St. John’s | San Juan Episcopal Church
Treasurer’s Report for The Chronicle

May 25, 2021

Finance and Audit Committees

The regular monthly meeting of the Finance Committee was held on May 18, 2021. Joining me were members Fawn Hacker, R.C. Laird, and Christian MacMillan. We reviewed our current financial condition and an updated Plan to Address the Deficit and Increase Revenue June through December 2021.

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. Pat Le Roy and Lou MacMillan has agreed to serve. If anyone from the Vestry is willing and able to join them, please let me know.

Our Current Financial Condition

Our Budget Report and Statement of Financial Position for April 2021 may be found 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. As of April 30, 2021, we are projecting a budget deficit of -$181,622 for 2021. This deficit has been reduced by $10,000 received from Bessemer Trust representing an unrestricted bequest from the Peter Overton Living Trust, $10,000 resulting from a revised estimate of the amount we will spend for parish health work in 2021, and $2,415 reflecting a decrease in health insurance premiums for Jim French and his wife. Thanks to financial relief made available to us in the pandemic we will be able to reduce the deficit further to -$61,255:

• $63,367 in Round 2 Paycheck Protection Plan (PPP) Funds will be converted from a loan to a grant.
• $57,000 in Economic Injury Disaster Loan (EIDL) proceeds have also been applied to the deficit. The EIDL money, totaling $150,000, will have to be repaid to the Small Business Administration (SBA). Monthly payments in the amount of $641 will begin June 1, 2022.

Individual Contributions are over budget year-to-date by $7,950 (9.8%), including Income from Pledges over budget by $11,682 (15.4%) and Contributions/Loose Plate Offerings below budget by -$3,879 (83.1%).

We have two additional sources of funds for operating expenses:

• Diocese of Olympia Master Trust General (Unrestricted) Account = $49,835
• Economic Injury Disaster Loan (EIDL) Account at Edward Jones = $83,644

Last month, the Vestry approved a “Plan to Address the Deficit and Increase Revenue July through December 2021”. On June 9 and June 23 at 7:00 p.m., we will host meetings via Zoom to share this plan with the congregation and respond to any questions you may have. Details about the meetings will be provided shortly. Please plan to join us.

Capital Campaign Update

Last Sunday, Pentecost, was a festival day—a day for celebration and gratitude, a milestone on a journey that began nearly five years ago.

In August 2016, St. John’s | San Juan engaged the Episcopal Church Foundation to guide us through a proposed capital campaign which would fund a comprehensive project to address our leaky roof, seismic structural concerns, and the overall design of our worship space. From December 2016 to early 2019, our congregation engaged in a discernment process regarding the proposed campaign. In the Summer of 2019, many of you participated in interviews and a survey as part of a feasibility study conducted by the Episcopal Church Foundation and its consultant, Jerry Campbell. From the feasibility study, the Foundation concluded that we could raise $964,000.

Sunday, as we formally concluded our capital campaign, nearly five years after we first spoke of it, 64 years after our roof first began to leak, and in the midst of a global pandemic—thanks to 98 of you who have pledged and given, perhaps more than you originally thought possible—we have raised $1,060,137.

And for those of you still considering a gift or pledge, you are not too late. Please reach out to anyone on our team or visit our website, A New Song for St. John's | San Juan (anewsongforstjohns.org), and walk with us.

I’ve been accompanied and inspired on this journey by a wonderful team: Andrew and Caitlin Bird, Lucy and Michael Clifthorne, Fawn Hacker, Anne Hall, Pat Le Roy, Lou MacMillan, Bob Peck, Adele Roberts, Joby Winans, Tieran Sweeny-Bender, Jerry Campbell (our consultant), and Barbara Scheppele (R.C.’s aunt, who created and provided all our printed material and these commemorative pins). THANKS TEAM— great work! You know, asking other people for money ranks for many on our team somewhere between root canals and broccoli on their list of favorite things—but they did. We asked you to meet with us and take our calls—and you did. THANK YOU. We asked you to be kind when we asked you for money—and you were. THANK YOU. We asked you to make a commitment that challenges you and goes beyond the usual limits of your giving, that causes you to catch your breath, but not choke—and you did. THANK YOU.

In the coming weeks, we will continue our discussions with the Diocese of Olympia about a loan for the balance of the funds we need to complete the replacement of our roof and the enhancement of our sanctuary for seismic safety. Your generous commitments to our capital campaign have given us vital leverage to carry these negotiations forward in a meaningful way and significantly increased our chances for a successful outcome.

With our capital campaign, we have truly sung to the Lord a new song. But there are more verses yet to sing before we fully realize our vision of our building as a welcoming, inclusive, safe, accessible, beautiful space for worship and fellowship. Now, let us commit to singing these new verses together and celebrate how far we have already come on this long and winding journey in faith and friendship.

Respectfully submitted...
...Bob Le Roy, Treasurer and Capital Campaign Chair