May 2020 Financial Update
I have been asked to give a brief update on St. Cross’s financial outlook. First, thank you to everyone who is able to continue to give to St. Cross. I am amazed at your ongoing generosity. Second, we are blessed to have an amazing Finance Committee comprised of Seth Barnes, David Charlton, Scott Gauch, Mary Pierson, Konrad Schreier, and me. Together we have combed the budget looking at both income and spending trends. They have run models of where we can save money throughout 2020 and where we can trim our budget in 2021.
Under the CARES recovery act, we applied for and received a PPP loan that will be forgiven provided St. Cross applies the funds primarily to payroll. The loan will allow us to keep everyone employed through at least the end of June, and allow us to continue some critical maintenance and upgrade spending that otherwise would have been deferred. One important upgrade we are moving forward with (at the recommendation of the Finance Committee and with Vestry approval) is upgrading our audio visual capabilities in the church. This will be vital to keeping us connected even after small groups will be allowed to return to the sanctuary for worship.
If our giving trends continue with both our pledge and capital campaign commitments, we should make it safely to the end of the year by cutting other spending and without dipping into our reserves. We are also looking at where we can be of help to sister churches and community outreach programs that are desperately in need. Even as we may tighten our own belt, we are called to be generous to those most in need. As always, please reach out to a Vestry member or clergy if you have any questions.
Yours in Christ,