Treasurer’s Report, September 2020
The Lord continues to bless our wonderful church during these unprecedented and challenging times: in our lives, the lives of others and the history of our country.
A big Thank You to our parishioner’s for your steadfast financial and other support of your church.
We all miss gathering together during Sunday Services and at other times, but thanks to the leadership of our Rector and others, All Saints’ on-line ministries are remarkable in helping us to keep grounded in our faith.
Good news: As of August year-to-date, our church’s net financial results of General Fund operations exceeded budget. For full year 2020, net financial results are also expected to exceed budget.
Our church was able to achieve these favorable year-to-date net financial results of operations despite overall parishioner’s pledge receipts coming in 6% lower than budget. Lower than budgeted expenses more than offset lower than budgeted receipts.
Our church applied for and received a PPP Loan in the amount of $58,202.00. These funds were used to support cash flow operations in May and June. We have already filed the SBA’s PPP Loan Forgiveness application. We expect the loan will receive 100% forgiveness from the SBA and that our church will have no net liability from this loan.
More Good News: As of August year-to-date, capital campaign receipts totaled $2,128,220.00. This sum represents 93% of total parishioner’s capital campaign pledged commitment. The remaining uncollected capital campaign pledged commitment was $156,781.00 or 7%.
Even More Good News: Capital campaign funds collected since the loan with Pinnacle Bank was paid off in March of 2019 are being put to very good use, taking care of deferred maintenance projects. Major construction upgrades and renovation are currently taking place to the exterior of our church buildings, as well as All Saints’ Early Childhood Development Learning Center. These property improvements and renovations will serve our surrounding communities and the children very well for the future.
DFMS Investments: The John Williams Trust Fund was terminated in March, 2020. As of the 2nd quarter, All Saints’ investment in DFMS Trust Funds totaled $784,811. Our church is earning 5% annually dividends on its DFMS Investments. Most of the Dividends earnings supports our General Fund Operations and it will continue to do so into the foreseeable future. A smaller portion of dividend earnings are reinvested in the Garden of All Saints’ Endowment Fund and The Columbarium Endowment Fund. These are restricted Funds. Most of All Saints’ DFMS Investments are essentially our church’s general fund operation reserves.
All Saints’ 2019 audit was completed. Our auditors found All Saints’ financial affairs to be in good order.
All Saints’ Church Rector, others in leadership, and our Stewardship Committee have now turned their attention to planning operations for the remainder of this year and next year’s operating budget. We are looking ahead to continuing of our Set Free To Serve Goals while cultivating our love for one another, and most importantly, faithfully trusting in God.
Thanks again for your steadfast financial support of your church and all of its wonderful outreach programs.
-Gil Small, Treasurer