I've asked Bill Martin, church treasurer and chair of our Finance Committee, to put together a summer report of our giving and expenses. Normally, we witness a slowdown in the summer, and in this time of pandemic shutdown, our needs are equally challenged. I appreciate all the hard work Bill and our Finance Committee provide for the health of our church and prayerfully offer his report as following:
For church members who may have questions about the impact of the Covid shutdown on church finances, here is an update. Since the full impact of the shutdown took effect, our expenses have exceeded income by approximately $11,000 each month. The income referred to here has come exclusively from offerings.
In April we applied for and received a forgivable loan of $60,900 under the Paycheck Protection Program (PPP) administered by the Small Business Administration. These funds, along with our savings account, are helping us cover the monthly deficits. If deficits in coming months are similar, our current checking and savings account balances should sustain us through April.
Beyond the checking and savings accounts, we also have an investment account with a balance of approximately $121,000. We hope not to have to dip into that account, but it is there if we need it.
We know that many in our congregation are dealing with financial challenges due to the shutdown. For those who have been able to donate, whatever the amount, we thank you.
I join this statement of gratitude for your continued giving and support. May God continue to lead and empower our congregation as we minister together in the saving and liberating name of Jesus Christ our Lord.
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