Finance Update
2020 YTD Financial Results (through March)
·Operating Income is $135K, $3K (or 2%) above budget. Full and partial year pledge income received in January and February and higher than expected donations received YTD have been offset largely by lost income in March from the cancellation of the March Rummage Sale and reduced Building Use Donations, due to COVID-19 social distancing measures.
·Operating Expenses is $88K, $6K (or 7%) below budget, driven by Buildings and Grounds favorability (snow removal savings, insurance) and timing of expenses.
·Operating Net Income is $47K, $9K (or 22%) above budget, driven by favorable pledge income (offset by COVID-19 induced March income shortfalls) and overall expense favorability.
·Note on the financial impact of COVID-19
The Vestry and Finance Committee are monitoring closely the impact of COVID-19 on St. Mark’s finances and are working through steps to mitigate financial risk, including postponing notable non-essential expenditures. The Vestry and Finance Committee will apprise parishoners of any financial implications and mitigation plans as the pandemic evolves.