With all of the current uncertainty in the world, I want to pass along a positive update regarding the finances of St. Michael’s. At the end of April, we had collected over 35% of our annual pledges and 40% of our budgeted open offerings. That puts us ahead of schedule as we come to the historically slower summer months.
The other income we had budgeted for, a $33,000 grant from the Diocese, does not look likely to be received due to COVID-19. However, thanks to a lot of diligent work from Dave Reilly, we did receive $89,200 from the Paycheck Protection Program (CARES Act) in May. This is technically a loan, but it will be forgiven since the entirety of it will be used for payroll.
Overall, our operating income is in a really good position.
You may have noticed on the online giving page that there is an option to make a gift for COVID-19 relief. As of May 24, $18,665 has been given! Those funds are being used to support members of the community who have been impacted in some way by the virus and/or corresponding economic slowdown.
Operating expenses are about where we’d expect them to be at this point in the year. The Vestry and Finance Committee look at the financial reports each month. With the church building not currently being accessible for everyone and the reports that would normally hang outside the Nativity Hall not viewable, I’ll make updates like this more frequently.
Thank you for your generosity during the first four months of the year! We’re in a strong financial position. If you’re able, staying up-to-date on your pledges helps out a lot, especially during the summer months.
— Jeff Swart, Treasurer