The Ministry Finance Team presents this Financial Performance Report (“FPR”)

for December 2020 to the St. John’s Lutheran Church Congregation

and St. John’s Lutheran Church Council.

 

General Fund Report

 

For December 2020:

 

  • Offering revenue was $62,891 which is 21.9% below budget for the month

  • General Fund revenues were $63,371, which is 27.0% below budget for the month

  • General Fund expenses were $42,614, which is 25.7% below budget for the month

  • General Fund net performance was a positive $20,757 for December

 

Year to date (“YTD”) 2020:

 

  • General Fund revenue is $540,898 which is 18.5% below budget for the year

  • General Fund expenses are $549,555, which is 17.7% below budget for the year

  • General Fund net performance compared to Budget is a negative $4,696 from January through December

 

Benevolence Fund.

 

Year to date (“YTD”) 2020:

 

  • Benevolence Fund allocations and revenue received is $58,698 for January through December 2020, which is $9,898 (20.3%) over budget for the year

  • Benevolence Fund distributions for January through December have been $46,417 which is $2,383 (5.4%) under budget for the year

 

For 2020, Benevolence funds allocated and received were higher than budgeted. This is mainly the result of strong member contributions to Open Door/Food Shelf, Lenten envelope, and general member Benevolence contributions. During December, a number of Benevolence distributions were made, significantly reducing the gap between budgeted and actual

Benevolence expenditures.

 

For December 2020:

 

  • Building Fund revenues were $14,897

  • Building Fund expenses were $10,094

  • Building Fund Net was a positive $4,804

 

Year to date (“YTD”) 2020:

 

  • Building Fund Revenue is $127,600

  • Building Fund expense is $121,128

  • Building Fund net is a positive $6,520

 

Comments and Observations:

 

Building Fund performance was positive for December with contributions and interest income exceeding the monthly mortgage payment and expenses by $4,804. The strong performance of the building fund in November and December resulted in the Building Fund reporting a net positive result of $6,520 for the full year 2020. 

 

A thank you to Members who helped generate the year-to-date surplus at the end of December by using Tithe.ly to make or adjusting your building fund contribution.

 

The fund balance in the Mortgage Account continues to provide a 6-month reserve for mortgage payments. St. John’s has a $102K Certificate of Deposit funded with retained land sale proceeds that may be used to support mortgage principal and interest payments if necessary.

 

The members of the Ministry Finance Team are always available and willing to answer any financial related questions or provide information about the financial operations of St. John’s. Contact the Church office to be put in touch with a Ministry Finance Team member or if you see Barry Fick, Mark Gelle, Mike Sobota, Lisa Drogemuller, Andy Schultz, or Brad Paulson, don’t hesitate to talk with them for additional information. We thank you for your ongoing financial support and encourage you to remain faithful in your giving as the year continues on and we all experience new challenges.

 

Comment: During the last week of December, the MFT submitted Loan Forgiveness forms and documentation to the US Small Business Administration (SBA) to request that the Payroll Protection Program loan of $75,700 received by St. John’s in May 2020 be forgiven and absolve St. John’s of any requirement to ever repay the PPP funds.

 

During the first week of January 2021, the MFT received word from the SBA that our PPP Loan Forgiveness request was approved. Old National Bank confirmed the conversion of the PPP loan. This means that St. John’s will not have to repay the PPP loan funds. The $75,700 will be recorded as income for 2021 and place us in a strong financial position to begin 2021.

Ministry Finance Team Members and How to Get Finance Questions Answered

 

The members of the Ministry Finance Team are always available and willing to answer any financial related questions or provide information about the financial operations of St. John’s. Contact the Church office to be put in touch with a Ministry Finance Team member or if you see Barry Fick, Mark Gelle, Mike Sobota, Lisa Drogemuller, Andy Schultz, or Brad Paulson, don’t hesitate to talk with them for additional information. We thank you for your ongoing financial support and encourage you to remain faithful in your giving as the year continues on and we all experience new challenges.

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