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St. John's Episcopal
Tuesday, January 21 2020

The Chronicle, January 21, 2020

Treasurer’s Report

Our current financial condition

Statements of Activities and Financial Position as of December 31, 2019 are available on the parish website.  You can find these reports by following this link and scrolling to the bottom of the page. 

 Bank balances as of December 31, 2019:

  • Operations = $22,898.96 (down from $33,079.30 on November 30, 2019 and down from $67,338.37 December 31, 2018)
  • Designated = $67,222.86 (up from $35,825.06 on November 30, 2019 but down from $90,966.55 on December 31, 2018) Note: This includes $40,000 received from our General (Unrestricted) Account at the Diocese of Olympia.
  • Memorial = $7,718.46 (virtually unchanged since December 31, 2018)

As of December 31, 2019, the balance in our General (Unrestricted) Account with the Diocese of Olympia Master Trust was $410,954.88.  It was reduced by $40,000 in December 2019 and will be reduced by another $80,000 in early January 2020 and applied 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 with interest from funds raised in our upcoming capital campaign.

Looking ahead in 2020

The Profit & Loss Budget Overview for 2020 (our 2020 Budget) was approved by the Vestry on December 12, 2019.  An update will be posted on the parish website later this week. To access that updated budget, please follow this link and scroll to the bottom of the page. Our current projected deficit is -$107,037.31.

$70,744.43 (66%) of the projected deficit is for mold abatement.

The projected deficit reported last month has been reduced by $63,130.78 due to new and increased 2020 Pledges of $18,080.00 and the reclassification of $45,050.78 in Capital Campaign expenses paid from Operating and Designated Funds in 2019 and January 2020.

The projected deficit will increase as we incur significant additional expenses related to our buildings and grounds, including repairing cracks in the sidewalk, the requirement to add sprinklers, fire alarms, and enhanced bathroom lighting in the area occupied by the Olympia Community School, and other issues yet to be determined.

Our projected Diocesan Assessment for 2020 is $56,346.00.  We have committed to Bishop Rickel to remain current on our assessment payments throughout the year.  In return, he is not requiring us to make any payments in 2020 on the amounts we owe from 2018 and 2019 (totaling $77,000).  He suggested that at the end of 2020—if we have remained current in our payments throughout the year—we may petition for forgiveness of all or a portion of the amounts still owing from the prior years. The January 2020 payment was mailed on January 17.

If you have any questions or would like additional information regarding our budget or financial condition, please contact Cynthia Knapp, our Bookkeeper, at or me at

Respectfully submitted…

…Bob Le Roy, Treasurer

Posted by: Bob Le Roy AT 12:16 pm   |  Permalink   |  Email