Financial Update from Finance Committee

As our current fiscal year comes to a close, I want to update the congregation on our financial position. In spite of our aggressive budget and challenges faced due to COVID-19 closures and interruptions, we have seen God’s provision each step of the way. We reduced staff and froze nonessential spending. At the recommendation of Converge we applied for and secured a forgivable loan through the CARES Act Payroll Protection Program. This program was designed and has allowed us to keep our current staff employed and paid during this pandemic. We also secured a grant from the CBC Foundation as a contingency fund during the pandemic. Your response through increased giving during this time facilitated a positive cash flow while other measures were secured. As of May 31, year to date income slightly exceeds expenses. As we enter this time of transition in leadership we have much to be thankful for. While summer giving tends to slow, we trust you all will continue prayerfully giving and supporting our ministries. The financial statement for the eleven months ended May 31, 2020 can be accessed here: Link Please feel free to give me a call with any questions you may have. David Hansen Treasurer Central Baptist Church