Cindy and Diane continue to be co-treasurers which is a financially sound practice to have two people managing the books and cash for the church. The treasurers’ job in 2021 was a combination of paying bills, managing payroll, producing financial reports for the Finance Committee and Council, recording all deposits made by Financial Secretary, reconciling our accounts with the bank, and keeping the check register up to date.
We managed the process application for applying to the Payroll Protection Program Loan and the Forgiveness process of that loan for the second round of the PPP. The PPP loan application was submitted on February 1, 2021, and the funds were distributed to us on February 2, 2021. The last Forgiveness application put out by the SBA forgives all loans under $50,000 as long as all criteria has been met and supporting documents are submitted. We meet all the criteria and all paperwork was submitted to the bank. We received word from the bank that the SBA forgave our loan on June 15, 2021.
Last year we didn’t have to transfer money from our endowment to manage all our financial responsibilities. This year, we also did not need to ask for the trustees to transfer any of the money from the endowment that was budgeted ($24,289.46) in 2021 because the PPP grant was enough to carry us through the year as well as your generosity. All bills are current and paid for-we met all our responsibilities in 2021.
In order to manage cash flow for this upcoming year, the line item for a transfer from the endowment will remain. Having no or little income from rent and fundraisers has impacted our budget this year (2021) and will most likely impact it next year. Diane and Cindy will be able to request a transfer of funds without having to go to the congregation for a special meeting. If we don’t need the cash, we won’t need a transfer.
We both want to end the report with what we call the treasurer’s mantra: “Your financial support of the church is admirable. Please keep those pledge commitments coming in on a regular basis. Having a clean, sufficient cash flow makes this job doable and keeps our church on a sound financial footing. Thank you all!”
Cindy Senning, Co-Treasurer
Diane Leavitt, Co-Treasurer