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Friday, December 13 2019

The Chronicle, December 13, 2019

Treasurer’s Report & Capital Campaign Update

Treausurer's Report

Our current financial condition
updated: December 19, 2019

Statements of Activities and Financial Position as of November 30, 2019 can be viewed by clicking on the embedded links or by following this link and scrolling down to the bottom of the page. 

Bank balances as of November 30, 2019:

  • Operations = $33,079.30 (up from $28,008.16 on October 31, 2019 but down from $47,131.87 on November 30, 2018)
  • Designated = $35,825.06 (down from $48,500.91 on October 31, 2019 and $91,729.56 on November 30, 2018)
  • Memorial = $7,718.33 (virtually unchanged since November 30, 2018)

As of October 31, 2019, the balance in our General (Unrestricted) Account with the Diocese of Olympia Master Trust was $450,954.88. It will be reduced by $40,000 as of November 30, 2019 and by another $80,000 as of December 31, 2019 to apply to our architect’s fees and expenses to-date for their work to replace our sanctuary roof and undertake related structural repairs.  We intend to reimburse the General Account from funds raised in our upcoming capital campaign.

Looking ahead to 2020

A Profit & Loss Budget Overview for 2020 (our 2020 Budget) was approved by the Vestry on December 12, 2019.  It reflects a projected deficit of $99,423.66. It can be viewed by clicking on the embedded link or by following this link and scrolling down to the bottom of the page.

$56,346.00 (57%) of the projected deficit is our Diocesan Assessment for 2020.  Bishop Rickel has advised that—so long as we remain current with our Assessment payments in 2020—we will not be required to make any payments in 2020 on the balance owing from 2018 and 2019  (approximately $77,000.00), and in 2021, we may petition for forgiveness of all or part of this unpaid balance from prior years.

The projected deficit is likely to increase as we fail to secure pledges from those who gave in 2018 and/or 2019 but have not pledged in 2020 and we incur additional expenses related to our buildings and grounds, including repairing and replacing cracked concrete on the sidewalk, work required by the fire marshal to satisfy code requirements in the space leased by the Olympia Community School, and potential mold remediation.

If you have any questions or would like additional information regarding our budget or financial condition, please contact Cynthia Knapp, our Bookkeeper, at cynthia@stjohnsoly.org or me at bobleroy05@gmail.com.

Respectfully submitted…

…Bob Le Roy, Treasurer

Sing to the Lord a New Song

Capital Campaign Update

Given the priority to raise additional revenue to sustain our operations in 2020, Jerry Campbell, our consultant with the Episcopal Church Foundation, has recommended that we delay the start of our capital campaign by two months. Early gift solicitation, the “Quiet Phase” of the campaign, will now begin on Sunday, March 15, 2020. The Campaign Kick-Off for the “Congregational Phase” is scheduled for Easter Sunday, April 12, 2020 and we’ll celebrate the conclusion of the campaign on Pentecost Sunday, May 31, 2020.

In January, we will complete the recruitment of campaign leadership and begin work on printed materials for the campaign, including the brochure, pledge card, and content for the website.

Thanks so much for your interest in and support of our capital campaign. We look forward to keeping you informed as our preparations continue. If you have any questions or would like additional information, please contact me at bobleroy05@gmail.com.

Onward together in faith…

…Bob Le Roy, Capital Campaign Chair

Posted by: Bob Le Roy AT 01:09 pm   |  Permalink   |  Email