10.29.20 Financial Update
In light of the potential impact of the COVID-19 pandemic, the Finance Team, Church Council, and Staff created a plan to address the potential contribution shortfall due to the economic uncertainty. The assumptions and steps taken were as follows:
- Assumed a 15% shortfall in contributions which equates to a shortfall of approximately $1.1 million.
- Reduced spending by 10%.
- Obtained Payroll Protection Program loan in the amount of $815,000.
- Deferred hiring open positions other than Lead Pastor until 2021 resulting in a reduction in Personnel cost of approximately 5%.
- Reduced staff compensation by 5% from July 1, 2020, through December 31, 2020.
- Obtained interest-only payments on our long-term debt through October 31, 2020.
Thank you for your continued faithful giving. Should you have questions or concerns please feel free to contact Steve Mulhollen at smulhollen@broadmoor.org.