Tuesday, October 20 2020
St. John’s Episcopal Church
Treasurer’s Report for The Chronicle
October 19, 2020
The regular monthly meeting of the Finance Committee was held on October 15. Joining me were members R.C. Laird, Gerry Apple, Christian MacMillan, and Ric Weatherman. We reviewed our current financial condition and progress on the upcoming annual campaign.
Our Current Financial Condition
Our Budget Report for September 2020 has been posted to the Vestry's page on our parish website. Or, click here to read the report. As of September 30, 2020, our year-to-date operating deficit was -$62,638.30.
At current levels of giving and personnel costs, we are barely generating sufficient revenue to meet payroll and have little left to apply to other expenses. We have two additional sources of funds: the Economic Injury Disaster Loan (EIDL) we received in July and our endowment account at with the Diocese of Olympia Master Trust.
One of the conditions for Diocesan approval of our acceptance of the EIDL loan is we would not spend any of the proceeds until completion of an independent audit, currently planned for some time in January 2021. The EIDL money is currently being held in a segregated account at Commencement Bank pending our investment of some or all the funds in an Investment Advisory Account with Edward Jones until such time as they may be needed to apply to certain operating expenses.
As of September 30, 2020, the balance in our General (Unrestricted) Account with the Diocese of Olympia Master Trust was $208,299.14. The Vestry approved the withdrawal of $60,000.00 from this account to apply to anticipated expenses in excess of projected revenue for the remainder of the calendar year and beyond.
…Bob Le Roy, Treasurer