We are in good financial shape as we move into 2021. Our expenses for 2020 (represented by the Red Bar on the graph) were on budget. Our pledged giving in 2020 was in keeping with the amount pledged; however, the total giving we anticipated was down for last year. Non pledged income was off by a substantial amount. The accompanying graph shows that the Blue Bar (Regular income: donations, other giving, and Jacob’s income) did not meet the expenses for the year.
The 2020 budget anticipated some of this, and at the end of February, we moved the $62,000 in endowment and maintenance monies approved in the budget into the Operating account. In March we received a Payroll Protection Program (PPP) loan in the amount of $174,800. This allowed us to keep all of our staff on payroll during the spring and move in to 2021 in good shape. The Green Bar on the graph shows the total income for the year, including the endowment and maintenance money and the PPP loan. You can see that we ended the year with a strong cash presence. But that PPP loan, which became a grant because we used it for operating costs, is a one time boost. As we move through this new year we need everyone to continue to give to Grace. We cannot do what we are doing as a church without each of you. Your gifts of time, talent and financial support are crucial to us as we move forward through the year. Thank you for your commitment to the ministries of Grace.
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