Finance Summary (3rd Quarter Report, 2019-20)


Finance Summary for 3Q Fiscal Year 2019-20

The March revenue/expense figures are very different than last year and last month.

As reported two weeks ago in the special 4Q projection assessment, contributions are down almost 40% over the last four weeks, rental down 50%. Income for the next three months remains uncertain. We are monitoring the situation carefully, as we also continue to pay bills and process contributions. The previous 4Q projection of a significant deficit will stand until more data is available at the end of April. Note: There is $30,000 in General Reserves to manage this deficit.

Key numbers:

FY 2019-20 YTD Net operating total: $16,182 (compare FY 2018-19 at $63,218)

Campus Needs Fund: $10,895

General Reserve Fund: $30,346

The PPP loan was submitted on April 5 to BB&T. There have only been generic updates from the bank about the large volume of applications and a request for patience. There is no update on loan status as of April 17. Additional data submitted to the ERUUF application as special PPP reports came forward from UUA health insurance and ADP payroll system. Information will be forwarded to the Board as it becomes available.

The Board has shifted the date of the Annual Meeting to June 28 which allow more time in May to get a clear sense of pledge and income figures as well as options for building a budget for FY 2020-21.

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

(document by Daniel Trollinger, Director of Administration)