The Budget and Finance Committee (Stan Forbes, chair, Molly Hillis, Julie, Knudsen, Jessie Ann Owens, Neil Willits, and Rector Pamela Dolan, ex officio) is closely monitoring the church’s finances during these tumultuous times. We intend to report to the congregation about the financial health of the parish on a regular basis. Accompanying this report, you will find two graphs with key takeaway information.
So far, St. Martin’s has continued to meet all its financial obligations, including paying the staff and contract workers and keeping up with the Diocesan apportionment. Our commitments to the Matthew 25 and capital replacement funds are on course.
Our income is from four primary sources: pledge, plate, revenue from facilities use, and investment income. We’ll consider the information for May as well as the year-to-date numbers in that order.
- Pledges: Pledge income for May was $36,500, down $3,000 from the budgeted $39,500. The pledge income for the year, however, continues to be slightly greater than budgeted: $204,000 vs $198,000.
- Plate: Plate income for the month, not including the Easter offering received in May, was $1,450 vs a budgeted amount of $2,040. For the year the plate is $7,000 vs a budgeted amount of $10,200. Given that we have been unable to hold in-person services this is not a surprise.
- Facilities: Facilities income for May was $1,257 vs a budgeted amount of $1,542. For the year, facilities use income has totaled $6,330 vs a budgeted amount of $7,708. Again, this is not a surprise; many of the groups that meet in our buildings have had to eliminate or seriously curtail in-person gatherings.
- Investments: Investment income year to date has been $3,632 vs a budgeted amount of $4,167. The investment committee, (Carolyn Chamberlain, Julie Knudsen, and Jessie Ann Owens) is reviewing our investments to insure we are maximizing our return.
Overall for the month of May our income was nearly $40,000 vs a budgeted amount of $44,000 What is encouraging is that year to date, our actual income exceeds our budgeted income by about $11,000: $241,000 compared to a budgeted income of $230,000. Finally, thanks to the good efforts of our Treasurer, Julie Knudsen, St. Martin’s received a loan through the CARES Act to cover two months of payroll expenses. The loan will probably turn into a grant once expenses are documented.
We are very grateful to all those who have continued to financially support St. Martin’s and its work in the community. At the same time, we recognize that the economic crisis affecting our country is far from over, and that we cannot assume everyone will continue to be able to support the church at the same level as in the past. If you anticipate any change to your pledge, please let us know so that we can plan accordingly. You can reach out to the office, to the clergy, or to our co-senior Warden, Josy Miller, who is heading up the Stewardship Committee this year. And should you find yourselves needing pastoral help, please be in touch with Pamela, Ernie, Alex or Margaret.
With prayers to help you in this strange new world, for the committee,
Stan Forbes