The March revenue/expense figures show steady pledge income along with lower expenses nine months into the program year. Rental income, though down for the year so far, is increasing as the campus reopens.

On the expense side, items to note:

1. Program and operating expenses will likely rise in the last three months of the year.
2. Most budget lines are below budget. The one exception is facilities supplies. We completed a number of additional projects this year while the campus was closed, and needed additional equipment for safety, signs, and multiplatform meetings.
3. The loan to help extend the Strategic Initiatives Fund is listed as a liability on the Balance Sheet with only the interest expense posting to the monthly Revenue/Expense report.
4. The 2021-22 budget includes a planned transfer of $180,000 from the Strategic Initiatives Fund. 3Q projection shows only $80,000 this transfer may actually be needed this fiscal year. This is due to personnel dynamics (unfilled Music Director position, no need so far for nursery care, etc.) and lower expenses with campus mostly closed.

 

Key Balances (as of March. 2022)

Net Operating Total YTD	$18,788
General Reserve Fund	$26,798
Strategic Initiative Fund	$344,251 ($180K committed to 2021-22 budget)
Campus Needs Fund	$245,276 ($45,276 in fund + $200,000 in Self Help CDs)

Facilities maintenance work. Upcoming projects include:

Repair path/stairs that lead to fire pit area (COMPLETED)

Address siding issues on different parts of Care building

Repair/clean gutters (COMPLETED)

Ongoing landscape maintenance

Good News Arrived on Friday, April 15, 2022

In May 2021 we applied for Employee Retention Credit. The Employee Retention Credit under the CARES Act encouraged businesses to keep employees on their payroll. The refundable tax credit is for wages paid by an eligible employer whose business was financially impacted by COVID-19. There are various restrictions about what can be claimed and for what period of time. We received a letter in the fall indicating that we were approved for about $28,000 in credit. Even though we applied for more, I just assumed that the program evaluated our application and gave us the amount for which we qualified. Then the checks arrived recently for a total of $69, 345! For the moment, this is listed as a separate fund on the March Balance Sheet.

 

Please refer questions on financial details to the Director of Administration or the Board Finance Advisory Committee.