Q3 2020 Financial Results Summary and Update: January 1 to September 30, 2020
Total Revenues $405,909
Total Expenses $412,955
Net deficit -$7,046
At the end of the third quarter, revenues were $405,909 and expenses were $412,955 resulting in a $7,046 deficit for the period from January 1, 2020 to September 30, 2020. As indicated in the Q2 financial summary, when COVID-19 hit in March, we shifted from an annual budgeting approach to a month-to-month forecasting model. This shift allowed for increased control of our financials and enabled more flexibility during this unprecedented time of uncertainty. As COVID unfolded, weekly cashflow monitoring and continual reviews of the Parish’s changing needs were captured in the monthly expense targets communicated by Father Tim. Our Parish has responded with overwhelming generosity by meeting the monthly operational requests each month throughout the spring and summer and we are deeply grateful for your support. September donations were slightly below our target and this contributed to the deficit above. We continue to closely monitor expenses to ensure we have leveraged all options to control costs. Despite the church being closed for 3 months, it is clear that your hearts were open throughout. During this challenging time when so many new stresses are upon us all, we want to extend our most sincere thanks to the parishioners of St. Maurice. Your support and prayers keep the spirit of the Parish alive and burning and provides light during these times. We are truly blessed to be a part of this spiritual family.