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Wednesday, July 28 2021

St. John’s Episcopal Church

Treasurer’s Report to the Vestry

July 22, 2021

 

Finance Committee

The regular monthly meeting of the Finance Committee was held on July 20th. Joining me were members Andrew Bird, Fawn Hacker, R.C. Laird, and Lou McMillan. Also, Bob LeRoy joined the meeting as a guest. We reviewed our current financial condition and plans to address our operating deficit and generate additional revenue. The Budget Report and Statement of Financial Position for June 2021 accompany this report.

 

Cash Balance at the Beginning of June

The total cash balance in the checking and savings account at the beginning of June 2021 was $323,823.48 of which only $82,936.19 is in the operating fund.

Income

June’s individual contributions were below budget year-to-date by $3,580.29 (-2.9%), including income from pledges being under budget by -$9,709 (48.6%) and loose plate offerings below budget by -$152.67 (-13.1%). Total income for June was -$9,798 (46.9%) of the budget at  $11,085.40. This brings the year-to-date total income to $128,911.34.

Expenses

June’s expenses were -$14,877.40 below the Budget of $37,853.22 due to various causes. One of the main causes is a billing error with the Church Pension Group which was resolved in July.

 

Net Other Income

The  PPP Round 2 conversion from loan to income posted in June in the amount of $63,367.50.

Cash Balance at the End of June

The total cash balance in the checking and saving accounts at the end of June 2021 was $309,934.08 of which only $38,496.79 is in the operating fund.

  

Respectfully submitted,

Troy L. Atwell, MBA, Treasurer

 

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