Finance Report - through July 2020
Operating Income is $230K, -$11K (or -5%) below 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), reduced Building Use Donations (due to COVID-19 and generally reduced utilization), and reduced plate income (due to no in-person worship services from COVID-19).
Operating Expenses is $210K, $7K (or 3%) below budget, driven by Buildings and Grounds favorability (snow removal savings, insurance), reduced worship expenses (no in-person worship services), and timing of expenses. July expenses included the partial costs of installing a chimney liner and upgrading steam piping for the furnace in the rectory.
Operating Net Income is $20K, $-4K (or -17%) below budget, driven by COVID-19 induced shortfalls and lower building use donations.
Above financials exclude the favorable impact of the Paycheck Protection Program. As communicated previously, 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. St. Marks believes the full loan amount will be forgivable; effectively eliminating any potential liability.