May Finance Report
2020 YTD Financial Results (through May)
·Operating Income is $185K, -$12K (or -6%) below budget. Full and partial year pledge income received earlier in the year and higher donations have been offset by lost income from the cancellation of the March Rummage Sale (due to COVID-19 social distancing), reduced Building Use Donations (due to COVID-19 and generally reduced utilization), and reduced plate income (due to no in-person worship services from COVID-19).
·Operating Expenses is $147K, $9K (or 6%) below budget, driven by Buildings and Grounds favorability (snow removal savings, insurance), reduced workship expenses (no in-person workship services), and timing of expenses.
·Operating Net Income is $38K, $-2K (or -5%) below budget, driven by COVID-19 induced shortfalls and lower building use donations.
·The Vestry and Finance Committee are monitoring closely the impact of COVID-19 on St. Mark’s finances and are working through steps to mitigate financial risk, including postponing notable non-essential expenditures. The Vestry and Finance Committee will apprise parishoners of any financial implications and mitigation plans as the pandemic evolves.