The Church Council and the Finance Committee continues to monitor Zion’s financial information. Total income year-to-date for 2020 is down about 10% compared to 2019. General Fund year-to-date expenses for 2020 are about 11% lower than 2019 mainly due to reduced payroll, ministry, operations, and property related expenses. October 2020 General Fund expenses exceeded October 2020 General Fund total income by about $5,000. However, this was due to a timing issue. There were three payrolls in October 2020. Payrolls for 2020 and 2019 will be comparable again by the end of November 2020. The Building Fund income exceeded Building Fund expense for October 2020.
At the end of October 2020, excluding the funds received from the Payroll Protection Program (PPP), the General Fund’s cash-on hand was about $138,000. The Building Fund’s cash-on hand was about $47,000.
We anticipate that the entire amount of the Payroll Protection Program (PPP) loan will be forgiven. However, Zion will not know for sure until the forgiveness has been approved.
Thank you for your financial support of Zion.