employment during the shutdown. 
More than 120 of you have switched to online giving, which has made your support much easier for you and the people who account for your giving. One of the casualties of the pandemic is the suspension of the Counters’ Ministry, so online giving streamlines the process for counting and depositing your contributions. Thank you to all who have made this move! 

Operating expenses were over $61,000 below plan. The expense containment was largely due to deferral of hiring from Family Ministries and reduced costs of Worship. So operating net income was better than plan by more than $32,000. However, we had over $50,000 in capital spending upgrading our technology to produce a more effective broadcast of the Sunday Livestream service and daily Reading and Reflection sessions. 
Funding for Missions will be reduced this year largely due to the closure of the Thrift Shop. Given the foreseeable pandemic restrictions, we have no idea when the Thrift Shop may re-open. The net proceeds from the Thrift Shop fund Missions, so we are missing over $50,000 of Missions funding this year. In addition, 10% of Parishioner giving to Operations go to Missions, so we are lagging there as well. Fortunately, the Missions Committee has a strong reserve to get through 2020, but the reserve will run low if not refunded. 

Our Day School had a deficit of just over $200,000 for the School Year primarily because we offered tuition refunds for the period in-person school was closed by order of the State. If we can open the Day School in September, costs will be much higher than normal due to mandated limits and procedures, so we anticipate a deficit for the 2020/2021 school year under the best of circumstances. Barb Condit and her team have done an amazing job managing through extreme difficulties. 
One of the unknowns back in mid-March was what government support may be available to assist through the pandemic. The Federal government created the Payroll Protection Program (PPP) and we were able to procure a forgivable ‘loan’. We expect the entire ‘loan’ of over $500,000 to be converted to a grant, which positions us to continue operations and support. 

In summary, the first half of 2020 has been surprisingly strong, albeit with its pandemic-related difficulties. With your continued support, we will be able to endure the losses from the Day School and Thrift Shop and continue to support our missions and outreach both here and abroad.