9.2.20 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 December 31, 2020.
If you would like more details on how the year is progressing, please see the metrics below.
Thank you for your continued faithful giving. Should you have questions or concerns please feel free to contact Steve Mulhollen at smulhollen@broadmoor.org.