Finance Committee update – 6/1/2020



Grace and peace brothers and sisters. 


Certainly the events of the first half of 2020 have proven to be unique in our lifetime.  While we all continue to adjust to this new quality of life, we wanted to provide a brief summary of the financial situation at Church of the Saviour.


Through the first half of the year, the faithfulness of our congregation has positioned us for a stable financial year.  Several things have contributed to that stability.  Here are some highlights:


  • Overall giving during the first half of the year has been consistent with the budgeted expectations.

  • The church staff has been asked to limit less necessary expenses until things return to normal.

  • The Operations team and the Finance committee successfully applied for a Paycheck Protection Loan as permitted under the federal CARES Act.

  • The Montgomery Nursery School team successfully applied for a Paycheck Protection Loan as well.


The proceeds from the Paycheck Protection Loan have been/are being utilized to maintain both our church staff and nursery school staff.  We are pleased to have weathered the storm thus far while protecting these much-loved, hard-working people.  In addition, we expect that 100% of the proceeds of these loans will be forgiven and will cause no long-term burden to Church of the Saviour.


While our results are positive to this point, there are a couple of trends that the Finance team is monitoring that could affect the remainder of the year.  First, other than 2 exceptional weeks (Palm Sunday and Easter Sunday), our weekly giving is down by about 30%.  Those two blessed Sundays were so exceptional that they have buoyed our yearly results.


Second, as the church mission evolves to continue online worship, there will be some additional expenses necessary to support that ministry going forward.  Moreover, Church of the Saviour will incur some other unforeseen expenses when the building is re-opened.  The current guidelines will require more frequent cleaning/sanitation practices, as well as the supplies required to provide the safest environment possible.  Obviously, these expenses were not foreseen during this year’s budgeting process.


Your faithfulness during this period has been inspiring.  Please continue your diligence and we’ll successfully manage this season of challenge.


“And we know that in all things God works for the good of those who love him, who have been called according to his purpose.”  Romans 8:28 (NIV)



Church of the Saviour Finance Team

Dave Smith (staff liaison), Andrew Schmidt (chair), Julia Page, Kevin Bock, Mark Hoge, Russ Naber, and Chris Philpott