3rd quarter financials

As of September 30, Saint Philip’s Year-to-Date operating results are better than both 2020 budget and 2019 results. The cash balance for current operations in our checking account is more than $200,000. For the first time in several years our cash position was adequate through the summer.

These results and the current cash position are the result of continued support by you, Saint Philip’s parishioners, with timely pledge payments as well as major cost containment implemented by our Vestry, staff and the Building and Grounds committee. Thank you for your strong and continuing support.

Saint Philip’s was fortunate to receive a PPP loan. The primary purpose of the PPP program is staff retention. The loan enabled us to continue our current staff despite the uncertainty resulting from the pandemic. We have completed our application for forgiveness and anticipate that it will be approved.

Nevertheless, we will continue to manage our finances carefully and conservatively. The uncertainties posed by the continuing pandemic require us to be very prudent in managing our finances with a strong focus on the conservation of cash.

Attached are two charts: YTD Operating Net through September 30; and 2020 Operating Budget.

Herb Burton, Treasurer