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Tuesday, July 21 2020

St. John’s Episcopal Church
Treasurer’s Report for The Chronicle
July 17, 2020

Finance Committee

The regular monthly meeting of the Finance Committee was held on July 9. Joining me were members R.C. and Gerry Apple. We reviewed our current financial condition and discussed our presentation earlier in the day to the Diocesan Joint Finance Panel seeking approval to retain the proceeds of the loan we recently received from the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program. Also, the Committee reviewed and recommended Vestry approval of an amended contract from Jerry Campbell to provide consultant services for the upcoming annual as well as capital campaigns.

Our Current Financial Condition

Bank Balances as of 7/9/2020:

  • Commencement PPP Loan = $75.45
  • Commencement Operations = $9,201.99
  • Commencement Designated = $0.00
  • Commencement Memorial = $0.00
  • Commencement Capital Campaign = $536.25
  • Columbia Operations = $164,632.85 (including $149,900.00 from EIDL Loan)
  • Columbia Designated = $6,200.38
  • Columbia Memorial = $7,718.85
  • Columbia Capital Campaign = $13,247.24

Our Budget Report for June 2020 can be viewed by following this link.  As of June 30, our year-to-date operating deficit was -$28,811.09, a positive variance to budget of $33,810.89. 

Pledge payments slightly (-$2,933.29) below budget in June, resulting in a year-to-date shortfall to budget to -$13,612.28 (10%).

A payment to bring us current on our Diocesan Assessment for 2020 was made on July 10.

   

EIDL Loan 

Following last month’s approval by the Vestry, the Diocese, pending final approval from Bishop Rickel, has approved our acceptance of the $150,000.00 loan from the SBA through the EIDL program subject to the following conditions: (1) an independent audit (paid for by the Diocese) by a mutually-agreed upon auditor will be conducted in January 2021 and shared with the Office of the Bishop for the fiscal years ending in 2017, 2018, 2019, and 2020; (2) loan funds cannot be used until after completion of the audit; (3) a quarterly report must be sent to the Office of the Bishop stating where the loan funds are being kept and how they have been used in the preceding quarter, and (4) the Vestry of St. John’s, Olympia must pass a resolution at the next meeting stating that the funds from the EIDL will be used exclusively for operation expenses.

The Vestry approved a resolution drafted at the request of the Diocese stating that St. John’s will conform entirely to the requirements of the EIDL program and use the use the proceeds from the loan exclusively for normal operating expenses.

Annual and Capital Campaign Consultant

Following the Vestry’s approval last month of a contract from Jerry Campbell for his services as consultant for our capital campaign, Jerry and I have talked further, and he has agreed to provide consultant services for our upcoming annual campaign as well. The fee for Jerry’s services for both campaigns will be $11,200.00. (Note: Our original estimate for capital “campaign support” through the Episcopal Church Foundation was $44,950).

The Vestry approved contracting with Jerry Campbell and paying him a management fee in the amount of $11,200.00 for professional services associated with directing the St. John’s 2021 Annual and Capital Campaigns.

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

Respectfully submitted…

…Bob Le Roy, Treasurer

Posted by: Bob Le Roy AT 01:13 pm   |  Permalink   |  Email