First Quarter Treasurer’s Report

Our finances are holding up after the first quarter of 2021. Although we continue to suffer losses due to the pandemic, we have successfully planned the cuts and other adjustments necessary to navigate these impacts. While the proliferation of vaccines offers hope, the complete impact of coronavirus on our finances has not yet been felt. In happier news, expenditures associated with calling a new minister, partially reflected in the numbers below, are a cost we can feel good about. All information below is as of March 31.

Assets and Liabilities
Asset balances add up to $342,699, a notable decrease from the last quarter. This does not include the money in our endowments and trusts. Total liabilities are $253,986, also a significant decrease from last quarter. The largest factor contributing to reducing our assets and liabilities is the Paycheck Protection Act loan repayment. Overall, we have $88,713 in net assets, which is more than enough to cover normal cash flow.

Our income is a bit better than budgeted at the moment, at $168,610. Some of this comes from individuals who donate all of their 2021 pledges at the beginning of the year (thank you!). Due to the church’s closure, we continue to suffer an absence of several sources of income, such as rental fees. The difference from last year is that these losses were factored into the budget from the beginning. Expenses are slightly under what was budgeted so far, at $133,255. This leaves us with net revenue for the moment of $35,355. All else equal, we expect that this surplus will narrow over the rest of the year, eventually turning into the deficit projected in the budget.

The Investment Committee met to review our investments. These are performing adequately and have fully recovered from corona’s impacts. The Committee is in the process of making our normal withdrawals and rebalances and will meet again in May to complete this. The Committee is also researching ways to increase our investments held in funds with strong environmental, social, and governance criteria.

Kyle Gracey- Treasurer