We have all seen the numbers. It’s patently clear: the COVID-19 pandemic and lockdown has dealt quite a blow to our economy. For more than a few us, this downturn hit our pocketbooks hard. Retirement plummeted, business deals dried up, hours cut back, and jobs were lost. As encouraging as it was to hear this week that 2.5 million jobs were added in the month of May—the largest one month jump in U.S. history—unemployment still stands at 13% nationwide. Needless to say, we’ve got a long road ahead of us.
Whenever there’s a downturn in the economy, it’s typical for churches and other nonprofit organizations to experience a dip in giving. Even though we’ve seen our ups and downs economically over the years with, at times, sizable rises and falls in our month to month giving, the Cornerstone family has always stepped up to meet the needs of the ministry. Witnessing this over the years has blessed my socks off! Why? Because generous and cheerful giving to the church is among the leading marks of spiritual vitality and commitment to Jesus Christ (2 Cor. 9:6-7). As our Savior put it, “Where your treasure is, there your heart will be also” (Matthew 6:21).
As we near the end of this budget year (June 30), I asked the Finance Committee to give us a brief report on the fiscal health of Cornerstone and our budget plans for next budget year:
On the behalf of our leadership, we want to thank you for continuing to support the worship and work of Cornerstone during this difficult season. We also want to share with you that we’ve seen a substantial dip in our giving over the last two months. If you compare April and May last year with April and May this year (the same 9-week period), we’re down roughly 20% in giving. Due to our healthy cash position going into these months, we are holding on our own. We will keep a close watch on things as we go throughout the typically lean summer months. Though we don’t know what the future holds, we are hopeful that as the economy comes back online and as more of us are able to get back to work we will see a gradual increase in giving. Please pray for that.
In our budget planning for next year, we thought it wise to be very conservative. This past Tuesday at our Leadership Meeting we approved a 0% budget increase across the board. Below you will find a big picture summary of where we are currently and our projection for the 2020/21 budget year. As always, if you have any questions, feel free to contact Susan Bumpus in the church office at office@cstonepres.org
Financial Update 2020
11 Month Actual 11 Month Budget Difference
Total Giving $823, 595 $825,182 ($1,587)
Total Expenses $810, 763 $815,549 $4,786
Difference $12,832 $9,633 $3,199
2020 Budget $889,790
2021 Budget $889,790