St. John’s | San Juan Episcopal Church
Treasurer’s Report for The April Chronicle

April 27, 2021

Finance and Audit Committees

The regular monthly meeting of the Finance Committee was held on April 20, 2021. Joining me were members Andrew Bird, Fawn Hacker, R.C. Laird, Christian MacMillan, and Lou MacMillan. We reviewed our current financial condition and a proposed plan to address our operating deficit and generate
additional revenue.

We still need to stand up a small Audit Committee, ideally comprised of three members with a background in finance, which would meet only twice a year, before and after the annual audit. Pat Le Roy and Lou MacMillan has agreed to serve. If anyone from the Vestry is willing and able to join them, please let me know.

Our Current Financial Condition

Our Budget Report for March 2021 may be found by clicking here. As of March 31, 2021, we are projecting a budget deficit of -$204,037 for this year. This deficit will be reduced by $10,000 upon our receipt of a check (which is literally in the mail) from Bessemer Trust representing an unrestricted bequest from the Peter Overton Living Trust, and it may also be reduced to the extent we have over-budgeted for parish health work in 2021.
Thanks to financial relief made available to us in the pandemic we will be able to reduce the deficit further to -$73,670:

• $63,367 in Round 2 Paycheck Protection Plan (PPP) Funds will be converted from a loan to a grant.
• $57,000 in Economic Injury Disaster Loan (EIDL) proceeds have also been applied to the deficit. The EIDL money, totaling $150,000, will have to be repaid to the Small Business Administration (SBA). Monthly payments in the amount of $641 will begin June 1, 2022.

Income from Pledges year-to-date is over budget by $7,780 (13.7%).

We have two additional sources of funds for operating expenses:

• Diocese of Olympia Master Trust General (Unrestricted) Account = $48,398.00
• Economic Injury Disaster Loan (EIDL) Account at Edward Jones = $83,581.89

A proposed “Plan to Address the Deficit and Increase Revenue June through December 2021” was approved by the Vestry at its meeting on April 22, 2021. We look forward to sharing this plan with the entire congregation in a series of Zoom meetings in early June. Dates and times for these meetings will be announced soon.

Capital Campaign Update

As of April 25, 2021, we have received 38 pledges and raised $825,315 in gifts and pledges for Sing to the Lord a New Song, our capital campaign for St. John’s | San Juan. Thank you to everyone who has contributed so far!

We are currently in the midst of the Congregational Phase of the campaign, in which e invite everyone to thoughtfully and prayerfully consider the importance of our church in their lives and challenge themselves to make gifts that go beyond the usual limits of their giving. This phase will continue until we celebrate the conclusion of the campaign on Pentecost, May 23. If you have not yet received a pledge packet or would like additional packets to share with family and friends, please contact me at bobleroy05@gmail.com.

If you would like to make your gift or pledge online, please go to our website to our special campaign website, www.anewsongforstjohns.org. If you prefer to make your gift by check, please make the check payable to “St. John’s Episcopal Church Capital Campaign” and mail it to St. John’s Episcopal Church, PO Box 977, Olympia, WA 98507. If you would like to make a gift of stock, please contact me at bobleroy05@gmail.com for instructions on how to transfer the stock to the St. John’s/San Juan account.

As always, I welcome your comments and questions about our financial condition and capital campaign.

Respectfully submitted…
…Bob Le Roy, Treasurer and Capital Campaign Chair