Sunday School News
We hope you have enjoyed getting the weekly Sunday School color and work search pages along with videos and crafts. These are the same materials we have been using regularly in Sunday School and we will continue to post these weekly. We typically have a children's service late May to early June but we are not likely to be back together by then. We are in early planning to pull together a children's service online including having the Sunday School sing a hymn. Michael is working on putting together the music and Mr. Lyga will be contacting all of you. We want all of your children to participate just like we do for the Creche service. More information will be coming soon. The hymn is one we have been practicing, “Give me oil in my lamp”.
Finance Update
2020 YTD Financial Results (through April)
·Operating Income is $168K, flat (or 0%) to budget. Full and partial year pledge income received earlier in the year and higher donations have been offset by lost income from the cancellation of the March Rummage Sale (due to COVID-19 social distancing) and reduced Building Use Donations (due to COVID-19 and generally reduced utilization).
·Operating Expenses is $117K, $8K (or 7%) below budget, driven by Buildings and Grounds favorability (snow removal savings, insurance), reduced workship expenses, and timing of expenses.
·Operating Net Income is $50K, $8K (or 18%) above budget, driven by favorable pledge income (offset by COVID-19 induced shortfalls and lower building use donations) and overall expense favorability.
·On April 23, St. Marks received a loan of $35,900 via the US Cares Act Paycheck Protection Program (PPP). PPP enables small businesses (including non-profits and faith-based organizations like St. Marks) to access federal funding via forgivable grants and loans and loan deferrals to alleviate the adverse financial impact and uncertainties caused by COVID-19. Over the 8-week time period immediately following the loan disbursement, St. Marks will be using PPP funds to pay for qualifying expenses, in accordance with PPP rules. Qualifying expenses include payroll expenses, mortgage interest, and applicable utilities. At the end of the 8-week period, St. Marks will apply for forgiveness on applicable portions of the loan. It is expected St. Marks will receive forgiveness on the vast majority of the total loan amount.
·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.