The Board of Trustees is pleased to report the following:
****There has been a remarkable $21,575 increase in the amount pledged for 2019-20 and the new total pledged revenue has reached is $364,700.*
****There has been an even more remarkable increase in un-pledged donations to TJMC. This budget line item is usually $18,000. It now stands at $37,000!! This amount includes $12,125 raised this week alone and $10,000 matching funds from an anonymous donor. The Board believes changing that income line to $40,000 this year seems reasonable, and the Finance Committee agrees.*
This sort of generosity goes a long way toward our goal of a balanced budget but we are not there yet. The Board is asking the Finance Committee to review all our options in light of the increased revenue and we remain hopeful that more money will be donated or pledged before we present a final draft budget at the Congregational Meeting on October 20.
As it stands now with this increased revenue, the current projected budget deficit is about $30,000. The Board has made the difficult decision to activate the church’s line of credit and take out a loan to cover the one-time costs that make up this shortfall. The church has a $45,000 line of credit and the shortfall is made up of the DAF severance package and a long overdue reimbursement of insurance costs to the staff. For more background information on the budget and TJMC’s financial position, please watch this Video.
This is not a decision we take lightly. The Board has weighed the obligation of a short-term loan versus the long-term effects of cuts to worship, staff and programming at church. We feel it would be a wiser choice to pay the cost of a loan and consider it an investment in the health and strength of our church. Our new Director of Administration and Finance, Sean Skally, has been in contact with the church’s bank (Wells Fargo) to investigate the most favorable terms to use the line of credit. Sean will report back to the Board and the Finance Committee.
The Board offers up this information in the spirit of mutual stewardship and transparency of church governance. We are humbled that so many people have recognized the difficult financial situation TJMC is facing and stepped forward asking how they can help.
We still have many challenges ahead of us but for now, let us recognize the generosity of our community and enjoy the feelings of success and hopefulness as we begin the new year at church.
*May it be so.