We ended the fiscal and calendar year in an OK position. In summary, and as expected, we ended with a net loss, though somewhat less of a loss than budgeted. We still have a healthy amount of money in our accounts to pay bills. More details are below:
Assets and Liabilities
Asset balances as of December 31, 2020, add up to $377,410. This does not include the money in our endowments and trusts. Total liabilities are $330,353. Overall, we have $47,058 in net assets. The liabilities balance includes the Paycheck Protection Act loan of $71,200, since we are still treating all of this as a loan until and unless we apply for loan forgiveness. The Board of Trustees will make a final decision on whether to apply for loan forgiveness in March. Assets and liabilities both increased from the beginning of 2020, but liabilities increased more, leaving us with approximately $15,000 fewer net assets.
Our income ended the year at 95% of what we budgeted for ($496,765 instead of $523,670), and also at 92% of planning spending ($511,451 instead of $547,404). Our primary loss of income came from no or low events, rentals, Giant Eagle card sales and plate cash. Our primary reduced expenses came from not having in-person activities and lower building & grounds costs. Overall, the good news is that we did not have as much of a net loss as we had expected in the budget (we budgeted for a $24,000 loss), but the bad news is that we still had a $15,000 loss.
Thank you to everyone who submitted a pledge! Our pledge total stands at $385,825. If you forgot to submit a pledge for 2021, you can still make one.
The Investment Committee will meet soon to review our investments and make our annual endowment withdrawals.
Submitted by Kyle Gracey.