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.
- Note: due to giving being ahead of projections, the Finance Team and Church Council approved the repayment of the 5%. The payment of the 5% reduction was made on December 11, 2020.
- Obtained interest-only payments on our long-term debt through October 31, 2020.
- Note: effective November 20, 2020, we have begun making principal and interest payments.
Thank you for your continued faithful giving. Should you have questions or concerns please feel free to contact Steve Mulhollen at smulhollen@broadmoor.org.