* Total income includes pledged/non-pledged income, registration fees and other income.
*Q2 Total income includes $221K from the Paycheck Protection Program.
As we mentioned in the Q1 update, the United States and our community began witnessing unprecedented events due to COVID-19. While we prayed and hoped the Q2 message could say those events were behind us, they are not. KUMC staff and committees came together to prepare for the impact of COVID-19 on KUMC’s finances and has continued to do so. In Q1, KUMC’s Ministry Council made the decision to apply for the Paycheck Protection Program (PPP) loan/grant. During Q2, KUMC received approval and funding ($221K) from this program. As you may know, by meeting certain obligations, the PPP loan/grant is eligible to be forgiven. At the time of this note, and through the diligence of KUMC finance staff, we anticipate the loan/grant will be fully forgiven.
The KUMC congregation continues to respond with Spirit-led confidence – simply inspiring! The congregation’s dedicated giving allows KUMC to continue with budgeted missions and ministries. Thank you!
DEBT REDUCTION FUND
At the end of 2018, KUMC launched an initiative to pay down its debt, primarily due to the DAC building addition. The debt reduction campaign runs for three years (2019–2021). In 2019, receipts totaled $419,375 – this amount was paid towards the debt principal. Due to the amount contributed and paid towards principal, above and beyond the note’s requirements, KUMC reduced the length of the note by 3.4 years
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In Q2 2020, KUMC received $97,151 towards the debt reduction campaign. The 2020 year-to-date receipts are $198,910. At the time of this communication, Jan - May 2020 receipts have been paid towards debt principal. The difference (June receipts of $75K) will be paid in July.
As of June 30, 2020, the principal amount remaining on KUMC’s note is $5,094,993.
Thank you to the congregation for its continued steadfast resolve. We also want to thank the KUMC staff for their quick response to a changing world and their ongoing love and support.
We also invite you to watch the following video where Melanie Grice, Executive Director of Operations, discusses with Pastor Jason some information on financial reports and more. We hope this will answer some of the questions you might have regarding the church finances and how the information is shared!
