Accountable Leadership Board

When there is a property matter, the entire Leadership Board functions as a Board of Trustees. And when there is a financial matter, the entire Leadership Board functions as a Finance Committee. Within the Board, however, we designate individuals to specific areas of immediate oversight and expertise in order to guarantee that all the business of the church is properly cared for. Ongoing financial administration is the responsibility of the Pastor and staff. There are separate Staff-Parrish Relations and Nominations committees with board members on them.

Members and Friends:

Below is the financial statement for the church through August of this year. Normally in such a document we would be comparing these numbers to what has been budgeted for the year. Because of the tumultuous nature of the current year, we don’t have a traditional budget and so are publishing our actual revenue and expenses to date with budgeted expenses for the remainder of the year. We are anticipating updating the numbers on a quarterly basis.

We will, however, publish additional information to explain several factors, apportionments and COVID relief, which may greatly impact our bottom line in a positive way. Additionally, we will give you information on our historical budget performance. But we want to first give you the most basic information.

Yours,
Ruth Wiersma and Dave Hemstreet


Overview:
Ministry/Operating Expenses to date:   $514,780.10
 
Giving Revenue to date:                                   $458,259.00
 
Net:                                                                                ($56,521.10)
 

In April of 2020, U.S. Congress passed a Covid-19 financial relief bill known as the Paycheck Protection Program (PPP).  The intent of the PPP was to keep employees of small businesses and selected non-profits on payrolls to minimize the impact of the resulting shut downs on people and the economy. This was accomplished by providing loans through the US Small Business Administration to the organizations.

We applied for and have been the recipient of one of these loans. We anticipate that the Small Business Administration will forgive this loan if all employee retention criteria are met, and the funds are used for eligible expenses. We believe we have met the required criteria, but it is not guaranteed. We believe we have met the required criteria. If the loan is forgiven, the money received will have a significant positive impact on our 2020 finances.

Our portion of the loan is in the amount of about $100,000. We will use the money to cover salaries during the months of June, July, August, and September.