Finance Update 4/25/2021

Asbury continues to be on sound financial footing.  For the year 2020 expenses were $615,150, compared to a budget of $625,000.  Income in 2020 was augmented by the federal Paycheck Protection Program (PPP), established in response to the pandemic, that offered loans to businesses and non-profits including churches. The loans were converted to grants in most cases, as was true for Asbury.  In May and June of 2020, PPP funds offset staff salaries by $64,597.  In spite of the disruptions of the year, Asbury’s giving in 2020 totaled $641,820.  When we include the PPP funds, the total income exceeds expenses by a healthy $91,266 for all of 2020.

The excess funds were put to good use in January 2021 by combining with earlier savings to pre-pay $100,000 of the loans issued to finance the new office building.  By doing so, Asbury will save thousands of dollars in interest payments. The good stewardship of earlier years still leaves us with significant reserves in case income projections are off for the year.

The pandemic led to uncertainty in setting the 2021 budget since utility and other expenses differ quite a bit between “virtual church” and “in-person church.”  The largest expenses, salaries for our staff, remain unchanged.  In January, the Church Council adopted a “middle-ground” budget of $631,500 which assumed COVID restrictions would lead to lower costs through the end of June.  We will revise our projections as circumstances warrant.

In future updates, we will discuss how the budget is divided up in different areas, along with the benevolences and special projects that Asbury has taken on.  If you have questions about our finances, feel free to contact Jim Hammer (Finance chair), Dick Crawford (Treasurer) or Roger Everett (Book-Keeper).

 

 

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