First, thank you to everyone who has contributed any amount during this time, every contribution is particularly valuable now. Second, we will get through this together. This should provide an update on where we stand financially and what we are doing to ensure financial sustainability and flexibility as we respond to this crisis as it unfolds. Third, I would like to share some of the actions we are taking and why they were necessary.
As of Easter Sunday 2020, the second week in April, our cumulative giving for 2020 (blue line in chart) edged ahead of 2019, as a result of several significant individual gifts, a surge of online giving, and a strong start to the year, in spite of a dip in contributions as the shelter in place order was enacted. As of the first week in May, our year to date giving has slipped 6% below last year, however, our donations have been remarkably strong given the circumstances. Thank you for continuing to support us as we continue our mission in every way possible.
The people of the parish quickly answered the call to online giving with recurring and one-time gifts made in March which are reflected in the April May numbers. In the first week in May, online giving (averaged over the five Sundays in the month) represented 54% of our regular offering which more than double the same week last year.
The data presented here includes all unrestricted giving but excludes non-recurring revenue such as the capital campaign, bequests, and unrealized gains/losses on investments.
The parish has answered the call to give on-line, with a 32% increase in online giving year-to-date (green bars). Not only did the parish respond to the call for online giving, but many people also did so by the end of March, with increases showing for the early April processing window.
Although the increase in online giving is significant, it has yet to fully offset the 6% drop in total giving. Online continued to trend upward for the past two months so we are hopeful that this could represent continued sustaining cash flow to our operations.
While many have switched to Faith Direct as a convenient alternative, there are those who wish greater control of their week to week cashflow and continue to send or drop off checks at the rectory, which is also appreciated.
Our annual budget, approved by the parish finance council, anticipated a shortfall on the parish side of $17K per month which would be offset by about $20K of net income from our rental properties per month, An additional pressure on our revenue in combination with uncertainty around rent collections, necessitated additional actions to balance our revenue and expenses.
As of May 1st, we have implemented staffing actions involving position eliminations announced last week and voluntary or mandated salary or hour reductions for virtually all staff, including Fr. Mario and myself. These reductions in combination with other cost reductions will result in over $20K per month in savings, dropping to about $15K once we resume something close to normal operations. We continue to evaluate additional savings opportunities as long as the impacts to our ministries and service levels are low to none.
While we are cutting back in some ways, we are accelerating activity in other areas. We are bringing forward some of the early restoration work in the Basilica and starting the seismic retrofit early, taking advantage of the lifting of certain restrictions. We are using restricted funds for these projects, which can only be used for the purpose for which they were raised. We always honor donor restrictions to the best of our ability and know that donations made for a specific purpose, once accepted, or pass-through donations to St. Vincent de Paul or any of the diocesean collections always go directly to that purpose.
Thanks again for your support,
Stanton Schonberg
January to April 2020 | ||
Monthly Average | ||
($ thous) | ||
Parish | ||
Revenue | $ 64 | |
Expense | $ 94 | |
Loss | $ (30) | |
Property | ||
Net Income | $ 24 | |
Net Change to reserves | $ (6) |