Tuesday, March 23 2021
St. John’s Episcopal Church Treasurer’s March Report (March 23, 2021)
Finance and Audit Committees
The regular monthly meeting of the Finance Committee was held on March 16. Joining me were members Andrew Bird, Fawn Hacker, R.C. Laird, and Christian MacMillan. We reviewed our current financial condition and plans to address our operating deficit and generate additional revenue. We still need to stand up a small Audit Committee, ideally comprised of three members with a background in finance, which would meet only twice a year, before and after the annual audit in June. Pat Le Roy and Lou MacMillan have agreed to serve. If anyone from the congregation is willing and able to join them, please contact me (firstname.lastname@example.org).
Our Current Financial Condition
Our Budget Report for February 2021 may be found by clicking here or by going to our website, www.stjohnsoly.org, clicking on “About Us”, then clicking on “Our Vestry” and scrolling to the bottom of the page. The Net Income year-to-date of $89,390.74 includes the receipt of $115,000.00 from our unrestricted account with the Diocese of Olympia Master Trust, withdrawn to pay for the asbestos abatement work recently completed in the sanctuary. Payment for the work in the amount of $112,682.00 was made earlier this month. Income from Pledges year-to-date is over budget by $5,084.78 (13.4%).
We have received, signed, and returned documents from Bessemer Trust in New York City regarding a $10,000.00 unrestricted cash bequest and hope to receive the funds in early April. We have four additional sources of funds for operating expenses:
We have the following payables due as soon as possible:
At its meeting on March 18, the Vestry approved the withdrawal of $57,000 from our EIDL Account to pay these bills in full.
Given current levels of giving and operating expenses, particularly personnel costs, we continue to project a significant budget deficit for 2021, -$140,637.34 as of February 28. Our recent receipt of $63,367.00 in Round 2 PPP Funds reduces the projected deficit to -$77,270.34. We propose to address the deficit by taking the following steps:
…Bob Le Roy, Treasurer