Financial Update

The following is an update on the General Fund budget and Our Future building campaign, as of August 31, 2020.

General Fund (Operating Budget)

Actual Budget Difference

Income $ 214,779* $ 209,430 $ 5,349 (over projected income)

Expenses $ 208,159 $ 217,395 $ 9,236 (under projected expenses)

 

The General Fund budget includes all Church operations, including salaries, building maintenance, operating costs, Christian growth and nurture, worship, outreach, and fellowship budgets. Our annual pledge and non-pledge income is running slightly ahead of our estimate while our expenses are slightly lower than projected. In addition, we have received through the CARES ACT (Payroll Protection Program) $26,319 to cover salaries and some operation expenses for an 8-week period beginning June 11. This is a loan under the CARES ACT. We have maintained our staff during this period of time and expect the loan to be forgiven.

 

Our Future (Building Campaign) Pledge Goal $1,750,000

Pledges and Gifts $1,535,190

Pledge and Gifts received to date $ 1,341,940

Pledges outstanding $ 193,250

 

The final bill to our construction contractor, Clayton Construction Company (CCC) of Greenville,

SC has been approved. The total cost of this contract was $ 1,707,411. This includes a savings of

$ 18,667, which was split 75% for RPC and 25% for CCC. The construction loan is now being converted

to a $550,000, twenty (20) year, amortized mortgage. The balance in the Building Campaign account

is approximately $80,000. After the Session reviews any outstanding procurement needs for the new

facility, and as funds are available, we will make additional principal payments in excess of our monthly

payments, to reduce the principal and interest expenses.