I gather our theme this month is “Easter Memories”, and it’s supposed to be spiritual. Nothing as spiritual as writing against a deadline, I guess. As for Easter memories – I remember a year, long ago, when Easter was the daylight savings time change, and I forgot, and I had the soundboard at 8 AM. I woke up to the news at the (new) 7:45 AM, church was at 8 AM. I made it, but I didn’t smell spiritual.
As usual, I won’t have March financials for another week or so. The Finance Committee does not control the calendar and I doubt we ever will. So, what I have is February financials and they aren’t all that exciting in either direction.
February identified giving was about $41,000 and we budgeted $52,400. Disappointing, but again investment income kept us afloat, and our total income was $51,800 where we budgeted $54,900.
February expenses were $49,800 and we planned $55,900, with the underruns in the usual “can’t get in the building” categories. At the bottom line, we gained $2,100 in February and budget losing $1,100.
Income is underrunning quite a bit in March so far, and some of the expenses are creeping up, so I am not sure what I’ll be telling you next month. At the end of February we had a paper surplus of $61,700 – almost exactly the amount of the first PPP loan – and that sounds great – but we need that surplus to prop up next fiscal year’s budget and we can’t sit in the financial birdbath for March and April. Stay tuned.
The bank has worked thru the application for the second PPP loan, cutting it back significantly in the process, but it’s still welcome if we get it. All the paperwork has been signed and I think it’s on the way to the SBA for processing, but it’s hard to get frequent status reports out of the bank.
The building cost overrun hasn’t moved from the $100 to $150K area. We haven’t hit the huge bills yet. I expect to pay the April bills out of your contributions so far, but starting in May I think we’ll have to draw on our mortgage.
Hope to see you back in a church service soon.