December 15 2020 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.
- 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.

Estimated Budgeted Contributions by Month

Approximately 1/3 of contributions come in the fourth quarter of the year. Due to the potential impact of COVID-19 on our economy, we have revised our budget to ensure that we can sustain a 15% reduction in giving in the fourth quarter of this year.

Contributions and Expenses

God continues to be good to Broadmoor with overall giving and spending coming within overall projections.
Giving through November 30^th has been within projections with actual contributions being just slightly above budget.
Personnel costs have been better than the projected annual reduction of 7.5% with actual expenses 10% below year to date budgeted expenses.
Actual ministry expenses have been better than the projected reduction of 10% with year to date actual expenses being below budgeted expenses by 30.3%.

2020 Debt Budget and Balance

Ending debt balance as of November 30, 2020 was $3,133,000 which is the lowest balance since moving to the Madison campus.
We are thankful for your continued commitment of reducing long term debt. Designated debt payments have averaged approximately $30,000 per month during 2020.

MIssions Projected Budget to Actual

Missions represents 10% of our annual Budget and is divided equally between Broadmoor missions and the Cooperative Program.
Based on our projections, we have reduced the Missions annual budget to $610,000, and $305,000 is budgeted for Broadmoor Missions and $305,000 is budgeted for the Cooperative Program. Should giving be higher than originally projected, we will tithe 10% of total contributions.
We have been working with our missions partners to provide funding as their needs arise. We expect a significant disbursement of funds in the second half of the year as our missions partners assess their ministries in a post-COVID world.
We continue to send $20,000 per month to the Cooperative Program. The remainder of the funds will be sent in January as when we determine final contributions.