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Sunday:
8 a.m. Holy Eucharist 
10:30 a.m. Holy Eucharist/Family Service*
6 p.m. Misa en Español 
8 p.m. Compline Service
*Nursery opens at 10 a.m.  

Wednesday:
7 a.m. Holy Eucharist

Tuesday, April 28 2020

St. John’s Episcopal Church
Treasurer’s Report for The Chronicle
April 27, 2020

Finance Committee

The first meeting of our new Finance Committee was held on April 16. In these challenging times, I think it is more important than ever to give R.C., our Vestry, and our congregation the benefit of a shared and balanced perspective on how best to manage our finances. Joining me as members are R.C., Gerry Apple (Vestry Member), Sarah Clifthorne (Vestry Secretary), Mark Hampton (Senior Warden), Ric Weatherman (Junior Warden), and Christian MacMillan (Lou’s son, a Financial Advisor with Edward Jones in Olympia). We plan to meet each month one week before the Vestry meeting to review our financial condition and offer recommendations to the Vestry as appropriate.

Our Current Financial Condition

Bank Balances as of April 22, 2020

  • Operations = $10,426.06 (up from $4,630.67 on March 19, 2020)
  • Designated = $6,990.19 (down from $29,649.97 on March 19, 2020) 
  • Memorial = $7,718.66 (virtually unchanged since December 31, 2018)
  • Capital Campaign = $13,246.91 (up from $13,246.79 on 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 (DIF) was $325,247.96. To-date, we have withdrawn $120,000.00 and applied these funds to our architects’, contractors’, and consultant’s fees and expenses to-date for their work to replace our sanctuary roof,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. Since January 1, 2018, those expenses total $207,599.37. At last Thursday’s meeting, the Vestry approved the withdrawal of an additional $60,000.00 from the DIF Account to pay the latest invoices from our architects, KMB. We intend to reimburse the DIF Account with interest from funds raised in our capital campaign.

Our Budget

Our Budget Report for the First Quarter of 2020 has been posted to the parish website. Please click on this link and then scroll down to the bottom of the page to access the report.  

As of March 31, our year-to-date operating deficit is -$78,788.91, which will be reduced by $60,000.00 upon receipt of the withdrawal from our DIF Account.

Although total pledges for 2020 have increased to $265,892.00—including $11,532.00 in supplemental pledges—pledges received through March 31 are below budget by -$17,029.77 (24%). Pledge payments have decreased each month since January.

We are currently raising only about ½ of what we need to cover our operating expenses.

Our projected Diocesan Assessment for 2020 is $56,346.00. The January, February, and March 2020 payments have been made. The April payment was made last week.

Commencement Bank has accepted and approved our application for a Paycheck Protection Plan (PPP) grant in the amount of $74,000.00. We received word earlier today that the money has been reserved for us, and we may receive it within the next few days.

We have been approved for an Economic Injury Disaster Loan (EIDL) from the SBA and are awaiting receipt of $5,000.

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

Respectfully submitted…

…Bob Le Roy, Treasurer

Posted by: Bob Le Roy AT 02:39 pm   |  Permalink   |  Email