2020 Annual Report on Church Finances
Below is a summary of the church finances from 2020. If you have any questions about the finances, feel free to contact any board member, or use the general email board@sanctuaryic.org.
Some Key Takeaways:
We’re so grateful for everyone’s continued generosity, especially in such a challenging year. Thank you!
Our COVID-19 Relief Fund is something to celebrate. We gave away all those funds, plus more, to local people facing financial instability as well as to organizations providing needed services during the pandemic.
Because we were not sure how much financial insecurity we would face, we applied for funds through the CARES Act, and we received a loan (which will likely be forgiven). We used those funds from the federal government to pay staff salaries.
Having made it through the year with more funds than we needed, our Board is having ongoing conversations about what to do with the surplus. Stay tuned on that.
Thank you to everyone who contributes to Sanctuary to help us grow into all God is calling us to!
Everyone who gave financially in 2020 will receive a giving statement in the mail by early February. Contact the staff or board if you did not receive a giving statement and should have.
2020 FINANCIAL SUMMARY
2020 Income
2020 INCOME
General Donations: $490,587.00
COVID-19 Relief Fund: $30,042.00
Facility Rental: $5,525.00
Federal Funds from The CARES Act, 2020: $57,100.00
Interest Income: $185.00
2020 Expenses
2020 EXPENSES
Facility: $101,709
Office/Legal/Professional Operations: $15,206
Ministries: $18,998
Staffing/Personnel: $255,823
COVID-19 Relief and other giving: $58,275
Total Operating Expense: $450,011 (down from $527,502 in 2019)