Finances
|
Due to the COVID-19 pandemic, the closure of the Newman Center to onsite activities and worship, and the cancellation of on-campus classes at Ohio State presented us with major challenges beginning in March. While staff and community members rallied to find new ways to stay connected and engaged in ministry, many in our community also found new ways of giving online and through the mail without the passing of the offertory basket at Mass. For this, we are deeply grateful and humbled by the generous support so many have demonstrated during this unprecedented time. We will continue to keep you updated on our finances as we navigate through the coming months.
|
|
- Income for the month of April was $131,227, which was over budget by $21,117 due to generous unrestricted giving through the Easter Appeal and Major Gifts. These donations improved our year-to-date income, which equaled $1,160,238. The Newman Center’s income is now slightly over budget for the year by $17,599.
- Expenses were under budget in April and under budget year-to-date by $45,956 primarily due to a decrease in supplies and utility costs. The cancellation of activities due to COVID-19 has reduced the need for supply purchases and related materials.
- As a result of lowered expenses, the year-to-date net gain was $101,263. Total year to date expenses are approximately $46,000 less than expected at this point in the fiscal year.
- Unrestricted cash on hand at April 30 was $492,161, an increase of $149,017 from the prior period due to the receipt in April of $145,000 in Paycheck Protection Program loan proceeds. Details of the Small Business Administration loan can be found below. To fund operations, approximately $120,000 per month is needed. Our goal is to maintain a cash reserve balance equal to three months’ expenses, approximately $360,000.
We are deeply grateful for all the ways our community supports the Newman Center - financial, in prayer and in service to Catholic campus ministry at The Ohio State University.
Newman Center Finance Committee fiscal year 2019-20:
Tim Dooley (chair), Fr. Ed Nowak (ex-officio), Casey Cross, Debbie D’Aurora, Cheryl Hoon (ex-officio), Fil Line, Bob Salmen, Chris Spartz, Josh Weidus and Mark Wengerd
Newman Center receives Paycheck Protection Program Loan
We are pleased to share that the Newman Center applied for and has received a $145,000 loan through the Paycheck Protection Program provision of the CARES Act, in response to the COVID-19 pandemic’s negative financial impact on small businesses and non-profits. The loan will be fully forgiven to the extent the funds are used for payroll costs, utilities and other expenses. Complete details of the loan provisions can be found here: Paycheck Protection Program. We are confident that we will meet the requirements for forgiveness of the loan.
In the years since the 2008-2009 recession, the Finance Committee has consistently worked to build and maintain cash-on-hand reserves for large-scale expenses and critical needs, especially during times such as this. While we have a modest sum of reserves, this loan will serve as a safety net so that even during this time of uncertainty, we may continue our work toward the replacement of our aging heating and cooling system, among other essential needs.
We are grateful for a community that is strong in their commitment and ongoing support of our ministry.
In the years since the 2008-2009 recession, the Finance Committee has consistently worked to build and maintain cash-on-hand reserves for large-scale expenses and critical needs, especially during times such as this. While we have a modest sum of reserves, this loan will serve as a safety net so that even during this time of uncertainty, we may continue our work toward the replacement of our aging heating and cooling system, among other essential needs.
We are grateful for a community that is strong in their commitment and ongoing support of our ministry.
Newman Challenge Progress Update
2018-2019 Spiritual & Fiscal Report
|
| ||