from the treasurer

Hello from the dandelion patch ~

All Saints is continuing to thrive during this difficult time. We are meeting our current financial needs despite the 'safer at home' situation. May is also looking healthy financially.

Please find the April financial reports below. Please note that the balance sheet is included this month which shows the updated balances in the Endowments as of 3/31/2020. Per our quarterly statement, "DCT performance in Q1 2020 was -15.09% net of fees." This reflects the same investment activity many of us saw in our personal investments for the first quarter. On the bright side, the 2008 investment performance bounced back and 2020 will likely bounce back too. We have no plans at this time to take any significant withdraws from the endowments which will give the investments time to recover its value. 

The April YTD income statement column also includes the $38,864.11 bequest income that was deposited into the DCT. The bequest income has been tentatively earmarked for emergency use as needed during the "safer-at-home" order. After we return to the new normal, any unused funds will be reviewed to determine a new purpose.    
 
Major financial related activities that occurred in April include the following: 

• A new telephone and internet provider was approved by the vestry. We anticipate savings of over $2,000 per year. The switch over is scheduled to begin in June. 
•  All Saints was approved for a $30,670 Payroll Protection Program loan under the CARES act. Funding occurred on May 1st. We plan to use the loan to maintain our current employees including the Rector, Youth Minister, Secretary, and both Sextons. After 8 weeks we can apply to have the loan converted to a grant.  The requirements for this program are under review by Congress. I will continue to keep you updated as changes occur. 

 
Pledges for April are $14,848 versus the budgeted amount of $18,333. YTD Pledges are $17,943 over budget. Thank you for your continued support. 
 
Ministry expenses, at $2,946, are less than the budgeted amount of $3,740 due to incurring less Chorister scholarship payments than planned for in the budget.  
 
Minister expenses at $13,754, are less than the budgeted amount of $16,507 due to the reduced need for our musician and nursery teams and timing of pay periods. Please know that our Rector, Youth Minister, Parish Secretary, and two Sextons are still receiving their full pay. 
 
Facility costs came in at $1,898 compared to the budgeted amount of $3,058, due to lower than planned costs associated with boiler maintenance and less than average utilities costs from lower gas usage in the spring. The utility and boiler costs are typically seasonal.
 
Operation costs came in at $730, compared to the budgeted amount of $1,728, causing a favorable variance due to lower than planned office expenses and snow removal needs.  
 
Overall, we had a steady month and ended with a surplus (more incoming cash from contributions and planned 1.25% endowment income than outgoing cash for expenses) of +$3,652. The YTD surplus is now +$44,438. All Saints is currently meeting our financial needs and exceeding what we expected when the 2020 budget was planned.  
 
Thank you for your dedication and commitment as we celebrate Christ together in a new way. 

Peace,
Alicia Bayambang

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