Monday, March 23 2020
St. John’s Episcopal Church
Treasurer’s Report for The Chronicle
March 23, 2020
Our Current Financial Condition
Bank Balances as of March 19, 2020
Use of Endowment Funds
As of February 29, 2020, the balance in our General (Unrestricted) Account with the Diocese of Olympia Master Trust was $325,247.96. To-date, we’ve withdrawn $120,000.00—$40,000 in December 2019 and $80,000 in January 2020—and applied to our architects’, contractors’, and consultant’s fees and expenses to-date for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 in the fall of this year. Since January 1, 2018, those expenses total $179,897.37.
Since the balance in the Capital Campaign Account is only $13,246.79, the last payment to KMB Architects, in the amount of $35,917.50, was made from the Designated Account.
At last Thursday’s meeting, the Vestry approved a withdrawal of $40,000 from the General Account and the reclassification of $35,917.50 in Capital Campaign expenses paid to KMB Architects from the Designated Account. As with the earlier withdrawals, we intend to reimburse the General Account with interest from funds raised in our capital campaign.
Our Budget Year-to-Date
Statements of Activities and Financial Position as of February 29, 2020 can be viewed by clicking on the embedded links or by going to our Vestry page on our website and scrolling to the bottom of the page. Our year-to-date operating deficit is -$38,113.37, which will be supplemented by $40,000.00 upon receipt of the withdrawal from our General Account.
Although total pledges for 2020 have increased to $265,892.00—including $11,532.00 in supplemental pledges—pledges received year-to-date are below budget by -$9,831.20 (20.2%).
Thanks so much for your pledges to support and sustain our work and our ministries in 2020. Your generosity lifts us up and brings us together in these challenging times. Please do your best to honor your commitments and make your pledge payments in a timely manner, either online or by mail. They are our lifelines.
Our projected Diocesan Assessment for 2020 is $56,346.00. The January and February 2020 payments have been made. The March payment will be mailed this week.
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.
…Bob Le Roy, Treasurer