Financial update

Bethany Baptist Financial Update – as of June 30, 2020


Thank you so much for your generous support of the ministry of our church family.  Many of you have been asking how the church is doing financially, so we’d like to provide some specifics for you.

 

Overall comments:

It has been a challenging few months for us at Bethany, mostly due to the uncertainty surrounding the impact that the pandemic has, and will have, on the church finances.  Our budget is significantly dependent on rental income, and approximately 45% of our rental income is earned each year during the months of April – June (from the Kiwanis Festival, large fundraising banquets, and graduation ceremonies).  Given that our building has been closed to large rental groups, and will be for the foreseeable future, that rental income has basically disappeared.  We are thankful for the Childcare Centre which continues to provide us with rental income ($4K/month), and we are hopeful that with the return of the film industry we may earn some money from renting out our parking lot.  But for now, we will not be able to rely on rental income to boost our bottom line.

 

Thankfully, you have continued to give faithfully during these past months even though we are not meeting together in person, and for that we are very thankful.  As of June 30, our donation income is down only $12,000 or 1.6% compared to the same time last year.

 

We have also benefited from some of the government relief programs, specifically the Canada Emergency Wage Subsidy (CEWS).  The CEWS program provides funding to organizations whose revenue has decreased by 30% or more when compared to the same period last year.  The government recently announced that this funding will continue (with some changes) until December 2020, so we are hopeful that we will continue to benefit from this to some degree for the remainder of the year.

 

Finally, the decrease in income has been offset by a decrease in expenses due to the slowdown in our operations.  Overall, our expenses to date are down $124,000 or 14.7% compared to the same time last year.  This has certainly helped to mitigate the loss of our rental income over the past few months and for the months to come.


Looking ahead:

Our financial year ends on August 31 and we begin a new financial and budget year on September 1.  As there are so many unknowns about the coming year (September 1, 2020 – August 31, 2021), we are creating a budget that takes into consideration the current economic situation.  The Board will present this budget to the members at our budget meeting in September.  As we are able and as months progress, we will add or remove items from the budget.  We want to move forward with prayer and faith, trusting that God is able to meet ministry needs and provide the wisdom to navigate the days ahead.

 

Thank you again for your generosity and your prayers.  We are thankful that many have made the switch to an online method of giving, and that people are committed to this church family.  Please contact Christine Pfortmueller at cpfortmueller@bethanybaptist.bc.ca with any questions you may have.