Church,
In light of our reduced activity during the pandemic, we have combined our May and June financial update into one. As such, below you will find the details of our recent financial activity:
1) May and June 2020 Financials
Revenue was $5,495 for the month of May and $6,524 for the month of June. This means that our total revenue for the first half of 2020 is slightly higher than what it was last year, which is incredibly encouraging considering the ongoing pandemic and impact it has had on our economy and, more specifically, our own community.
Click HERE to view our monthly financial documents on Google Drive!
2) COVID-19
From our financial documents, you will notice that we received the following Coronavirus-related financial assistance:
$2,000 EIDL Advance (which is based on our number of employees); and
$4,100 PPP Loan (which is based on our normal payroll).
The EIDL Advance will likely be returned since we received the PPP Loan. However, we anticipate the PPP loan will eventually be forgiven, dependent on further guidance from the Treasury Department and Small Business Administration. In order to comply with the loan requirements, the entirety of the PPP loan was applied towards payroll. Eric received his normal pay while Monica received some additional funds to make up for other lost wages, due to the pandemic. The funds from our regular revenue that would have been used for payroll were instead applied towards the Mission Fund.
If you have any questions about this, please feel free to ask.
3) Salary and Rent Payments
We have continued to make regular payments to Lincoln’s Beard for our monthly rent in the hopes that it will help them during this difficult time. As you can see from our financial documents, we have also placed a pre-order at Lincoln’s for a future date in order to further assist them.
In addition, we have continued to pay Pastor Eric and our Children’s Director, Monica Lopez de Victoria, their regular salaries.
4) Mission Fund
Due to social distancing measures, we have not been able to be as active as we would like with our Mission Fund. We have made a few commitments and payments recently, as you can see from our financial documents, with more coming in our next financial update. If you or anyone you know needs any help, or if you have an idea of how you would like to assist your neighborhood, please speak with your Missional Community leader!
Please continue to stay safe and connected during these troubling times. If anyone needs anything at all, please contact us, your Missional Community leader or Pastor Eric. As always, if you have any questions about our financial update, please contact the Finance Team at finance@neighborhoodchurch.miami.
Take care,
The Finance Team