Wednesday Update, April 1
March 31, 2020
It is in the spirit of gratitude that I share some excerpts from an update written by LABC Treasurer Casey Mitchell on March 31st.
I processed the deposit last night. $21,067.40 and will take to the bank later this morning. The bank balance will be $112,416 before payroll so we are good there
I ran a preliminary P&L for March.
1. Member giving was 24.5K close to budget of 25.8K. Year to date we are still ahead but I doubt we can sustain the giving. But that remains to be seen.
2. The Church side shows a income over expense of 6K, however keep in mind that the MMBB (retirement plan) is about 4.5K and still needs to be paid.
3. LCC side shows a income over expense of 22.5K. Income is 22K above budget. Although some of the income will need to be applied to future services I suspect the a lot of the income is from previous months.
4. Bottom line is that March looks great on paper, but we know full well that April will likely be a big deficit.
5. Cash is ok for now. We will be able to make Church payroll at least thru mid May without any additional giving if we hold the line on expenses.
6. Have the furnaces and boilers been shut down? That may be the biggest controllable expense that we have at this time. (Kay will be calling the maintenance company to have this done.)
7. I suggest that we continue to pay health insurance for furloughed LCC employees at least thru May.
FYI – Church Business Manager Kay will be attending an online webinar on Thursday about the CARES Act (the economic stimulus package recently passed by Congress and signed by the President) and how it relates to churches.
Wednesday Prayer and Bible Study the morning at 10:30.
Together in Spirit tomorrow evening at 6:00.