Tuesday, February 18 2020
Treasurer's Report by Bob Le Roy for the February 2020 Chronicle
Statements of Activities and Financial Position as of December 31, 2019 are available on the parish website.
Bank Balances as of February 7, 2020
Operations = $26,198.08 (up from $22,898.96 on December 31, 2019) Note: This includes $14,353.14 in reclassified expenses attributable to the Capital Campaign.
Designated = $80,301.07 (up from $67,222.86 on December 31, 2019) Note: This includes $43,353.14 in reclassified expenses attributable to the Capital Campaign.
Memorial = $7,718.53 (virtually unchanged since December 31, 2018)
Capital Campaign = $40,184.06
Use of Endowment Funds
As of January 31, 2020, the balance in our General (Unrestricted) Account with the Diocese of Olympia Master Trust was approximately $331,000. It was reduced by $40,000 in December 2019 and $80,000 in January 2020 and applied to our architects’, contractors’, and consultant’s fees and expenses to-date for their work to replace our sanctuary roof, undertake related structural repairs, and prepare for our upcoming capital campaign.
We expect to incur significant additional expenses related to our buildings and grounds, including repairing cracks in the sidewalk, mold and asbestos remediation, and the requirement to add sprinklers, fire alarms, and enhanced bathroom lighting in the area occupied by the Olympia Community School. We anticipate these to be capital expenses, payable from our Capital Campaign Account and funded by additional withdrawals as needed from our General Account. We intend to reimburse the General Account with interest from funds raised in our 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. Our current projected deficit is - $24,836.66. Total Pledges for 2020 have increased to $263,772.00, including $11,232.00 in supplemental pledges. THANK YOU!
Our projected Diocesan Assessment for 2020 is $56,346.00. The January 2020 payment was mailed on January 17. The February payment will be mailed the week of February 10, 2020.
If you have any questions or would like additional information regarding our budget or financial condition, please contact Cynthia Knapp, our Bookkeeper, at email@example.com or me at firstname.lastname@example.org.