Beloved Epworth Community,
It would be an understatement to say that the coronavirus pandemic has had financial impacts. Epworth’s finance committee has been meeting regularly throughout this time of shelter in place and has formed a subcommittee to regularly review giving, income and expenses. The subcommittee met last week and I want to share with you where we are financially.
In short, we are holding our own. Our income is down primarily in two categories: our building use revenues (down 44% or $8774), and giving (down 14% or $23,700). Though none of us has a crystal ball, projecting using our current and past trajectories, as well as looking at outstanding pledges which we’re still counting on through the end of the year, we expect that we may incur a $50-80,000 deficit for 2020.
The good news is that we have applied for assistance through the Payroll Protection Program and received a loan of $53,000. Thanks to Annette Cayot for leading our application. The next step in our process is that we will apply for this loan to convert to a grant, and we expect to receive that conversion. If we are on the more hopeful side of our projection, the PPP payment will cover our deficit. However, that represents a best case scenario, and already we are seeing that new cases and re-opening plans are not trending toward the best case. I think we will likely be closer to the larger end of our projection.
What you can do: if you have made a pledge for 2020, thank you! Please check to make sure it is current. If you need to check on that, please let me or financial secretary Kim Slaney know. One easy way to insure this is to put your pledge on autopay either through Epworth’s own giving portal or through your bank. If you need help with this, please reach out to me or the church office and we will make sure you get the help you need. When we worship in person in the sanctuary, we pass the plate, and every Sunday there are loose bills and change in the plate given anonymously. If you’d like to make a “loose plate” gift, you could try using our new text giving platform. To give using text, send a text to 833-276-7680 with the dollar amount you wish to give and the word Loose, e.g. 20 Loose.
In the meantime, our financial response team will keep monitoring the situation and will keep you informed. Thank you for your generosity and faithful giving to this wonderful community of faith.
Grace and peace,
Past Updates for Extraordinary times
Our priorities for resuming in-person activities:
April & May Updates: