2020-2021 Financial Update

2020–2021 FINANCIAL UPDATE

BY: MARY LOBBAN, Business Administrator

We want to thank you for your continued financial support. Even amid uncertainty, what was never uncertain was your commitment to this church. Being debt-free and in a good financial position as we started 2020 allowed us to have some level of confidence that we could financially weather the shutdown.

In May 2020, we were fortunate to receive funding through the Paycheck Protection Program which allowed us to keep our staff in place. We submitted a loan forgiveness application, and we were notified in November 2020 that the SBA has forgiven this loan.

As people began to transition to online giving, we saw our 2020 third and fourth quarter revenues begin to increase. We were in a position each month where revenue was matching expense. In 2020, the church was able to pay our Connectional Mission Giving (apportionments) in full. December giving was strong and revenue for the year exceeded expenses. This allowed us to maintain a strong operating cash position. The first quarter of 2021 has been slightly under what we have budgeted but as we begin to open the church to worship, small groups, and activities, we anticipate that this will change.

We also want to remind you that there are many options for giving beyond writing a check or giving cash. You can set up a recurring or one-time donation with a credit card or checking account, text to give, go to the church Facebook page and find the link, donate stock and for those eligible - consider a direct distribution from your IRA. If you would like additional information about these or any other options for giving please call Mary Lobban in the church office or email at mlobban@arlingtonmethodist.org.

Thank you once again for your continued dedication to our church and for the generous spirit you continue to demonstrate month in and month out, year in and year out.