Finance Update

We want to keep everyone up to date on the the current status of St. Michael's relative to our 2020 budget. Our parish financial circumstances have proven to remain solid during this time of disruption due to COVID-19.

While income has been lower due to reduced donations from Parish Center use, that has been offset by several factors.

• First, expenses have also dropped, because we are not worshiping on site or using the office facilities at the level projected in the 2020 budget.
• Second, we have received a Payroll Protection Program (PPP) loan for $42,000 -- this serves to more than offset losses from donations (which have exceeded gains from lower expenses).
• Lastly, in September Harbor Day School will begin to use the Parish facilities, leading to additional donations which were not accounted for in our 2020 budget.

While circumstances remain extremely uncertain in the medium term, for now we are fortunate to remain financially stable. Thanks to all for keeping your pledges current (in fact ahead of budget) so far this year; the commitment of our congregation to keep St. Michael’s on firm financial footing is greatly appreciated.