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November Financial Update

Updated Financial Records for the month of October can be found here: Link

The purpose of publishing the financial records is to provide transparency and additional context to the current financial situation of the church reflected in the weekly update. As we have seen in the weekly updates, our giving is behind our budget by a significant amount. However, we also want to note that our expenditures are also below our budget and we have two significant sources of cash reserves for the church. We have the money from the PPP loan that we received in the summer and we have a refundable gift that was given to the church from the Foundation. These reserves are in addition to the significant memorial gift we received over the summer. Because of these moves, we currently have over $250,000 in cash on hand, compared to under $10,000 a year ago.

For the fiscal year (starting July 1) we have received around $140,000 in giving to the general fund, and around $34,000 in giving to missions. We have had total expenditures of around $157,000 for the general fund, with a deficit of around $17,000 for the general fund. This deficit is significantly lower that our typical deficit at this point of the fiscal year. We often start with a deficit over the summer and early fall and start to make up ground in November and December and in the new year.

Many of our budget items have seen significant drops in expenditure relative to the budget. We have seen an increase in four areas, and I wanted to provide information on those expenditures.

-Admin/IT – Central has had to make extra investments on various items to continue running during the pandemic and to prepare the church for added safety measure. This includes signage, additional printing, hand sanitizer/cleaning supplies, etc.

-Community Outreach/Evangelism – Since the start of the fiscal year, we have made additional investments in Outreach items, including providing basic relief for neighbors and others who need extra help.

-Worship ministries – We have made significant investments in our technology to better host the increasing numbers of people who watch worship services via online.

-Leadership Development – Part of these expenditures include expenses related to moving expense for Pastor Steve as he relocated from Iowa to start his role as interim pastor.

Here are the main takeaways from the current financial situation:

-Our giving is down and that is a concern. We invite everyone to continue to support the church financially as best they are able.

-Our HR expenses are significant, but a large percentage of that expenditure was covered by the PPP program offered by the Federal government. We have cash in reserve from the program that we anticipate being released into the general fund.

-We have had to increase expenditures in various parts of our church ministry to deal with the realities of the pandemic, but we have been able to save expenditures in other areas. Our total deficit at this point of the fiscal year is lower than it was at this point last year.

-The Board is constantly reviewing the budget and expenditures.

If you have any questions, please feel free to contact the church office.

                 420 N Roy St, St Paul, MN 55104

©2020 by Central Baptist Church. 

Phone: (651) 646-2751

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